A well-structured estate plan facilitates the smooth and efficient transfer of assets to a decedent’s heirs without the long, grueling process known as probate, and ensures that loved ones are well provided for financially. What Is Probate? Derived from a Latin word meaning to prove, probate is the formal legal process through which the validity Read more about The Best Ways to Avoid Probate and Streamline Estate Transfer[…]
I have previously written about the benefits of forming an LLC for golf cart and other asset/vehicle ownership as an asset protection strategy to insulate your accumulated personal wealth. A properly established LLC or corporation exists as a separate entity from its members or owners for both legal and tax purposes. The resulting asset protection Read more about The IRS Alter Ego Doctrine and Piercing the Corporate Veil[…]
Humans are not the only Americans enjoying longer lifespans than a century ago. Thanks to progress in nutritional science and veterinary care, many of our four-legged and feathered friends are remaining strong, active, and alert well into and even beyond the traditional “golden years” of their species. As a result, it is more important than Read more about Pet Trusts: Protecting Your Pet After Your Death[…]
In a recent post, I examined some of the potential impacts of the Tax Cuts and Jobs Act of 2017 (“the Act”) on professional sports teams and team owners, and now look at what professional athletes and entertainers (“the players”) have gained and lost under the Act. At first glance, the losses may seem to Read more about Taxation of Athletes and Entertainers Under the New Tax Law[…]
Most people are familiar with the charitable activities of private foundations bearing the names of giants of U.S. business—the Rockefeller, MacArthur, and Bill and Melinda Gates Foundations, to name just a few. These foundations still play a vital role in charitable activities around the world, but the wealthy are increasingly directing their charitable contributions to Read more about Donor-Advised Funds (DAFs) vs. Private Foundations: How the Wealthy Donate Money[…]
It is all but inevitable that any change to the tax code will work to the benefit of some and the detriment of others. Among the recently-publicized casualties of the Tax Cuts and Jobs Act of 2017 is a tax benefit formerly enjoyed by sports franchises. Since few businesses mine the tax code for benefits Read more about Taxation of Professional Sports Teams and Team Owners[…]
As I observed in a recent article on the Section 199 deduction for broadcasters, the many issue-specific “campaigns” recently launched by the Large Business and International (LB&I) Division of the IRS vary in nature. Whereas some of the campaigns heavily emphasize stepped-up enforcement, others aim primarily to educate taxpayers and resolve honest confusion over filing Read more about Energy Efficient Commercial Building Section 179D Tax Deduction[…]
Much has been written about the numerous issue-specific enforcement “campaigns” announced in 2017 by the Large Business and International (LB&I) Division of the IRS. Most of the campaigns center on specific reporting and filing requirements that the IRS has determined many taxpayers are failing to meet. A few campaigns, however, focus more on sorting out Read more about IRS Audits of MVPDs and TV Broadcasters That Claim a Section 199 Deduction[…]
It seems like every day there is a new “big idea” for shielding both wealth and income from the long reach of the IRS. Surprisingly, the latest hot take on tax reduction and wealth protection centers on an investment most people consider about as trendy as an over-60 men’s bowling league: life insurance. Background: Types Read more about How Private Placement Life Insurance Helps Protect and Grow Your Wealth[…]
In recent posts, including my December 2017 article on OVDP Withdrawals and Rejections, I have described several of the issue-specific “compliance campaigns” launched by the Large Business and International (LB&I) division of the IRS in 2017. One of those campaigns focuses on abuse of the rules governing the creation of captive insurance companies. What Are Read more about LB&I’s Micro-Captive Insurance Campaign: Illegitimate Insurance Carries Huge Risk of IRS Scrutiny[…]