Probate & Estate Planning

Saturday, May 7, 2022

The New Way to Get a Tax Break: NFT and Crypto Donations

As popularity in nonfungible tokens (NFT) and cryptocurrencies has exploded, nonprofit organizations are trying to figure out how to navigate the acceptance of crypto donations. There is a fear of missing out on dollars, accompanied by a fear of doing something that’s going to result in noncompliance. 
The IRS treats crypto or NFTs as property, which has lead to an increase of investors donating them to charity. Donors are able to avoid paying capital-gains taxes on the assets they have held onto for longer
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Friday, May 6, 2022

A Matter of High Interest: How a Quiet Change to an Actuarial Assumption Turbocharges the Life Insurance Tax Shelter

Andrew Granato recently authored an article entitled, A Matter of High Interest: How a Quiet Change to an Actuarial Assumption Turbocharges the Life Insurance Tax Shelter , Draft of Connecticut Insurance Law Journal, Forthcoming (2022). Provided below is the abstract to the Article:
Draft: America’s lengthy income tax code and financial regulations are notoriously full of special treatment for the politically favored. Academics and policymakers argue the relative merits of different approaches to tax and regulatory policy
Continue Reading A Matter of High Interest: How a Quiet Change to an Actuarial Assumption Turbocharges the Life Insurance Tax Shelter

Thursday, May 5, 2022

Article: Is Bitcoin Prudent? Is Art Diversifified? Offering Alternative Investments to 401(k) Participants

Edward A. Zelinsky recently published an article entitled, Is Bitcoin Prudent? Is Art Diversifified? Offering Alternative Investments to 401(k) Participants, Connecticut Law Review (2022). Provided below is the abstract to the Article: Real estate investment trusts (REITs) pass ERISA’s fiduciary tests because REITs now have a considerable track record amassed over six decades and have achieved broad acceptance, both among general investors and in the world of defined benefit pensions. In contrast, art funds, Bitcoin and other cryptocurrencies are today not prudent
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The Illinois Domestic Violence Act (IDVA) was enacted in 1982. It enabled protection to a greater class of persons who have been abused by a family or household member. Under the Act, survivors of domestic abuse such as “persons related by blood or marriage, persons who share or formerly shared a common dwelling, persons who have or allegedly have a child in common, persons who share or allegedly share a blood relationship through a child, and persons who have or have had a dating or engagement relationship” could now be warranted safety under the law.
With an Order of
Continue Reading When is an Order of Protection Warranted?

Wednesday, May 4, 2022

Socially Distant Signing: Why Georgia Should Adopt Remote Will Execution in the Post-COVID World

Jessie Daniel Rankin recently published a a note in Georgia Law Review entitled, Socially Distant Signing: Why Georgia Should Adopt Remote Will Execution in the Post-COVID World, Georgia Law Review (2021). Provided below is the abstract to the Article:
In the wake of the COVID-19 pandemic, Georgia Governor Brian Kemp and other state governors issued emergency executive orders authorizing the attestation and execution of wills, trusts, and other testamentary documents through the use of audio-video technology. Most states have traditionally required that
Continue Reading Socially Distant Signing: Why Georgia Should Adopt Remote Will Execution in the Post-COVID World

Tuesday, May 3, 2022

Sylvester Stallone Sells Los Angeles Mansion Once Asking $110 Million — for a Steep Discount

Sylvester Stallone has sold his Los Angeles compound for half of the original asking price. The six-bedroom main house, which has a two story foyer, screening room, cigar room, gym, and panoramic city and canyon views from every room, is located on 3.5 acres is located in the exclusive Beverly Park community. The compound also includes a two-bedroom guesthouse, sprawling lawns, putting green, and infiniti pool and spa, plus an eight-car garage.
Stallone and his wife have owned the property through
Continue Reading Sylvester Stallone Sells Los Angeles Mansion Once Asking $110 Million — for a Steep Discount

Monday, May 2, 2022

Article: Wealth Tax Design: Lessons from Estate Tax Avoidance

Jason S. Oh and Etc M. Zolt recently published an article entitled, Wealth Tax Design: Lessons from Estate Tax Avoidance, Tax Law Review (2021). Provided below is the abstract to the Article:
Presidential candidates Elizabeth Warren and Bernie Sanders have both proposed ambitious new annual wealth taxes based on academic work by Emmanuel Saez and Gabriel Zucman. They project these proposals to raise trillions of dollars over the next ten years. Some critics challenge the Saez-Zucman approach to measuring the aggregate wealth of those subject to a
Continue Reading Article: Wealth Tax Design: Lessons from Estate Tax Avoidance

Sunday, May 1, 2022

Future Returns: A Wealth Management Take on Biden’s ‘Billionaire Tax’

The Biden administration’s recently proposed billionaire minimum income tax legislation is the most significant proposed change since the Reagan era in the 1980’s.

The proposed legislation would apply to households worth over $100 million and will tax at least 20% of full income, including unrealized appreciation. It is important to note that households already paying that amount won’t face any additional tax under the proposal. At this time, it is unclear whether the proposed legislation will apply to trusts.

The White House characterizes this as a
Continue Reading Future Returns: A Wealth Management Take on Biden’s ‘Billionaire Tax’

Saturday, April 30, 2022

Betty White’s Longtime L.A. Home Lists for $10.755 Million, as Her Carmel House Closes for Well Over Ask

Four months after the death of Betty White, her estate sold one of her California homes for $10.775 million, well over its $7.95 million asking price. The three story home in Carmel has ocean view and sits on a 0.3 acre lot. Ms. White and her husband, the late Allen Ludden, purchased the land in 1978 for $170,000 according to property records. They finished building the home in 1981.
The estate is also listing her primary residence, a
Continue Reading Betty White’s Longtime L.A. Home Lists for $10.755 Million, as Her Carmel House Closes for Well Over Ask

Friday, April 29, 2022

Cher’s $1 Million Royalty War With Sonny Bono’s Widow Tested in Court


Earlier this week, Cher’s lawsuit against Mary Bono for unpaid royalties had its first major court hearing. Cher claims that the Bono Collection Trust is attempting to terminate her 50% share of the composition and recording royalties she was awarding in her 1978 divorce from Sonny Bono. 
According to Bono’s widow, that 50% stake expired with the rights flowing back to Sonny’s heirs. “Sonny could grant Cher his then-current rights, including a 50% royalty interest in his copyrights. Sonny could not however, have signed
Continue Reading Cher’s $1 Million Royalty War With Sonny Bono’s Widow Tested in Court

Thursday, April 28, 2022

Advance Care Planning for Guns: Owners Can Help Ensure Safe Use and Transfer of Weapons


Firearm Life Plan is a new tool that can help gun owners and their families plan ahead for safe firearm use and the transfer of firearms in the event of disability or death.

The plan, created by researching at University of Colorado and the Rocky Mountain Regional VA Medical Center in Denver, is a way for someone to prescribe what they want to happen with their firearms should they die or become incapacitated. Nearly 42% of Americans 65 and older live
Continue Reading Advance Care Planning for Guns: Owners Can Help Ensure Safe Use and Transfer of Weapons

A life insurance policy is a safety net for your loved ones. It’s ensuring they are well taken care of when you’re not there. This policy contains the following information;
The death benefit – The amount of money to be paid when the insured person dies. It’s usually income tax-free.
The beneficiaries – These are the people who receive the death benefits. Beneficiaries don’t have to be loved ones or people close to you. You can leave part or all your death benefits to an institution or entity.
The policy term – The length of time for which the insurer
Continue Reading How to Claim a Life Insurance Policy upon a Person’s Death

Wednesday, April 27, 2022

All in the Family – Introducing Family-Owned Life Insurance (aka FOLI)

Family-Owned Life Insurance™ (FOLI) is a new planning tool that refers to the specialty use of private placement life insurance policies for family offices, which is closely related to the concept of Corporate Owned Life Insurance (COLI), Bank Owned Life Insurance (BOLI), and Insurance Only Life Insurance (IOLI). 
FOLI allows a family office to utilize investment capital on an income and estate tax-free basis and is not dictated by the size of the family, health status, or longevity of the patriarch and matriarch. As an
Continue Reading All in the Family – Introducing Family-Owned Life Insurance (aka FOLI)

Almost 60 years ago, Bob Dylan enraged the folk music world—specifically, the purists—when he took a step into the rock scene with an electric guitar strapped over his shoulder.
Those same purists may have some words about Bob Dylan’s decision to sell his “precious” song catalog to a multinational conglomerate for nearly $400 million. 
One might argue that selling one’s music catalog is analogous to selling one’s soul. However, when taking a closer look at the structure and purpose of such deals, it actually makes sense. 
As we get older, we often consider what we will leave behind and to
Continue Reading Preparing for Heaven’s Door: Why Selling Song Catalogs Is Savvy Estate Planning for Bob Dylan, Neil Young and More

 
When you’re ready to start building the home of your dreams, you’ll need to hire a contractor to do the work. But how can you be sure that the contractor you choose is reliable and trustworthy? As with most transactions, it’s important to seek advice from other people who have used their services in the past before making any hiring decisions. Here are five tips to help you vet contractors before hiring them to be confident about your choice and avoid any surprises along the way.
1) Ask for referrals
Ask people you trust for their contractor recommendations. Word
Continue Reading Tips for Hiring a Contractor

Monday, April 25, 2022

World’s Oldest Person, Japan’s Kane Tanaka, Dies at 119

The world’s oldest verified living person, Kane Tanaka of Japan, has died at age 119. Ms. Tanaka died of old age in Fukuoka on April 19. 
Guinness World Records named Ms. Tanaka as the world’s oldest living person in March 2019, and she held the title for more than three years. 
Ms. Tanaka was born on January 2, 1903, which was before the Wright brothers flew the first powered airplane. She would go on to marry her cousin, Hideo Tanaka at the age of 19. 
When Japan
Continue Reading World’s Oldest Person, Japan’s Kane Tanaka, Dies at 119