One of the biggest mistakes that a collector can make when deciding to donate art is to assume that their favourite museum will want it. “Collectors often think, ‘I live in Chicago, so I want to give this to the…
Continue Reading The dos and don’ts of donating art to museums

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, makes permanent many key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and introduces new measures affecting high-income taxpayers. Notable changes include a permanent…
Continue Reading 2025 Tax Law Changes: Key Takeaways for High-Income Taxpayers

Thursday, July 10, 2025

Liechtenstein hit by Russia-linked ‘zombie trust’ crisis

Liechtenstein is facing a crisis involving hundreds of “zombie trusts,” financial entities that are legally still active but have no one managing them. These trusts, many linked to wealthy Russians, have been left in limbo after directors and managers resigned en masse due to pressure from U.S. sanctions related to Russia’s invasion of Ukraine.
Although Liechtenstein adopted European Union sanctions, recent U.S. actions went further, warning financial institutions they could face penalties for working with certain Russian clients, even if those clients aren’t officially sanctioned. As a result, Liechtenstein’s…
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Texas Tech University School of Law invites applications for a full-time, 9-month tenure-track Professor of Law position in the areas of wills & trusts and property to begin in Fall 2026. The position is open to both entry-level candidates and…
Continue Reading Texas Tech University School of Law Seeks T&E and Property Professor

Tuesday, July 8, 2025

KPMG reports: Tax subtitle for “One Big Beautiful Bill”

The House of Representatives on May 22, 2025, passed H.R. 1 (House bill), the budget reconciliation bill known as the “One Big Beautiful Bill” (read TaxNewsFlash). On July 1, 2025, the Senate passed its version of H.R. 1 (Senate bill), which made various amendments to the bill, including changes to the tax subtitle that was included in the House bill (read TaxNewsFlash). On July 3, 2025, the House passed the Senate bill without amendment, and the bill was signed into law by President…
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Monday, July 7, 2025

Last Word: The Rise of Emoji-Based Litigation: When a Winky Face Lands You in Court

Once reserved for lighthearted texts and social media posts, emojis have taken on a far more serious role in recent years. Judges and juries now confront the interpretive challenges of these tiny symbols. As emoji use explodes in personal and professional communication, emoji-based litigation is rising along with it—raising fundamental questions about intent, ambiguity, and the evolution of language in law.
For example, in Lightstone RE LLC v. Zinntex LLC, [2022] N.Y. Slip Op 32931 (N.Y. Sup. Ct. Kings Cty. 2022),…
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Like many ordinary individuals, celebrities often fail to update outdated estate plans or ignore estate planning altogether. Even when a celebrity has done careful estate planning and has well-drafted documents, changes in family circumstances or in the tax laws can create unexpected results. When estate planning misfires occur, grieving family members can end up fighting with each other and with taxing authorities. The estate plans discussed in this article offer useful lessons to estate planners and laypersons alike. This article highlight numerous celebrities estate mishaps like Anne Heche, Lisa Marie Presley, Tupac Shakur, and Ivana Trump.
Complications arose following Anne…
Continue Reading Celebrity Estate Planning: Misfires of the Rich and Famous VII

As more Americans buy or inherit homes abroad, especially in places like Canada, they face special legal and tax challenges when it comes to estate planning. Each country has its own inheritance laws, and a will written in the U.S….
Continue Reading When One Will is Not Enough: Ensuring Testamentary Intent in Multiple Jurisdictions

Happy Fourth of July! Wishing you a fun, relaxing, and safe day as we enjoy the best parts of summer with good food, time with friends and family, and of course, fireworks! However you’re spending the holiday, I hope it’s…
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After Jimmy Buffett passed away in September 2023, his $275 million fortune, which includes songwriting royalties, real estate, yachts, airplanes, and a 20 percent stake in Margaritaville Holdings, was placed into a trust designed to support his widow, Jane, while…
Continue Reading Legal wrangling over estate of Jimmy Buffett turns his widow’s huge inheritance into a cautionary tale

Wednesday, July 2, 2025

Woman, 77, moves onto cruise ship permanently — says it’s cheaper than living in California

Last month, 77-year-old Sharon Lane moved out of her retirement village in Orange County, California, to embark on her dream adventure: A 15-year trip around the world. Lane invested in her own cabin on Villa Vie’s Odyssey, which bills itself as the first perpetual world cruise, with many of its passengers booking a “permanent home” on board.
Odyssey launched in October and is set to visit 147 countries and 425 destinations over a three-and-a-half-year cycle. The ship offers long-term living options,…
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Warren Buffett has given away the biggest chunk of his fortune since he began distributing it in 2006. The soon-to-be-former CEO of Berkshire Hathaway has donated 12.36 million Berkshire Class B shares, worth $6 billion, to the Gates Foundation and…
Continue Reading Warren Buffett donates another $6 billion in Berkshire Hathaway shares—with the lion’s share going to the Gates Foundation

Jimmy Buffett’s multi-million dollar estate is now included in two opposing lawsuits, according to reports. Buffett’s widow, Jane Buffett, and his financial adviser, Richard Mozenter, are arguing over who has control of the singer’s trust. Jane Buffett claims in her…
Continue Reading Jimmy Buffett’s estate battle continues as 2 lawsuits are filed