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Wealth Director Blog

Articles: 1-10 of 29

Same-Sex Spouses Authorized to Recalculate Transfer Tax Treatment of Prior Gifts and Bequests

USA - January 20 2017 The IRS recently issued Notice 2017-15 to provide same-sex spouses relief to recalculate the federal estate, gift and generation-skipping transfer…

IRS Regulations Clarify Definition of Spouse for Federal Tax Purposes in Light of Obergefell v. Hodges

USA - October 18 2016 The IRS has issued final regulations clarifying the definitions of “spouse,” “husband,” “wife,” and “husband and wife” for federal tax purposes. The…

Beyer Beware: An Examination of a Family Limited Partnership Gone Wrong

USA - October 12 2016 The opinion issued on Sept. 29, 2016, in the case of Estate of Edward G. Beyer v. Commissioner of Internal Revenue was the culmination of an estate…

Possible Congressional Action May Undercut Proposed 2704 Regulations

USA - October 3 2016 Republicans in the House of Representatives and the Senate have introduced bills to derail the Proposed Regulations under Section 2704 of the Internal…

Proposed Regulations Under IRC Section 2704 Seek to Eliminate Discounts on Transfers of Family Business Interests

USA - September 23 2016 On Aug. 2, 2016, the Treasury Department and the Internal Revenue Service released proposed regulations under Internal Revenue Code (Code) section…

IRS Simplifies Rules for Correcting Failed Rollover

USA - August 25 2016 On August 24, 2016 the IRS published Revenue Procedure 2016-47, which simplifies the steps for correcting a missed rollover from a qualified plan or…

What do Prince, Michael Jackson, and Whitney Houston Have in Common?

USA - July 12 2016 Michael Jackson, Prince and Whitney Houston each revolutionized the music industry and impacted popular music for decades. We all appreciate how…

Governor Kasich Signs House Bill 229 to Create Ohio Family Trust Company Act

USA - June 16 2016 On June 14, 2016, Governor Kasich signed House Bill 229 into law. The bill, which was over two years in the making, allows an Ohio family to…

The Three Most Important Provisions for S Corporations Under PATH Act

USA - January 21 2016 It has become a tradition that at the end of each year, Congress passes legislation to extend previous legislation. In late 2015, Congress passed…

New Basis Reporting Requirements (and Penalties) for Decedents’ Estates

USA - January 4 2016 On July 31, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act (the "Act") to reauthorize the…