Robert Lamm
E-Mail: rlamm@cwlawyers.com
Eduardo has Left the Building
On the eve of the Facebook IPO, the big news is that Eduardo Saverin moved to Singapore and renounced his United States Citizenship in order to reduce the capital gains tax on his shares of the popular social media company. You can read the story at http://e.businessinsider.com/4fad8ad790658cce4aae11b24fad8aa46763d9655400047b/T61FmnSIy4be-fvzAbc9f. He will pay some tax on his unrealized [...]
Taxmageddon
“Taxmageddon” is the word being used to describing the massive tax increases on the horizon. Of particular interest to estate planners are the changes to the estate and gift tax and the increase in the capital gains tax. A more detailed discussion can be found by clicking here. Unless Congress and the President act by [...]
Sibling Rivalries & Trust Administration
This week I came upon an interesting article called “Sibling Scorned” in the March issue of Private Wealth. Click “link” to read the article. Basically, it discusses the battles that may ensue between siblings during the trust distribution phase after mom and dad pass away. My thoughts on this are quite simple. When constructing trusts, [...]
Why You Need an Estate Plan
The other day, someone asked me, “What happens to my home when I die?” In other words, “Why do I need an Estate Plan?” This is why. Assuming that the home is not in a trust, this will be the eventual outcome: 1. If you have a will, there will be a probate, and the [...]
Irrevocable: Unable to Change, Reversed or Recovered
There is a good article posted about donor’s remorse on WSJ Online called “The Rush to Avoid Gift Taxes.” The article can be found by clicking here and discusses the perils of making gifts to irrevocable trusts. As I’ve said before, the problem with an irrevocable trust is that it is irrevocable. So, once the [...]
The Problem With Irrevocable Trusts
The problem with irrevocable trusts is that, well, they are irrevocable. Once executed, an irrevocable trust may only be amended on rare occasion, and in most cases, only upon court order. Life happens and sometimes the Trustee is faced with a situation that was not contemplated by the creators of the trust when they signed [...]
You Can’t Take It With You
When you die, you can’t take it with you, but perhaps you can do some good with the assets that you leave behind. This was the topic at the 46th Annual Heckerling Institute Conference presentation called “What Every Estate Planner Needs to Know about Tax-Exempt Organizations and Charitable Gift Planning.” Tax –Exempt Organizations and Charitable [...]
A Modern Way to Fund a College Education
This week I had the pleasure of attending a meeting of the Estate Planning Council of South Orange County. The keynote speaker, Barry P. Levine, a consultant with Northern Trust, gave an interesting presentation titled, “Understanding Social Security Retirement Benefits–What You Don’t Know May Be Hurting Your Clients.” He posed the following question: “A man [...]
An Income Tax Trifecta — Last Minute Year-End Tax Planning
This blog focuses on estate planning, but many times estate planning intersects with income tax planning. Take, for example this week’s post on The Wall Street Journal Online edition titled “There Is Still Time to Cut Your 2011 Income Taxes” found by clicking here. There are many good suggestions. In particular, I like the idea [...]
Refinancing Your Home May Cost You More Than You Think
With record low interest rates, homeowners are rushing to refinance their mortgages. With 30-year fixed rates averaging around 4%, who can blame them? Moreover, with many lenders also offering to waive closing costs, it seems like it is just too good to pass up. However, for homeowners that did the right thing by creating an [...]
