We have written about a changing dynamic in family businesses where the next generation is no longer inclined to work in the business. To read a recent article on this trend, click here. There are many reasons for this. In some cases, the relevant aptitude and skills...
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Estate Planning Tips for Green Card Holders and US Citizens from Non-Trust Cultures
Congratulations to all lawful permanent residents and long-time green card holders of the United States! As you settle into your new life in this country, estate planning may not be a top priority. However, it is critical to make arrangements for incapacity or death,...
A Trustee’s Duty to Account
One of the primary responsibilities of the trustee of a trust is to manage the trust’s assets for the benefit of the trust’s beneficiaries in accordance with the terms of the trust. The trustee has a duty to keep beneficiaries informed of the trust’s financial...
Anticipated Changes Affecting Estate Planning & Gifting
Effective January 1, 2023, both the Lifetime Federal Estate and Gift Tax Exemption and Annual Gift Tax Exclusion Amounts are expected to increase. This change presents an opportunity to capitalize on the historically high Estate and Gift Tax Exemption amounts and to...
What’s So Great about GRATs?
An Effective Wealth Transfer Tool If you want to efficiently transfer wealth using little to none of your federal estate and gift tax exemption and you have an investment that you anticipate generating at least a modest rate of return on investment[1], then you should...
Relief from IRS: Portability of Lifetime Tax Exemption Extended
There is good news for those who may have missed a federal portability election. The Internal Revenue Service (IRS) has extended the deadline for electing portability of a deceased individual’s unused estate tax exclusion amount. Effective July 8, 2022, the deadline...
Watch the final of the Spring 2022 Radio Entrepreneurs Family Business Association (FBA) Panel Discussion as Attorney Stephen Wilchins and the panel talk about “Turning Chaos into Stability and Profitability – Transitioning During Chaotic Times” Part 3
https://www.youtube.com/embed/4Q2MSyP6hjY Watch part three, the final in a series of Radio Entrepreneurs Family Business Association (FBA) Spring 2022 Panel series. Get insight into how to effectively transition one’s business during chaotic times from WCN Attorney...
Qualified Stock for the Closely Held Business
Federal Tax Benefits for C Corporations It would be amazing to have hindsight when initiating a business. Imagine being able to foresee the result of the business enterprise before it was started. Think of how that would influence your decision-making! We do not have...
Different Forms of Ownership Affect How Assets Pass at Death
This article provides a general overview concerning how assets pass at the death of the owner. As highlighted below, an effective estate plan requires careful attention to how one’s assets are owned during lifetime and how such lifetime ownership will impact their...
Should I Select a Family Member to Serve as Trustee?
One of the most important decisions a client will be faced with during the estate planning process is whom to nominate to serve as trustee of his or her trust. The trustee will control the manner in which trust assets are used to support the beneficiaries of the trust...
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