In Chief Counsel Advice 202352018 (Dec. 29, 2023) (CCA), the Internal Revenue Service concluded that the beneficiaries of an intentionally impaired grantor trust (IDGT) made a taxable gift for federal gift tax purposes when they agreed to a modification of the trust authorizing the trustee to reimburse the grantor for income taxes payable by the…

“What if I sold my business to a purpose trust?” Advisors are hearing this question from their business owner clients more often these days. The initial buzz among the business owner community began when Yvon Chouinard transferred ownership of Patagonia to a trust for purposes in 2022.1 However, business owners and their advisors are beginning…

Hello and welcome to this week's edition of 401k Real Talk. This is WealthManagement.com's Fred Barstein Omnichannel RPA Contributing Editor & CEO at TRAU, TPSU & 401kTV – I Review everything from the past week's stories and pick out the most relevant and interesting ones, providing an open and honest discussion that you wouldn't get…

Danaya C. Wright, professor of law, University of Florida Law in Gainesville, Fla. Source link

As the overwhelming number of overdoses and deaths from opioids continues to rise, so does the threat to family finances and retirement dreams. Cheryl Canzanella knows this all too well. In August 2017, she lost her husband to an accidental overdose, exposing her to the dire realities of the opioid crisis. Since his death, she…

Roger Colinvaux, professor, Catholic University of America Columbus School of Law in Washington, DC Source link

In “The New Undue Influence,” Professors Horton and Weisbord examine the common law and statutory approaches to undue influence as a means of invalidating inheritance, and whether these approaches adequately meet the public policy reasons behind them. The article treats the common law approach to undue influence as the “problem child of inheritance law”.1 which…

After the October 7 attack on Israel, financial investigations show a 70% increase in donations to Hamas-affiliated charities, according to Israeli authorities. In the months since, Israel has sought help to stop funding these charities, which are scattered around the world. Prohibiting these charities proves difficult, as they often change their names, are difficult to…

Equita Financial Network welcomes Astraea Wealth Pennsylvania-based Equita Financial Network said Astraea Wealth Management has become the seventh partner firm on its platform built for women-led and independently owned fee-only firms. Connected: The Healthy Counselor: Persisting in the Face of Adversity with Maria Castillo Dominguez From Midwest Capital Advisors, where she spent more than five…

Verdence Capital Advisors, a Maryland-based registered investment advisory firm serving business owners, sports and entertainment professionals, high net worth and multigenerational families with approximately $3.3 billion under management, this week unveiled its updated turnkey service for other RIAs. Before Verdence/OCIOthe new name, look and website highlight an expansion of services designed to support growth and…