“While there are a number of ways to address estate tax liabilities and retirement savings distinctly, developments in the life insurance arena are providing new and potentially better options. These strategies are highly versatile to meet the evolving needs of the individual many years into the future.” As those in…
Carl J Drake spent his life studying bugs, everything from aphids to water striders. When he died in 1965, the entomologist left his life savings and his vast insect collection to the Smithsonian. But now Drake's will has become something of a pest. The case of the Smithsonian Museum and…
Succession planning where company ownership is concerned can be fairly complicated, but at a simple level every plan is based on two basic issues. You’ve probably thought a lot about who will take over for you; that’s one. But, just as importantly, how can you make sure what you want to happen will happen?…
New rules and enforcement guidelines may render certain artwork not only illegal to export or import, but also unsalable within the United States. Houston is a very international city and residents have traveled the world, returning with valuable artwork. Valuing artwork is never an easy task. It gets all the…
The tax law makes clear that the taxpayer has the burden of substantiating the value of the property. To this end, a taxpayer must not only comply with the procedural requirements for valuation, but must also persuade the trier of fact that his claimed valuation is correct. How do you…
Everyone knows someone who hardly speaks to his brother or sister or aunt simply because of a misunderstanding over an inheritance. Inheritance planning can be a direct mode of expression, whether of appreciation for a person or an extolling of virtues. But can these expressions be taken the wrong way…
If you have identified all your potential intellectual property and never operated without professionally prepared documents, you will likely be confident about the value of what you worked so hard to create. And if not, now is the time to turn to your intellectual property. Here are a few things that…
As growing numbers of people use reproductive technology to have children later in life or overcome infertility issues, many affluent Americans are leaving behind “genetic material” that could conceivably add a new heir to the family. Estate planning is all about tying together the loose ends of your life. Easier…
If you sell stock you inherited, the tax bill is keyed to its value at the time of the original owner’s death. If you’ve just inherited stock or if you’re set to leave behind stock to your heirs, then it is well worth your time to get an idea of…
A domestic asset protection trust (often called DAPTs, or just APTs) allows the settlor (the trust creator or grantor) to be a discretionary beneficiary of the trust, while at the same time assuring protection of trust assets from claims of the creditors. Trusts are powerful legal machines and the Domestic…