“The correct lesson to learn from surprises is that the world is surprising. Not that we should use past surprises as a guide to future boundaries; that we should use past surprises as an admission that we have no idea what might happen next.”[1] Since life is indeed full of surprises, it is advantageous to […]
If you recently attended a party with a White Elephant gift game, or if your child has ever received a gift of a musical instrument, you understand and appreciate the fine art of re-gifting. In our family, certain family members have been known to repay the kindness of a Christmas gift by inconspicuously re-gifting the […]
“They made us an offer we could not refuse.” One of our neighbors recently sold their residence after receiving an unsolicited offer. This neighbor took advantage of the significant increase in residential property values not just in our neighborhood, but across the country. Relatedly, our law firm is corresponding with numerous clients seeking advice on […]
“Nothing is for Free, Cory,” a physician once explained to me. “If we take steps to address this particular health problem, it will have adverse consequences on other organs.” Just as there is often a “cost” for a particular medical treatment option, there are certain tax and control tradeoffs in estate planning decisions. Tax-deferred retirement […]
“Hey honey, you can’t use the microwave now– I have to start a zoom call.” Throughout much of the stay-at-home period in 2020 and into early 2021, my wife and I “suffered” (in a very first-world sense of the word, of course) from a few technology-related issues in our home. Until about six months ago, […]
The phrase, “not letting the tax tail wag the investment dog” emerged in the 1960s to discourage business owners from making business based solely upon tax implications. The term “wag the dog” has historically been used whenever a minor detail controls a significant decision. More recently, the term “wagging the dog” has been used to […]
A few weeks ago, President Biden introduced proposed legislation under the name of the “American Families Plan” (“AFP.”) In this month’s update, I wish to summarize the appropriateness, or perhaps the double-meaning, of the name of the American Family Plan legislation. If the AFP is enacted, certain taxpayers should consider gifts to other members of […]
A charitable remainder trust (“CRT”) is a type of irrevocable trust that creates a “split interest” in contributed property between the taxpayer and one or more tax-exempt charities. This type of irrevocable trust structure provides three separate tax benefits: (a) an immediate charitable deduction to the taxpayer equal to a certain percentage of the value […]
“Dad, it’s so cold outside. Why can’t we live in a warmer state like Grandma and Grandpa?” This past week, a few of my clients called me from their winter residences in Florida and Arizona. In addition to their own estate planning matters, we discussed the significant temperature differential between our respective locations. On a […]