I continue to hear a number of financial planners, accountants and even attorneys say, “Don’t name a trust as the beneficiary of an IRA. ” The rationale is that naming individuals as the IRA beneficiary is preferable because the individual can take the IRA distributions over the course of the beneficiaries lifetime; whereas, a trust… Continue reading Trust as the IRA Beneficiary
Category: Federal Income Tax
Federal income tax advice, articles, tips, & more.
The Federal income tax is the largest expenditure for most individuals and businesses. It dwarfs the costs for insurance and basic necessities. This is only going to increase in the future. Tax planning is needed.
This page provides timely and thorough coverage of various Federal income tax law questions, court cases, and rulings.
If you need help with a Federal income tax matter, we can probably help. We help clients minimize their Federal income tax liabilities. Please call our tax attorneys to see how we can help.
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The (D)Evolution of our Tax Law
Our tax laws seem to evolve (devolve?) over time. This evolution seems to follow a pretty predictable pattern. I will use Action on Decision 2005-001, which is an interesting decision in and of itself, to describe this process. In this AOD the IRS announces that it will not follow the Ninth Circuit Court of Appeal… Continue reading The (D)Evolution of our Tax Law
Taxation of Settlement Agreements for Plaintiffs Attorneys
Settlement awards can be structured in a number of different ways. This presents a number of tax planning opportunities. But for the typical settlement award, the tax consequences are somewhat standard. Including the Settlement in Income One of the tax issues for settlement awards is whether the award can be excluded from the clients income. … Continue reading Taxation of Settlement Agreements for Plaintiffs Attorneys
Estate & Trust Attorneys Will Increasingly be Subject to Malpractice Actions Brought by Beneficiaries
It is now well established that a plaintiff s attorney should be subject to malpractice liability for not proposing a structured settlement annuity versus a lump sum payment to their injured clients and for not seeking the advice and assistance of a competent financial adviser in the process. The principles underlying this type of malpractice… Continue reading Estate & Trust Attorneys Will Increasingly be Subject to Malpractice Actions Brought by Beneficiaries
Taxpayer: It’s All About Valuation; IRS: We’re Damned if We Do
Many tax practitioners agree that valuing property for tax purposes is the most important issue that they face. Yet valuation issues are often murky and amorphous. In most cases valuation disputes are resolved in favor of the party that has the most convincing valuation expert. In other cases valuation disputes are resolved on even less… Continue reading Taxpayer: It’s All About Valuation; IRS: We’re Damned if We Do