A Trust that holds S corporation stock is confronted with the decision to make either a qualifying subchapter S trust (QSST) election or an electing small business trust (ESBT) election. There dramatically different rules for each type of irrevocable trust that holds S corporation stock, and advantages and disadvantages to each.

As 2023 comes to a close, some individuals with earnings will be considering a backdoor Roth IRA conversion. While the backdoor is a sound retirement planning strategy that is known, and accepted, by the IRS, it does come with several complications that need to be considered in advance of its implementation.

We live in a world where transparency is expected as a normal course of dealing. However, sometimes the source that requires such transparency has a highly limited basis for making its demand. Such might be the case where a foreign country demands registration and/or disclosures about a Trust when the only connection between that foreign country and the Trust is the residence of a single trust beneficiary. This places a unique stress on the trustee of that Trust.

Hold onto your seats! Move over Delaware! Michigan is about ready to adopt a new quiet trust statute as part of the amended Michigan Trust Code. This might easily lead to a ‘blind leading the blind’ situation if a clients says he/she wants to create a quiet Trust.

Today Michigan adopted the latest version of the Uniform Power of Attorney Act. The Uniform Power of Attorney Act was developed to standardize states’ laws that deal with powers of attorney.

Is a one-time recommendation to make an IRA rollover covered by the SEC and DOL’s best interest fiduciary rule? We will soon learn the answer to this question.

Some folks who continue to work beyond their required beginning date (RBD-age 73) may not have to take any required minimum distribution (RMD) until they actually retire. However, that ability to delay taking RMDs is subject to a few rules that need to be met.

While an IRA can invest in illiquid investments, those investments can easily lead to major problems, including a disqualification of the entire IRA.

Money may be destroying ‘big time’ college athletics, with that money coming in the form of tax deductible charitable contributions taken by donors.

The Department of Labor (DOL) recently proposed a revision to its best interests fiduciary rule. The proposal would amend the DOL’s existing five-part test with respect to IRA rollover recommendations.