The tax benefits from owning qualified small business stock (QSBS) can be enhanced if the sales proceeds are rolled into a new QSBS investment.

Michigan now has a silent trust statute. Is that a good thing?

Some states now offer the use of a community property trust, even for nonresidents. While the tax savings using a community property trust can be extraordinary, there are still some risks in their use.

The use of a domestic asset protection trust (DAPT) often attracts a considerable amount of negativity, some finding them to be morally wrong, or per se a fraudulent transfer. Yet the negative connotations associated with a DAPT are often the product of egregious facts that lead a court to place the DAPT’s in jail for flaunting the court’s order.

Some of the provisions of the SECURE Act 2.0 that need fixing may soon take place.

We may soon learn if it is constitutional for Congress to tax unrealized appreciation, aka impose a wealth tax.

Sometimes we need to remember that ‘once a fiduciary, always a fiduciary’ when it comes to exercising powers delegated under a Trust instrument which in turn invites a bad faith analysis by the courts.

It would be best to identify in a Trust instrument exactly when a trust beneficiary’s lifestyle is to be determined with regard to the direction to a trustee to make discretionary distributions that take into consideration the trust beneficiary’s lifestyle or other financial resources that may be available to the beneficiary.

Traditional, Roth, and inherited IRAs each have their own set of payout rules. It is best to follow a ‘distribution roadmap’ for each IRA and not make assumptions about which set of payout rules to different IRAs.

Philanthropy may well take on a new look in 2024 coming from a variety of sources, by the Department of Treasury regulating donor advised funds (DAFs), Congresses’ effort to curb either contributions to or distributions from DAFs, and even the Supreme Court which will decide whether Congress can tax unrealized earnings, i.e., wealth.