April 2014 Posts

  • How to Change an Irrevocable Trust

    Irrevocable trusts have historically been viewed as just that: Irrevocable. However, with advances in state law and drafting techniques, there are now a few ways to amend the terms of an irrevocable trust....
  • Non-Tax Benefits of Family Limited Liability Companies

    Family Limited Liability Companies (FLLC) are one of several asset protection tools used to preserve assets of family businesses. These assets may include real estate and investments....
  • IRA Rollover Annual Limit Changes Effective 2015

    The recent Tax Court ruling of Bobrow v. Commissioner set a precedent for owners of multiple Individual Retirement Accounts: Multiple IRA rollovers may not occur annually. ...
  • Reverse Mortgages and Inheritances

    Should beneficiaries of a potential inheritance be concerned if their elderly relative decides to get a reverse mortgage? Reverse mortgages are not the right choice for everyone. The New York Times recently reported how adult children are often against the idea of their parents using a reverse mortgage as this would deplete the asset the children would ultimately expect to inherit. ...
  • Retirement Plans in Same-Sex Marriage

    Some retirement benefits only apply to spouses in a legal marriage. Since legal marriages are not recognized in every jurisdiction and theWindsor ruling granted federal recognition of same-sex marriages, how should retirement benefits be handled?...
  • 5 Proposed Rules for Retirement Accounts

    Our tax attorneys covered several pending federal revisions in our Tax Changes for 2015, one of which affects retirement accounts. ...
  • IRA Custodian Not Responsible for RMDs

    Failing to take a Required Minimum Distribution (RMD) results in a penalty for the account owner. IRA account custodians are only responsible for notifying owners of their RMD; the owner must take the steps necessary to draw a distribution....