Corporate Transparency Act
The Corporate Transparency Act was enacted by Congress in 2021 to curb illicit finance activities including tax fraud, money laundering, and financing for terrorism, by non-transparent entities.
What is a Charitable Remainder Trust?
A charitable remainder trust is an irrevocable trust that allows the settlor/taxpayer to donate property, cash, securities, or other assets to charity and still receive an income stream for life.
Connelly v. United States – Effect on Your Estate Planning
In its recent Opinion in Connelly v. United States, 144 S.Ct. 1406 (June 6, 2024) the U.S. Supreme Court held that a corporation’s contractual obligation to use life insurance proceeds to redeem a deceased shareholder’s shares was not a liability
Is the Property Owned By a Decedent’s Business Entity an Asset of the Estate?
In a recent case, the Decedent was the sole member of a limited liability company at the time of her death. Creditor Carmel Investments filed a claim against Decedent’s estate for the balance of a note and mortgage on property owned by the LLC.
Are There Limits to a Trustee’s Absolute Discretion?
Even though the settlor of a trust may provide that the trustee has “absolute discretion,” or “sole and unfettered discretion,” the trustee must still act reasonably and may be liable to the beneficiaries if he abuses his discretion.