Tax Warrior Chronicles

Unprepared Heirs: Starting the Family Conversation About Wealth Transfer (Updated)

Posted on Thu, Nov 19, 2020

In these challenging and uncertain times, planning for generational wealth transfer is more important than ever.  We've updated this piece from 2018 to, again, help families discuss wealth among themselves and how it will successfully pass from one generation to the next. 

 

The reports differ from $30 trillion to perhaps only $9 trillion, but nearly all experts agree the greatest wealth transfer in history will happen in the next 25 years with a significant transfer of wealth happening in the next 10. Is your family prepared?

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SCOTUS Rules in Favor of Kaestner Trust in NC State Tax Nexus Case

Posted on Wed, Jun 26, 2019

By: Rachel Kieser, CPA, MT

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Pre-Immigration Planning Options and Considerations for Nonresident Aliens

Posted on Tue, Oct 02, 2018

By: Patrick J. McCormick, JD, LLM

 

The Tax Warriors® at Drucker & Scaccetti pride themselves both on optimally servicing clients and on establishing themselves as experts within the tax industry, regularly publishing and speaking on an assortment of tax topics.  As one example, Tax Warrior Patrick McCormick, JD, LLM, was sought out to publish a portion of a forthcoming Lexis Nexis treatise on pre-immigration planning for nonresident aliens.  This treatise will run in full in 2019; however, a portion of Patrick’s chapter is included below.   

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Changes to Estate Plans with Increased $10M Exclusion

Posted on Thu, Apr 05, 2018

By: Nastassja Markham Coletta, JD, LLM

 

The new tax law provides opportunities for individuals to pass considerably more wealth on to their loved ones. Beginning in 2018, the federal exemption for gift, estate and generation-skipping transfer taxes is doubled from $5 million to $10 million (adjusted for inflation). For 2018, the inflation-adjusted exemption amount is expected to be $11.18 million. This means, on the federal level, a married couple can potentially leave over $22 million tax-free to their heirs. But, there is a catch.

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Guest Blog: “Control of the Dead Hand”

Posted on Tue, Feb 27, 2018

Intro by: Jane Scaccetti, CPA, MT, PFS

Blog by: Ashvini Chopra

 

We asked Ashvini Chopra to share his article Control of the Dead Hand since his experience was like many family dynamics we witnessed over the years. In this short case study, Mr. Chopra tells the story of his client who struggled to decide about the ownership of his assets after his death. I, too, have a short case study to share.

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Game of Thrones: How Some Royal Families Are Taxed…and Why

Posted on Wed, Aug 02, 2017

By: Eric R. Elmore

 

Recently, season seven of the popular HBO series Game of Thrones premiered. The much-anticipated return of the show is the subject of many Monday-morning water cooler conversations, including at Drucker & Scaccetti. Tax Warrior banter, however, often includes questions around taxation. Since being curious is one of our core values, we did some research on how some real royal families are taxed. What we found is interesting.  Today’s post covers four European dynasties and how their taxation is administered.

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“The Talk” – Part II - Getting Your Parents to Talk About Family Wealth

Posted on Thu, Jul 06, 2017

By: Rachel Kieser, CPA, MT and Jane Scaccetti, CPA, MT

 

In Part I of this two-part blog series, we discussed what parents should tell their children about their wealth transfer plans.  On the flip side, we will now address how children can get their parents to talk about it.

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“The Talk” – Part I: Talking to Your Kids About Wealth Transfer

Posted on Thu, Jun 29, 2017

By: Rachel Kieser, CPA, MT and Jane Scaccetti, CPA, MT

 

When you hear “The Talk,” you may not think the talk is about money.  However, many parents in high-net worth families find it difficult to discuss their wealth with their children -  particularly the amount of their wealth, their responsibilities for this wealth, and how it will be distributed once they pass on.  And they certainly don’t know the best age to reveal the “number” to their children, or if they should even tell them the value of their wealth at all. 

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Keys to Estate Planning for Beneficiaries with Special Needs

Posted on Thu, May 21, 2015

Advice and articles on estate planning abound. But, what if one of your beneficiaries has special needs? In this case, ordinary wills, trusts and insurance may not be sufficient to handle the many complexities that entail.

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Is It Time to Review the Beneficiaries of Your Estate Plan?

Posted on Mon, Apr 27, 2015

While our own mortality is something we rarely want to think about, it is necessary to plan for it in order to provide for our family and loved ones once we are gone.  As tax advisors, part of our role is to ensure you are thinking about your estate plan and the beneficiaries of the wealth you have worked so hard to build over the course of your life. Choosing your beneficiaries, or what your beneficiaries receive, is not a “one-and-done” event--situations are not static and change over time. Accordingly, estate plans should be reviewed regularly to ensure that the goals are consistent with both your financial and non-financial objectives.

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