Practitioners are comfortable with and accustomed to drafting inter vivos grantor trusts and using gifts to such trusts to reduce a client’ s estate tax exposure. 1 But, now that high state income taxes and creditor worries preoccupy many clients, inter vivos non-grantor trusts deserve attention, especially those established in jurisdictions that…
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Collecting artwork is a personal experience. Families of means invest significant time and resources developing their art collections and enjoy their artwork in their daily lives. They hang prized pieces above their mantles, share intimate details about the works with friends and even plan the décor in their homes around the colors of a specific work.
Last August, a Wall Street Journal article,“ Stung by‘ Universal Life,’” 1 described the crisis created by the widespread use and lack of understanding about universal life policies. The article featured retirees receiving notices from their life insurance companies that the annual premiums for the policies had skyrocketed. If this type of policy is held in an…
The American Taxpayer Relief Act of 2012, effective Jan. 1, 2013, subtlety emerging into our estate-planning life much the same way the iPhone has subtlety reduced our available free time, has had major impact on our practice as estate planners. The two most dominant alterations were an increase in the estate and gift tax exemption to what’ s now an indexed $5.45…
The origin of“ the Eleventh Hour” may be traced to“ The Parable of the Workers in the Vineyard,” in which the laborers hired at the eleventh hour were paid as much as the ones hired early in the morning, despite only working for one hour. The parable’ s message is any laborer who accepts the invitation to work in the vineyard, even if late in the day, will receive a reward equal…
The question in the case was whether the IRS could reach the assets of an irrevocable trust of which Dennis was a beneficiary. Beginning in 2007, Dennis failed to pay his income taxes, and by 2011, the IRS had made assessments totaling $701,079. In June 2014, the IRS served the personal representative of his mother’ s estate with a Notice of Levy demanding that she…
Paul LePage is an avowed opponent of Medicaid expansion. Apparently, after signing a state budget early in his tenure as governor to cut back on Medicaid coverage for low-income adults without children, then nixing expansion bills that would restore coverage to that exact population, the governor still thinks Medicaid coverage is an option for childless…
WASHINGTON, D.C.- Today, Senate Democrats released a new letter to Senate Majority Leader Mitch McConnell urging him and Senate Republicans to help come up with a bipartisan solution to the pension cuts faced by more than 400,000 workers and retirees participating in the Central States Pension Fund, and develop an immediate solution for the 100,000 coal…
The EMC Global Alliances Industry Partner of the Year award recognizes EMC partners across the Americas for developing innovative industry specific offerings that are enabled by EMC technologies. We are proud of our new alliance with EMC, which allows us to assist companies with maximizing their IT investments, “said Francis J. Nemia, EY’s Global Sponsor of…
Applied Systems today announced that total transactions on Applied CSR24, the leading cloud-based self-service application, grew more than 35 percent in 2015, totaling more than 16 million transactions across agency and brokerage customers in the U.S., UK, and Canada. Higginbotham, a Texas- based independent insurance and financial services firm ranked by…
A.M. Best has affirmed the financial strength rating of A- and the issuer credit ratings of“ a-” of Through Transport Mutual Insurance Association Limited and its subsidiary, TT Club Mutual Insurance Limited. TTB and TTI collectively trade as TT Club. A.M. Best expects TTB’ s consolidated risk-adjusted capitalisation to remain strong, supported by positive and…
May 26– The U.S. Justice Department has joined a years-old whistleblower case against Prime Healthcare Services, adding substantial weight to allegations of widespread Medicare overbilling at 14 of the company’s hospitals in California. Federal court documents show that a judge granted the agency’s request to join the case Tuesday, one day after the…
The mutual insurance framework is in its infancy in China, which stands in sharp contrast to the prevalence of mutual insurance organizations in many of the world’ s largest insurance markets, according to a new A.M. Best briefing.. The Best’ s Briefing, titled,“ Mutual— A New Insurance Organizational Structure in China,” states that in early 2015, the China Insurance…
–USAA, State Farm, and The Hartford deliver the best customer experience in the insurance industry, according to the 2016 Temkin Experience Ratings, an annual customer experience ranking of companies based on a survey of 10,000 U.S. consumers. State Farm and The Hartford tied for second place, each with a rating of 68% and an overall rank of 69 th.
SALT LAKE CITY- A Logan woman was sentenced Tuesday to between two and 30 years in prison for defrauding investors out of about $1.7 million. Lori Ann Anderson, 54, pleaded guilty in 1st District Court in January to a pattern of unlawful activity and two counts of securities fraud, all second-degree felonies. Between 2013 and 2015, Anderson misled friends who had…
Harvard University recently invited Financial Advisor Tim Hayes to talk with students about their personal financial planning. So, he figured, if he were ever invited back, he had better read up on how this $1.23 trillion of student loans is going to get paid. After researching the refinancing and repayment maze, Tim decided to use his experience with the Harvard…
HERNDON, Va., May 26– Swanson’s Nursery Consulting Inc., Park Rapids, Minnesota, won an $18,150 federal contract from the U.S. Department of the Interior’s Interior Business Center for advisory services for nursery crop insurance program for temperate plants. For more information about Targeted News Service’s products, including its daily federal contract…
Senator, colleagues call on Majority Leader Mitch McConnell to develop bipartisan solution for more than 400,000 Central States Pension Fund participants. WASHINGTON- U.S. Senator Claire McCaskill, along with Senators Heidi Heitkamp of North Dakota, Ron Wyden of Oregon, Debbie Stabenow of Michigan, and Joe Manchin of West Virginia today called on Senate…
According to the Ohio Department of Mental Health and Addiction Services, NAS Increased Six-Fold Between 2004 and 2011; Cost of Treating NAS Can Be More Than Five Times th. Brown introduced the Caring Recovery for Infants and Babies Act, legislation that would recognize residential pediatric recovery facilities as providers under Medicaid, allowing them to…
