Resources
Two recent acts of Congress (including the rather interestingly named Protection of Americans from Tax Hikes Act) created new audit rules for partnerships. Normally one would not think that a change to “audit rules” would impact estate planning. However, many estates have LLCs taxed as partnerships, or even limited partnerships...
by Stites & Harbison, PLLC
In the 90s, when the Internet was new and Bill Clinton still had more tomorrows than yesterdays, the estate tax exemption was $600,000, an amount even Thomas Piketty might think was rather low. In that sort of environment, credit shelter trust planning for married couples felt almost mandatory. We live...
by Stites & Harbison, PLLC
Certainly one of Adam Smith’s core insights in The Wealth of Nations was that incentives matter. I believe examples are everywhere about how Smith was correct – ranging from California water shortages and student loan debt, to tax policy and white collar crime. If incentives matter in these areas, shouldn’t...
by Stites & Harbison, PLLC
These are interesting years in estate planning for families in the Upper Middle and Lower Upper Classes. As a high estate tax exemption has reduced the tax-driven imperatives for using trusts to hold inheritances, non-tax applications of trusts come to the fore. As non-tax issues in trust design assume greater...
by Stites & Harbison, PLLC