Category: Estate Planning

Estate Planning

Florida Law Makes Spousal Lifetime Access Trusts More Attractive Estate Planning Option by Rachel Kenney Rego, CPA


Posted on October 25, 2023 by Rachel Kenney Rego

In 2022, lawmakers amended Florida Statute Section 736.0505(3), giving new life to Spousal Limited Access Trusts (SLATs) and the unique estate planning benefits they provide to families within the state. SLATs enable one spouse to create and fund irrevocable trusts during their lifetime for the benefit of a surviving spouse and future generations. The grantor […]

How to Protect Art Collections from Gift and Estate Tax Exposure by Lewis Kevelson, CPA


Posted on October 03, 2023 by Lewis Kevelson

According to a recent study by Art Basel and UBS, global art sales in 2022 exceeded pre-pandemic levels, reaching $67.8 billion in transactions. Buyers, ranging from high-end collectors to Gen Xers and Millennials, increasingly recognize art’s value as an alternative investment in a fragile economic and geopolitical environment. However, as buyers grow their collections, they […]

IRS Delays RMD Rules for IRAs, 401(k)s…Again by Joanie B. Stein, CPA


Posted on September 25, 2023 by Joanie Stein

In July 2023, IRS issued guidance granting taxpayers temporary relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. Beginning Age for RMDs In 2019, the president signed into law the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) that, […]

IRS Cracks Down on Potentially Abusive Malta Pension Plans by Joseph Leocata, JD, CPA, MBA


Posted on August 30, 2023 by Joseph Leocata

The IRS’s Criminal Division ramped up its enforcement efforts relating to Maltese pension plans, which gained popularity after the signing of the U.S.-Malta Tax Treaty 2011 and the subsequent enactment of Malta’s Retirement Pension Act of 2011. In recent weeks, the department began issuing summons to U.S. taxpayers who participated in Maltese pension plans and […]

IRS Resumes Automatically Generated Correspondence with Taxpayers by Joseph Leocata, JD, CPA, MBA


Posted on June 22, 2023 by Joseph Leocata

The IRS significantly reduced the backlog of tax returns and other taxpayer correspondence it could not process during the pandemic. Consequently, the agency announced it would soon resume mailing collection notices to affected taxpayers. The agency previously suspended these automatically generated notices in early 2022. According to the IRS, the pandemic and related introductions of […]