Category: Conference Call

Conference Call: Proposed Treasury Regulations and Discounting

Proposed IRS regulations were recently issued that would eliminate discounting of transfers of family business interests. Valuation discounting is now time-sensitive, as this opportunity is scheduled to be eliminated, possibly by the end of the year.

Partnerships are sophisticated vehicles for unifying family investments, providing for the orderly transfer of assets, delivering asset protection, and maintaining centralizing control. These partnerships are legitimate entities that facilitate the distribution of wealth to family members and the growth of family assets. Partnerships also afford the opportunity for discounts on asset transfer to family members; while discounting is not the number one reason for creating partnerships, the strategy is worth noting.

The Treasury Department has finally issued its dreaded proposed regulations limiting discounted transfers among family members. This means the clock is ticking until the public hearing on December 1, 2016, which will help determine the strategy’s fate. Final regulations can be issued at any time after that date and will become effective 30 days after their issuance.

Conference Call: Beyond Our Borders – Top 10 Multinational Issues in Estate Planning

We live in an increasingly global world. Today, many people travel regularly for work and pleasure, and have investments and loved ones abroad. From different law codes to increasing scrutiny from world governments, the complexities of estate and tax planning on an international scale are ready to ensnare the uninitiated. Whether you are a U.S. citizen with assets abroad, or a U.S. resident living overseas with ties back home, it is important to keep up to date on these multinational issues.

Recently, McManus & Associates held a conference call on multinational issues in estate planning, as part of its educational conference call series. Replay the discussion or read about it below!

LISTEN HERE for details: “Top 10 Multinational Issues in Estate Planning”

Conference Call: Tax and Estate Planning Considerations for Same-Sex Couples

Nearly a year ago, on June 26, 2015, the U.S. Supreme Court ruled in Obergefell v. Hodges, delivering a historic decision in favor of State recognition for same-sex marriage. Exactly two years prior to this decision, in United States v. Windsor, the U.S. Supreme Court struck down the constitutionality of Section 3 of the Defense of Marriage Act (DOMA), which defined marriage for federal purposes as existing only between one man and one woman.

“In its most basic terms, recognition of same-sex marriage equates to the simple fact that a spouse is now a spouse, irrespective of gender, in the eyes of the law,” commented McManus. “Today, there are opportunities and protections within reach for same-sex couples that were unavailable during most of American history.”

Recently, during a conference call with clients, McManus & Associates Founding Principal John O. McManus shed light on the far-reaching effects of these Supreme Court decisions.

LISTEN HERE for details: “Top 10 Tax and Estate Planning Considerations for Same-Sex Couples”

Educational Focus Series: Top 10 Possibilities of Portability

A significant opportunity presented by Uncle Sam, portability was first introduced as part of Tax Relief Unemployment Reauthorization and the Job Creation Act of 2010. It was scheduled to sunset on December 31, 2012 but was made permanent with passage of the American Taxpayer Relief Act of 2012. McManus & Associates, a top-rated estate planning law firm with offices in New York and New Jersey, today released the “Top 10 Possibilities of Portability.” Part of the firm’s Educational Focus Series, the discussion was led by Founding Principal and AV-rated Attorney John O. McManus, who shared guidance on transferring unused federal estate tax exemption amounts and the critical steps that must be taken to utilize this important estate and income tax tool.

LISTEN HERE: “Top 10 Possibilities of Portability”

CAPITAL GAINS TAX: The Top 10 Current Issues and Planning Opportunities

The rise in capital gains tax rates and the higher federal estate tax exemption have shifted the estate planning paradigm. Across the nation, long-term capital gains tax rates now range from 25% to 33%, with the combination of the top federal, state and local rates, along with the Medicare surtax. This demands a fresh look at current planning strategies.

When assets are included in an estate, they are subject to estate tax, but the assets enjoy a step-up in basis for income-tax purposes. Gains tax can then be avoided. However, if there is no estate tax because the gross estate assets are below the estate tax exemption amount, then it may make sense to keep assets inside the estate.

Many estate planning attorneys have spent the first half of their careers getting assets out of their clients’ estates, but now they might spend the second half of their careers getting assets back into their clients’ estates (for those individual estates under $5.43MM or joint estates under about $11MM).

As part of McManus & Associates’ Educational Conference Call series, John O. McManus this month examined how to shift gears in light of new, unique opportunities. We invite you to listen to the recording to find detailed information on the Top 10 issues and planning opportunities related to capital gains tax.

LISTEN HERE: “Top 10 Current Issues and Planning Opportunities with Capital Gains Tax”

The Art of Gifting: Top 10 Issues with Owning and Gifting Artwork

Owning artwork is not only a cultural indulgence, but the sophisticated (and the lucky) possess artwork as an investment that can provide a handsome return. Auction houses, most recently Christie’s, have seen record-setting bids as fine art wrestles to take its position as an asset class equal to equities, commodities, and other hard assets. In light of the increase in capital gains tax combined with the collector’s desire to reduce the imposition of income tax and estate tax, the field is ripe for sophisticated planning.

As part of it Educational Conference Call series, John O. McManus this month discussed strategies to addresses the hard and soft issues surrounding the ownership and transfer of art. We invite you to listen to the recording to find detailed information on the Top 10 issues with owning and gifting artwork that follows, whether you’re an artist, dealer, investor or collector.

LISTEN HERE: “Top 10 Issues with Owning and Gifting Artwork”

Top 10 “Non-Run-of-the-Mill” Ideas as You Prepare to See Your Child Off to College

“YIKES! My child is leaving for college in two months.”

The summer before a child enters his or her freshman year of college is filled with excitement and consternation, happiness and remorse, confidence and concern. McGraw Hill Education notes that 25 percent of college students drop out of their first year due to not being academically, emotionally, or financially prepared for college life and adulthood. Now is your chance to help your child in his or her final preparation.

Because Family Mission Planning is a cornerstone of McManus & Associates’ approach to estate planning, the firm has compiled a list of ideas and research that can help families stay on track with their individual mission statements as college-bound children leave the nest. Here are 10 pieces of advice that you may not have gathered from your high school guidance office, selected universities or friends with adult children, but that we think might hold an equal amount of wisdom:

LISTEN HERE: “Top 10 ‘Non-Run-of-the-Mill’ Ideas as You Prepare to See Your Child Off to College”

Firm’s Tax Experts Hold Conference Call on Income Tax Preparation

McManus & Associates can prepare your Income Tax Returns. For many years, the firm has been completing tax returns for clients and has learned that keeping income tax planning under the same roof enables a more refined level of specificity in estate planning for your family. Want to hear more about how you can benefit from McManus & Associates’ Income Tax Planning Practice? Listen to the firm’s recent conference call with clients (link below) and contact us at 908-898-0100/212-753-9000.

LISTEN HERE: “Preparing Your Tax Returns”

pennies photo

Top 9 Estate Planning Tasks to Complete before Year-End

The holiday season represents a window of opportunity for growing and preserving wealth. McManus & Associates today outlined the “Top 9 Estate Planning Tasks to Complete before Year-End”. As part of the firm’s educational focus series, Founding Principal and top AV-rated Attorney John O. McManus recently discussed time-sensitive recommendations for building your nest egg and reducing your check to Uncle Sam for Tax Year 2014.