The IRS recently issued its list of “Dirty Dozen” tax schemes, an annual release that kicks off tax season. Michael Fischer, contributor for ThinkAdvisor, took a closer look at the 12 scams and tapped McManus & Associates Founder John O. McManus for his guidance on two that specifically impact high-net-worth individuals (HNWIs): “Stashing cash offshore” and “Abusive tax shelters”.
DailyFinance Cites Tips from McManus on Legal Decisions That Should Be Triggered When a Child Turns 18
In the eyes of the legal and financial world, an 18th birthday represents a major shift. Motley Fool Contributing Writer Michele Lerner’s latest DailyFinance story, “Parents: Are You Legally Ready for Your Kids to Be Adults?” utilizes tips from McManus & Associates to show families steps that should be considered when a child turns 18.
As part of our continuing effort towards thought leadership, McManus & Associates recently presented The Wall Street Journal with our impressions on the newest estate planning paradigm. The firm’s ideas helped shape a comprehensive, informative cover story in the Weekend Investor by well-versed Reporter Laura Saunders. The article, titled “The New Rules of Estate Planning,” also highlighted the Grevatt Family, one of our clients, for whom we employed a smart strategy in today’s environment.
Early this year, bills A1281 and S1311 were introduced in New Jersey to “eliminate transfer inheritance tax and increase the filing threshold and applicable exclusion amounts under New Jersey estate tax in accordance with provisions of federal tax law.” NJ A397 was also introduced and, if passed, would repeal the New Jersey estate tax.
Estate planning nightmares don’t just exist in dreams. Writing for DailyFinance, Reporter Michele Lerner relays several real-life horror stories that arose—and certainly have been replicated in similar forms far and wide—due to families neglecting to have detailed conversations about inheritance plans. “According to the 2014 Intra-Family Generational Finance Study by Fidelity Investments,” Lerner writes, “64 percent of parents older than 55 who have at least $100,000 in investable assets and their adult children over 30 aren’t on the same page about when the right time is to have conversations about estate planning.”
On July 28th, New Jersey Law Journal published a special supplement on “Wealth Management.” The featured section includes a co-authored guest article from McManus & Associates Founding Principal John O. McManus and Mark Cortazzo, senior partner at MACRO Consulting Group. The piece, titled “How Estate Planning Can Unintentionally Wreck a Retirement Plan,” outlines steps that can be taken to protect clients when complex investment vehicles like variable annuities are involved in the estate planning process.
New York Times “Wealth Matters” columnist Paul Sullivan recently interviewed John O. McManus, founding principal of NJ-based McManus & Associates and a top AV-rated attorney, about the implications of a recent court case in which he successfully helped a client named Kate contest the will of her late grandmother. John grasped the dynamics at play in Kate’s situation with her family, which was crucial to a successful outcome with the case.
Estate Planning For High-Income Households
A local expert weighs in on the top 10 considerations
On assignment for CNBC, Jennifer Woods recently penned an article to help readers think through the terms when creating trusts in order to ensure money “lands in the right hands and isn’t squandered.” For expert guidance on the topic, Woods turned to John O. McManus, founding principal of McManus & Associates and a top AV-rated estate planning lawyer.