Publications
Reporting Requirements For Cryptocurrencies And NFTs Begin In 2023
Planning on acquiring, digital assets, here is what to expect before the end of 2022?
Crypto Exchange, will collect a Form W-9 from you (seeking your taxpayer identification number) transactions subject to the reporting will include not only selling cryptocurrencies for fiat currencies (like U.S. dollars), but also exchanging cryptocurrencies for other cryptocurrencies, Form 8300 reporting of cash transactions will presumably follow the same effective dates.
Can NFTs Save a NASCAR ARCA Career?
Those who create and collect art can try to ignore the impact of NFTs but they can’t ignore how NFTs fit into the current Intellectual Property (IP) rights. In order to take advantage of the market, it is necessary to understand what NFTs are and are not.
Estate Planning For Foxes, Entrepreneurs And People With ADHD
So, here are some helpful tips for you, if you are an entrepreneur or a person with ADHD and need to do some estate planning (or any type of decision making for that matter):
• Write it down: Writing your goal and your scenario down requires you to think through the process. Remember, if it is not in writing, it does not exist (at least as far as the probate court is concerned).
• Make snap decisions: In times of crisis, it is better to do something, even if it not the optimal thing, than to do nothing.
• Have a dictator: Find someone to whom you declare your goals and objectives. Give them the right to impose firm standards from the outside.
• Record what you have learned: When you do get something done, record it and learn from it, good or bad.
People Will Pay For Comics NFTs: Why Does It Matter?
NFT collectors value the ownership and control of these digital assets, often above their market value so estate planners must utilize and take advantage of unique estate planning techniques, such as a scenario planning process, illustrating for the clients, the process used to preserve the ownership of these assets, as if we were telling a story, in which the desired ending satisfies the client’s needs.
Have an S Corp From Before 1996? Tax-Free Conversion May Be Possible
An outline of The Build Back Better bill’s key tax provisions that affect partners, partnerships and other passthrough entities such as S Corps
The Basics: Estate Planning In Confusing Times
Estate Planning is a process -- a process of maintaining and protecting your control of assets during your lifetime, and transferring your assets to your beneficiaries at death. The steps in the Estate Planning process are:
New Report On Ownership And Professional Management Of Family Enterprises
Estate planning is all about strategy, advocacy and marshalling both financial resources and competent management resources. There is a great deal of value in this report, especially for estate planning advice for both present and future owners of family enterprises.
You Could Be Immortal: Estate Planning for Digital Assets
Climate Change is Code Red for Humanity: Is ESG Investment Code Red for Fiduciaries?
Confusion lies in which ESG factors in investing a fiduciary should consider. Factors that directly benefit a beneficiary of the trust are allowed, but not factors that benefit a third party based on a moral or ethical basis, and only indirectly benefit the trust beneficiaries. The assumption that an ESG investment will always outperform a non-ESG investment alone can’t justify prioritizing ESG factors. More is required when drafting trusts and other documents.
Feeling Good? James Brown Estate Inches Toward A Resolution
Could James Brown have avoided the lengthy controversy that is still going on in the South Carolina courts? Perhaps not, but helping musician clients gain a firm understanding of how their copyrights can be transferred, and who gets their termination rights, coupled with some creative planning, makes it less likely to result in long-term litigation.
New Reporting Requirements On Cryptocurrency, Nonfungible Tokens And Other Digital Asset Transactions.
The U.S. Senate has passed the “Build America Act of 2021” also known as the bipartisan infrastructure bill, that includes new reporting for cryptocurrency transactions and brokers of cryptocurrency…the Bill means that estate plans including any sort of digital asset in an estate will become more complicated.
Family Business Sanity Check
Lessons To Be Learned From Failed Celebrity Estates
If you have an Estate Plan in place, this is a good time to review your existing documents to make sure they still accomplish your wishes. Here are the questions you should think about:
Does your Will match your wealth transfer wishes?
Are your assets titled correctly, and have you set up the appropriate beneficiary designation forms?
Have you established and funded all necessary Trusts? …
The New Biden Green Book: Tax Law Changes And Unintended Consequences
Lifting The Veil: Art Deals, The Bank Secrecy Act And The Need For Art Fiduciaries
The use of the art market to launder drug money; and, how the government is dealing with the issue by extending the reporting requirements of the Bank Secrecy Act to the art and antiquities market. The reporting requirement is a sharp departure from the otherwise confidential art market and will require artists and collectors to change their mindset when buying and selling art. Indeed, this change, the proposed changes in the U.S. tax laws and the emergence of non-Fungible Tokens (NFT) is prompting a sea change in how fiduciaries manage these assets during lifetimes and after death.
The Coming Storm
Yesterday, May 20, 2021, Senator Bernie Sanders (I-VT) introduced S. 994, the "For the 99.5 Percent Act," to "reinstate estate and generation-skipping taxes, and for other purposes.". This Act amends the Internal Revenue Code by increasing the gift and estate tax rates from 40% to a high of 65% and decreasing over the basic exclusion amount from $10 million, adjusted for inflation to now over $11.7 million, to $3.5 million with no adjustment for inflation .
Tactics To Reduce Your Capital Gains Tax And Your Estate Tax
To those who have highly appreciated assets and expect their estates to exceed $3.5 million, is to be better educated about these tactics and their advantages and disadvantages especially with the turbulent environment for tax laws in the coming years.
10 Estate Planning Must-Dos Before You Travel
Many travelers manage risk by purchasing trip cancellation insurance. Savvy travelers see risks from a larger perspective, though, manage worst-case scenarios when traveling abroad. Pre-travel estate planning is at the top of their list as they take into account what might happen if they are injured or worse while far from home. Here are 10 items that you'll want to add to yours.
The Art Of Managing A Collection
Management of artwork and other collectibles can be simplified by aggregating assets based on: 1.) the role that the owner plays for income tax purposes; 2.) the owner’s goals in life and at death. To manage collections effectively, we need perceptive market analysis with the ability to sort significant trends from fads, we need detailed expertise with income and estate taxes peculiar to tangible assets, and last but not least, we need to be sensitive to the feelings and emotions peculiar to the collector and heirs.
Alternatives to Investing in the Stock Market
During the course of almost 35 years of settling estates for a diverse group of clients, and seeing the results of their investments, I’ve seen first-hand the range of investment opportunities beyond publicly traded stocks. Investing in real estate, debt, tangible assets, starting your own business are a few alternative investment ideas.