It Might Be Time to Party Like It is 2012 with the Spousal Lifetime Access Trust

In my last blog post I noted that it might be a good time to reconsider discount planning with family limited partnerships (FLP).  That thought has only increased over the last few weeks as the chances for tax reform dwindle.  Indeed, while political predictions are a fools game, we now have to seriously consider a move left in 2020 and, at best, a stalemate until then.   View Full Post
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Should You Check Your Heart Rate with Your Smartphone?

Many people are taking advantage of technology to monitor their health and vital signs. But should you monitor your heart with a smartphone? Is this technology approved or regulated by the U.S. Food & Drug Administration? Entering the market in increasing numbers are heart-monitoring apps that are intended to be used as medical devices, which – unlike fitness trackers – must be approved by the FDA. View Full Post
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State Death Taxes

Tennessee eliminated its “death tax” in 2016.  This is great news for Tennessee residents.  However, if you own property such as a vacation home in another state, you may owe “death taxes” in that estate when you die.  The following 18 states still impose a death tax: Connecticut Delaware District of Columbia Hawaii Illinois Iowa Kentucky Maine Maryland Massachusetts Minnesota Nebraska New Jersey New York Oregon Pennsylvania Rhode Island Vermont Washington If you own property in one of these states, proper planning may reduce or eliminate the potential death tax.  View Full Post
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Retirement is Coming: How to Broker Your Throne Away

We’ve all heard the chatter (or read about it in this blog). The owners of family businesses need to start thinking about their exit strategy. To put it in perspective, Robert Nason of John Molson School of Business reveals that “the retirement of baby boomer business owners will bring about the largest turnover of economic control in history.  View Full Post
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Do Pedestrian Detection Systems in Cars Save Lives?

A recent study by a team of vehicle experts at the U.S. Department of Transportation’s Volpe Center found that pedestrian crash avoidance/mitigation (PCAM) systems can potentially reduce up to 5,000 vehicle-pedestrian crashes and 810 fatal vehicle-pedestrian crashes each year. Even if a crash is unavoidable, PCAM systems may reduce the resulting number of injured pedestrians by lowering the speed of the vehicle prior to impact. View Full Post
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5th DCA: Can Someone Other Than Your Client Sue You for Drafting an Invalid Quitclaim Deed?

Dingle v. Dellinger, 134 So.3d 484 (Fla. 5th DCA February 7, 2014) There’s nothing like the threat of a malpractice suit to focus the mind. And in the trusts-and-estates context this risk is exponentially greater for all sorts of reasons, including the fact that you can get sued by lots of people who were never even your clients.  View Full Post
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Comparison of State Asset Protection Trusts

Seventeen states now recognize asset protection trusts.  Steve Oshins, who prepares an annual ranking of these statutes, ranks Tennessee’s statute as the third best in the country.  Dave Shaftel has done a very thorough comparison of the various statutes, including a Comparison Map of the various states that allow asset protection trusts. View Full Post
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