Newman’s Own Foundation, which has donated over $500 million to charities over 35 years, has been fighting to change the law that requires private foundations to divest themselves of certain investments. Private foundations are prohibited from owning “excess business holdings” (IRC Section 4943). An “excess business holding” is an ownership interest of more than 20% […]
Many families establish Family Limited Partnerships (FLPs) or Limited Liability Companies (LLCs) and then gift interests in these entities to their children. In doing so, they take advantage of valuation discounts (discounts for the lack of marketability of a family-controlled entity and for minority interests), and pass significantly more value than could be claimed for […]
Despite its additional diligence, this year the IRS is predicting that we will see the highest rate of tax scams, from aggressive calls “from the IRS” asking for payment to third parties stealing your identity and filing tax returns in your name. Knowing what to look for and taking a few precautions will help you avoid these scams.
Who owns Lee Harvey Oswald’s Coffin?
On November 22, 1963, Lee Harvey Oswald killed President John F. Kennedy. Two days later, Oswald was shot and killed by nightclub owner Jack Ruby. Immediately following Oswald’s death, his brother, Robert Oswald, began making funeral arrangements. Robert purchased flowers, a dark suit and a pine coffin for his brother.
A couple of weeks ago, Richard Sherman of the Seattle Seahawks made the news not for what he did on the field, but what he purchased off as the Seattle Times reported on his recent home purchase. But what if you don’t want nosy folks to know what property you just purchased and how much you paid for it? Fortunately, there is a relatively easy solution.
Favorable ruling on the taxability of pre-2005 Marital Deduction Trusts (otherwise known as QTIP Trusts).
Technically, your Facebook account is a digital asset and is considered intangible personal property.