The interplay between divorce and trust interests may be one of the most vexing for practitioners and mediators. This primer attempts to synthesize the legal landscape in this area and to demystify the issue so that we may better serve our clients. Read the article by Attorney Jonathan Fields.
The Tax Responsibilities your Family May Be Overlooking
As the year comes to an end, you may be accessing your financial plan in preparation for the New Year. While tax planning is something most working adults are generally informed about, there are tax obligations that some may not be fully aware of. If you have young children, it could come as a surprise that they may have US tax obligations of their own. If your child has earned income or even has unearned income in their name, they should be filing a Report of Foreign Bank and Financial Accounts or FBAR. Read more.
To Litigate, or Not to Litigate, That is the Question
If you are going through a divorce, there are many things to consider. It is a difficult time, emotions are high, and you are confronted with a number of decisions that you may not be in the best state of mind to make. Now, no two divorces will be identical, so while having a support system who has “been there” can certainly be helpful, their situation may be extremely different then yours.
There are a variety of factors that can contribute to a divorce, and depending on how the decision was come upon, you and your ex may be on civil terms, but other times, if the relationship ended badly, communication and compromise may be impossible concepts to wrap your mind around. Because each divorce is different, each course of action is also different. While some couples have relatively simple cases without much contention between spouses, other couples may have more complex divorces that require careful and strategic planning. Read more.
An Introduction to High-Net Worth Estate Planning
Estate planning is an important concern for anyone who desires their affairs be handled according to their wishes after their death. Planning for high-net worth individuals and families is complex and dependent upon the particular desires of the family.
High-net worth estate planning should be handled carefully, so that your estate, which you’ve worked hard to build, is properly handled and the future of your legacy is secure. Read more.
Bitcoin and Estate Planning: Bequeathing Cryptocurrency
With the prevalence of Bitcoin as a form of digital currency, new considerations must be made when it comes to a variety of legal concerns. We recently looked at the repercussions of Bitcoin on divorce, but that is only the tip of the iceberg when it comes to the ways that Bitcoin is influencing how we must think about currency and transferring assets. Read more.
Learn about Bitcoin, Cryptocurrency and Divorce:
“Bitcoin Bitterness Starts to Make Messy Divorces Even Worse,” Hannah George, Bloomberg News (2018) (Jonathan Fields quoted)
Cryptocurrency and Divorce: A Primer
IRS Notice 2014-21: Virtual Currency Guidance
Bitcoins and Divorce: Declaring your Digital Currency
Bitcoin has become a buzzword recently, more well-known to some than others, but unless you live under a rock that does not get WiFi, you have surely at the very least heard the term tossed around. For those less informed on the emerging value system, Bitcoin is a digital currency used as a peer-to-peer payment system. Developed in 2009, bitcoins can be exchanged for goods, services and other currencies. While bitcoins have been under fire for their use in illegal activities (e.g. the recently exposed online black market Silk Road), they have legitimate uses as well, making the debate over this new cryptocurrency a hot-button topic. Read more.
Learn more about Bitcoin, Cryptocurrency and Divorce:
“Bitcoin Bitterness Starts to Make Messy Divorces Even Worse,” Hannah George, Bloomberg News (2018) (Jonathan Fields quoted)
Cryptocurrency and Divorce: A Primer
IRS Notice 2014-21: Virtual Currency Guidance
Study Says Stories are Most Valued Inheritance
In a 2012 survey by the Allianz Life Insurance Company of North America, it was determined that family stories are more important to many than material inheritance.
The American Legacies Pulse Study surveyed baby boomers (age 47-66) and elders (72+) and concluded that 86% of baby boomers and 74% of elders surveyed deemed their family’s stories the most important facet of their legacy. Read more here.
Disinheriting Someone Isn't Always Easy
The desire to disinherit someone from a will isn’t always as negative as it sounds. While most times individuals are disinherited out of anger or pride, it isn’t unheard of to desire one person to receive more or less of an estate due to financial and personal need. However, there are certain rules and guidelines to take into consideration when distributing or withholding assets. Read more here.