Latest articles by John M. Goralka
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Two Consequential Tax Cases You May Not Have Heard About
The Supreme Court's decisions in these cases create uncertainty about challenging IRS regulations and guidance. Expect more litigation to follow.
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Murdochs' Dispute Highlights Benefits of Trusts in Nevada
As Murdoch family members clash over who will control voting shares in the Fox media empire, the court proceedings, in Nevada, are private.
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Four Key Elements of a Good Estate Plan
An estate plan can be complex or simple, depending on your estate and your wishes, but every estate plan should accomplish these basic goals.
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What We Can Learn from Tony Bennett's Estate Dispute
Bennett's daughters are suing their brother over the family trust, which could have been avoided had Bennett done some things differently.
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How to Fix a Trust Dilemma to Prevent a Tax Bomb
A bypass, or AB, trust splits into two trusts when one spouse in a married couple dies, cutting the estate taxes for beneficiaries.
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Does Your Estate Plan Protect Your Loved Ones From Themselves?
Can your children or other loved ones be trusted to have unfettered control over substantial assets and cash?
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Six Custom Tax Planning Tips for High-Income Individuals and Families
Tax planning is a multifaceted process that requires a personalized approach, especially for high-income individuals and families.
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How to Choose Your Trustee or Executor of Your Will
Above all, you should choose someone you trust, keeping in mind that acting as a trustee or executor can be a complex, thankless and sometimes long-term job.
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Nine Lessons to Be Learned From the Hilton Family Trust Contest
Disclaimers, good communication, post-marital agreements and more could help avoid conflict in a family after the owners of a wealthy estate pass away.
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Why Business Owners Should Review Their Buy-Sell Agreements
A recent tax case now before the U.S. Supreme Court hasn’t gone well for a small business, highlighting the need for businesses using a similar (and typical) succession planning arrangement to take a look at theirs.
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How Did O.J. Simpson Avoid Paying the Brown and Goldman Families?
And now that he’s died, will the families of Nicole Brown Simpson and Ron Goldman be able to collect on the 1997 civil judgment?
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Corporate Transparency Act Ruled Unconstitutional: An Update
Alabama court sides with small-business group on whether Congress had power to enact CTA. Other concerns include privacy issues and high noncompliance penalties.
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Cut Your Wealth Transfer Taxes With a Family Limited Partnership
This estate planning tool facilitates tax-efficient wealth transfer, asset protection, legacy preservation and more.
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How to Use Your Estate Plan to Save Tax Now: A Timely Update
Consider an upstream basis trust and a general power of appointment for an older family member to reduce capital gains taxes on highly appreciated assets.
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Selling Your Business? Personal Goodwill Can Cut Your Taxes
Careful planning around a bundle of rights known as goodwill can result in substantial tax savings when selling a corporation or company.
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Are You Ready for the Corporate Transparency Act?
CTA, taking effect on Jan. 1, requires many businesses to file with the Financial Crimes Enforcement Network (FinCEN). Filing requirements and privacy issues are raising eyebrows.
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What Is the F Reorganization, and Why Is It So Popular?
This year has seen an uptick in F reorganizations. Let’s explore the advantages and disadvantages for buyers and sellers.
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Would You Benefit From a Split Interest Income Trust?
If you have a high income, are selling appreciated assets or won the lottery, a split interest income trust could be a boon to you and a designated charity.
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This Halloween, Consider a Phantom Stock Plan
Business owners could use a phantom stock plan to incentivize key employees without having to share control of the company.
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A Tax Planning Cautionary Tale: Timing and Formalities Are Critical
A business owner learned the hard way (and at great cost) not to dawdle or cut corners when it comes to tax plans involving the sale of a business.
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Why Are the Notes Found in Aretha Franklin’s Couch a Valid Will?
The late Queen of Soul’s discovered notes had to meet certain Michigan requirements to be considered a valid will. The outcome might have been different in other states.
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Lessons to Be Learned from Kevin Costner's Premarital Agreement
What's a premarital agreement, how does it work, and what does Costner's wife, Christine Baumgartner, stand to lose if she challenges theirs?
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Comparing Estate Planning: ‘Leave It to Beaver’ vs. ‘Modern Family’
The modern blended family has far more needs when it comes to estate planning than a traditional family. Here are some challenges, tips and solutions.
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Five Estate Planning Lessons We Can Learn From Elvis’ Mistakes
Elvis’ estate planning failures certainly adversely affected the life of his daughter, Lisa Marie, and have carried over into issues with her estate.
