This article addresses a law change that is important to all wealth planning professionals and their clients. Beginning January 1, 2008 and continuing through at least 2010, a zero tax rate may apply to long-term capital gain and dividend income that would otherwise be taxed at the regular 15% and/or 10% rates. The new zero […]

The Oklahoma Supreme Court has ruled that the nearly disinherited step-grandchildren of an elderly decedent are entitled to attorneys fees in their action to set aside a trust amendment that was obtained through undue influence. Corr v. Smith (Okla., No. 102687, Feb. 12, 2008).

Seniors can benefit from the economic stimulus law enacted on February 13, 2008, but they need to file an income tax return. Seniors, disabled veterans, and veterans’ widows will receive $300 payments if they earned $3,000 in Social Security or veterans’ disability benefits in 2007. In addition, workers who earned at least $3,000, but not […]

 In a unanimous decision, the Supreme Court on Tuesday ruled that employees can sue their employers to recover loses from the mismanagement of a 401(k) plan. The decision, a reversal of the lower court, has implications for the more than 50 million individuals who have more than $3 trillion invested in retirement plans. James LaRue […]

This article examines exciting new developments in business succession planning – specifically, the use of LLCs or partnerships to own life insurance for buy-sell planning purposes.  Such a structure obtains the advantages of cross-purchase and stock redemption buy-sell agreements without many of the disadvantages of either traditional structure.  This development is significant to all wealth […]

Stephanie West Allen has an excellent post on her blog on the use of ethical wills.  Ethical wills attempt to convey ideals and values to future generations, rather than simply passing on an individual’s personal belongings.  In our office, we refer to this type of planning as Legacy Planning, and attempt to incorporate this planning […]

Mississippi’s Medicaid program faces a significant shortfall that the legislature must address this legislative session.  A recent article details the problem.  Another attempt at raising the tobacco tax is one option being considered.  Approximately 75% of all Mississippi Medicaid funding comes from the federal government. 

Before 2007, a non-spouse beneficiary of aqualified plan was stuck taking distributionsunder the terms of the plan, which typicallyrequired full distribution within five orfewer years of the participant’s death. ThePension Protection Act of 2006 (PPA 2006)authorized non-spouse beneficiaries (beforeit was only surviving spouses) to roll overto an Inherited IRA.

Billionaire Warren Buffett urged Congress to preserve the estate tax, saying that plans to repeal it would benefit a handful of the richest American families and turn the country into a "plutocracy."

You had a loving relationship with your mother and she always said she would leave everything to you and your siblings, but after she died, you discover she had recently written a new will, leaving everything to her housekeeper. Is there anything you can do? If you believe a loved one’s will is not valid, […]