What's trending on NP Trusts & Estates



September 07, 2016

Author(s): John L. Garrett, Tarae L. Howell , Jo-Ann Martin, Stephen McCabe, Masha Rabkin, CPA, Michael Ruschioni, CFP®

Michael Phelps can’t avoid the income tax, getting educated about education credits, reviewing your estate plan, wealth planning for children with special needs, rollovers of retirement plan and IRA distributions and how the MA Supreme Court recently protected discretionary spendthrift trusts. Here’s what’s trending in estate planning and wealth management.

Income Tax

Even Michael Phelps can’t out-swim Uncle Sam

There's more to Olympic medals than endorsement deals and parades for U.S. athletes—a sizable tax bill from Uncle Sam.—Thomas A. Stedman

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Tax scammers: a personal encounter

At the start of the summer, I cautioned against a variety of scam artists posing as IRS agents and trying to bully innocent people into thinking they owed additional taxes. Typically there are threats of immediate arrest unless these bogus taxes are paid on the spot. How true this is!—John L. Garrett

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Getting educated about education credits

Education credits can significantly reduce your income tax liability as well as provide incentive for going back to school.—Michael Ruschioni

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Avoiding tax on sale of principal residence

Thinking of selling your home? Before you do, take a minute to find out if you’re eligible for a tax-free gain on the sale!—Masha Rabkin

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Estate Planning

The times, they are a-changin’: reviewing your estate plan

Should I update my estate plan?!—Thomas J. D'Antonio

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Estate planning considerations with frozen genetic material

The use of assisted reproductive technology results in genetic material that should be planned for in the event of death or divorce. Couples who use this technology should have a discussion with their estate planning advisors about the best way to plan for the disposition of any stored genetic material.—Annette K. Eaton

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Wealth Management

Wealth planning for children with special needs

Understanding the different financial planning options for families with a special needs child.—Steve McCabe

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The band’s all here: a primer on “nontraditional” trust office holders

Over the past several years, states have begun to pass laws that recognize new roles within the traditional trust relationship.—Kenneth F. Hunt

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Rollovers of retirement plan and IRA distributions

What you need to know about IRA rollovers and distributions.—Jo-Ann Silva Martin

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Keep that trust out of the kitchen sink: how the MA Supreme Judicial Court recently protected discretionary spendthrift trusts

Distributions to beneficiaries from a discretionary spray spendthrift trust generally are subject to the trustee's complete discretion. The court held that the speculative nature of payouts from these types of trusts requires the beneficiary’s interest therein to be excluded from the marital estate.—Tarae Howell

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The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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