What’s trending on NP Trusts & Estates

September 04, 2018

NP Trusts & Estates Blog

Author(s): Deborah L. Anderson, Kaitlyn B. Barnett, Stephanie A. Bruno, Sarah T. Connolly, Mary Ford, Jenny L. Holmes, Evelyn V. Moreno, Stephen McCabe, Mary-Benham B. Nygren, Elena N. O’Leary, CPA, Eric Paley, Sarah M. Richards, Stephanie T. Seiffert, Alyson L. Stevenson

The importance of having a will and the perils of dying without one, estate planning asset by asset, the Schedule K-1 explained, protecting yourself against tax scams and more. Here’s what’s trending in estate planning and wealth management.

Estate Planning

Aretha Franklin died without a will — this is one celebrity trend you should avoid

As much as everyone seems to understand the importance of having a will, few actually understand the perils associated of dying without one.—Kaitlyn B. Barnett

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Estate planning asset by asset

Everyone should have a well-designed estate plan that takes into account all of their assets and disposition desires. However, it is important to take an “asset approach” as you are crafting your estate plan with your attorney.—Mary Ford, Mary-Benham B. Nygren, Sarah J. Brownlow, Deborah L. Anderson, Sarah M. Richards, Michelle R. Canerday, Kenneth F. Hunt, Sarah Roscioli, Sarah T. Connolly, Stephanie A. Bruno, Stephanie T. Seiffert

The foregoing is not intended to be an exhaustive list of the asset-type planning that may be needed but as food for thought as you think about the assets you own and your own estate plan.

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Wealth Management

IRS approves 401(k) plan contribution tied to student loan repayment

The IRS recently approved an employer’s proposal to offer a “student loan repayment nonelective contribution” under its 401(k) plan. The ruling provides welcome guidance to plan sponsors seeking to provide employees with the opportunity to save for retirement while repaying their student loans.—Sarah K. Ranni, Eric Paley, Alexandro Lugo

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Market Pulse: August Economic Highlights

Economic and market highlights from the NP Investment Team for August 2018.—NP Investment Team

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Income Tax

Is it really the Internal Revenue Service contacting you?

Understanding the IRS’s policies on contacting taxpayers will help protect you against tax scammers.—Alyson Stevenson

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Independent contractor or employee?

How to tell the difference between employee and independent contractor? How critical is it to make the correct determination?—Elena N. O'Leary

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What is a Schedule K-1?

You just received a Schedule K-1. Now What?—Darrell Kamholz

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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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