What’s trending on NP Trusts & Estates

October 02, 2018

NP Trusts & Estates Blog

Author(s): Alexandra P. Crean, Dawn E. Lannon, CPA, Masha Rabkin, CPA

What happens to a celebrity’s image and likeness after death, how a change in marital status automatically affects an estate plan, what taxpayers should know about penalty relief and more. Here’s what’s trending in estate planning and wealth management.

Estate Planning

What happens to a celebrity’s image at death?

A celebrity’s right to control his or her image and likeness after death depends on the law of the state in which the celebrity was domiciled at death. If a celebrity’s image is deemed to be an asset of the estate according to state law, the next hurdle is determining the value of the image and likeness for estate tax purposes.—Alexandra P. Crean

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A change in your marital status often necessitates a change in your estate plan

Marriage and divorce have legal implications. A change in your marital status can automatically affect your estate plan. As a result, an affirmative change to your estate planning documents may be necessary to ensure that your plan reflects your intentions.—Megan Neal

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Wealth Management

Market Pulse: September Economic Highlights

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

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Income Tax

Save those summer camp receipts for taxes

The memories of your children’s summer camp experiences will be with them for a lifetime. The cost of camp may result in a tax credit for you on your income tax returns.—Dawn E. Lannon

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IRS issues final regulations related to substantiating and reporting charitable contributions

Individuals, partnerships and corporations who intend to make charitable contributions should review the new regulations related to substantiation and reporting requirements to ensure that a charitable deduction is accepted by the IRS.—Sarah Roscioli

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Here’s what taxpayers should know about penalty relief

Taxpayers who make an effort to comply with the law, but are unable to meet their tax obligations due to circumstances beyond their control may qualify for relief from penalties.—Masha Rabkin

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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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