October 02, 2018
NP Trusts & Estates Blog
Author(s): Alexandra P. Crean, Dawn E. Lannon, CPA, Masha Rabkin, CPA, Sarah M. Roscioli
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.
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
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
Economic and market highlights from the NP Investment Team for September 2018.—NP Investment Team
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
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
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
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.
