What’s trending on NP Trusts & Estates



September 04, 2019

NP Trusts & Estates Blog

Author(s): Kaitlyn B. Barnett, Alexandra P. Crean, Dawn E. Lannon, CPA

The importance of choosing the “right” guardian for your children, the IRS sends letters to holders of cryptocurrency accounts and more. Here’s what’s trending in estate planning and wealth management.

The importance of choosing the “right” guardian for your minor children

When creating an estate plan, the primary emphasis is typically on the disposition of assets and the related tax concerns; however, one of the most crucial planning decisions you can make is choosing who will serve as guardian of your minor children. The failure to designate a guardian in your estate plan will consequently put the lives of your minor children in the hands of the impersonal court system.—Kaitlyn B. Barnett

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IRS sends letters to holders of cryptocurrency accounts — educational or enforcement?

In July, the IRS announced that it would be sending letters to taxpayers with one or more cryptocurrency accounts. The letters, which have now been sent, though seemingly educational, may be part of a greater enforcement effort surrounding these types of accounts.—Alexandra P. Crean

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Federal tax credit for elderly dependent care

If you have elderly parents and pay for their care while you work, you may be eligible for a federal tax credit!—Dawn E. Lannon, CPA

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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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