Individuals with seriously delinquent tax liabilities may be at risk of having their passports revoked.

In a landmark decision on June 6, 2024, the Supreme Court has affirmed the lower Court’s decision upholding the IRS position on how life insurance proceeds and redemption obligations should be treated for federal estate tax purposes.

Researchers say older Americans are less likely than 10 or 20 years ago to write wills or trusts, potentially derailing the estate planning process.

Recent studies have unveiled a troubling trend of declining estate planning among various demographics, including older Americans, business owners, and art collectors. With 85% of successful business owners possessing outdated plans and only 10% of ultra-high net worth art collectors adequately prepared for asset transfer, there's a pressing need to address this issue to ensure orderly asset distribution and minimize legal and tax complications. Upholding estate planning is crucial for financial stability, business continuity, and tax mitigation, emphasizing the necessity for increased awareness and accessibility of planning services across all income levels and professions.

Trip Barnes Featured in WSJ; Marquis Who’sWho of Distinguished Leaders: 2024 Honorees

If you haven’t filed your tax returns for 2019 and 2020, the IRS will waive 2 YEARS of failure to file penalties. The catch – you must file the returns by SEPTEMBER 30, 2022.

As part of my litigation practice, I represent parties—often warring family members—involved in disputes over wills, trusts and family businesses. These disputes have common themes that teach important lessons about financial planning in general and estate planning in particular.

On November 19, 2020, Will Janoush, an associate with our firm, gave a seminar at the Mississippi Society of Certified Public Accountants. Will was asked to present on “The Future of Tax Laws as They Relate to Estate Planning & Business Valuation”. This letter more or less tracks Will’s presentation.