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Part Two provides more scenarios under which an Employer-Sponsored Death Benefit plan may be assigned, based on IRS memoranda.
Part One of this article, in last month’s issue, introduced the concept of the taxation of capital income, under which the donor or deceased owner of an appreciated asset would realize a capital gain at the time of the transfer. The article discussed how an Employer-Sponsored Death Benefit plan could help remove the appreciated asset from one’s estate and how the assignment of such a policy to an irrevocable life insurance trust (ILIT), or insurance limited partnership (ILP) will be recognized for federal transfer tax purposes.
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By Lawrence L. Bell
In this two-part article, we look at the proposed tax law changes in the budget reconciliation bill — the major legislation in 2021.
By Anthony Davies
The law firm office cannot remain unchanged, as if frozen in time set to some date prior to the onset of pandemic, when the terms and meaning have all changed. In fact, the office must now provide benefits or an experience the lawyers and staff cannot get at home.
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Attorneys need their clients to see them as a trusted advisor and partner in their legal solutions. If the lawyer takes time at the beginning of the relationship to establish expectations, then future conflicts can be avoided or resolved more quickly.
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