News & Insights: private client services

Private Client Insights, July 2021


July 29, 2021


C Corp or Pass-Through? Tax Advantages of Selling C Corporation Qualified Small Business Stock May Settle the Question


By Mordecai Lerer  |  July 28, 2021

When tax rates were 35% for corporations and 39.6% for individuals it was straightforward to decide whether to set up a business as a C Corporation or as a pass-through Subchapter S or LLC. But the tax advantages of selling C Corp Qualified Small Business Stock (QSBS) change the equation.

Qualifying for Home Office Deduction in Current Times


By Jennifer Prendamano |  Laura E. LaForgia  |  July 28, 2021

The home office deduction is a good news/bad news story. It’s good for self-employed individuals, who may take the deduction on federal tax returns. It’s bad for W2 employees, who may not take the federal deduction. However, some states have expanded the deduction since COVID-19 sent millions of workers home.

How President Biden’s Tax Proposals Would Affect Individuals


By Dannell R. Lyne  |  July 28, 2021

The Biden administration’s proposed changes to the tax code would raise the top individual tax rate and taxes on certain capital gains, as well as minimize or eliminate some tax breaks utilized by high-net-worth taxpayers. These tax changes would fund proposed programs for low- and middle-income families.

Current Legislative Proposals Have Broad Implications for Gift and Estate Tax Valuations


By Angela Sadang  |  June 28, 2021

There are two legislative proposals in progress which are cause for concern for tax advisors and estate planners. Both issues were highlighted during the 2021 Heckerling Institute, the largest national conference on estate and wealth planning, and one of the key takeaways is the importance of obtaining a qualified valuation of your business.

Tax Implications of Terminating Grantor Trust Status


By Christopher D. Wright  |  June 28, 2021

Grantor trusts, a planning tool often used by high-net-worth individuals, are a frequent topic at the annual Heckerling Institute, a week-long gathering of estate planning professionals. Current legislature proposals have made this discussion more relevant - if enacted, they could significantly change how grantor trusts are utilized.

Private Client Insights, June 2021


June 28, 2021


Private Client Insights, May 2021


June 1, 2021


The Challenges of State Residency During COVID-19 and How A Family Office Can Provide Guidance


By Joseph M. Giampapa |  Pamela A. Mosiello  |  May 28, 2021

One of the many issues for high-net-worth clients arising during the COVID-19 pandemic is state domicile and the related tax implications. As taxpayers who lived in major cities began to take up residence out of state due to safety concerns, many were unaware that spending time in their out-of-state residence could affect their tax liability.

Private Client Insights, April 2021


April 23, 2021


Private Client Insights, March 2021


March 24, 2021

This issue of Private Client Insights provides you with timely and insightful information.

Protecting Your Wealth - Estate Planning Strategies to Consider Following the Elimination of the Stretch IRA


By Michele A. Lazzara  |  March 16, 2021

The Secure Act introduced a number of changes to the existing retirement plan contribution and distribution rules. One of the most notable was the elimination of the “stretch IRA,” an often-employed strategy that helped to limit required distributions on an inherited IRA and, in many cases, avoid a sizable tax bill in the process.

Private Client Insights, February 2021


February 15, 2021

This special issue of Private Client Insights provides you with timely and insightful information.

New York State Budget Proposals: What’s in Store for High-Net-Worth Individuals?


By Reshma Ghouri  |  February 15, 2021

In the wake of the ongoing COVID-19 pandemic, New York Governor Andrew Cuomo recently outlined the Fiscal Year 2022 Executive Budget, which proposes several significant tax law changes affecting high-net-worth individuals.

What Are the Advantages of a Family Office?


By Pamela A. Mosiello  |  February 15, 2021

As the affairs of many high-net-worth individuals become more complex and their transactions increasingly numerous, they might benefit from the services of a family office.

7 Considerations for Gift and Estate Valuation Amid COVID-19


By Angela Sadang  |  January 14, 2021

Many important areas remain in the hands of the valuation analyst’s professional judgment. It is therefore critical that the professional judgment is airtight and clearly laid out, well supported and reasonable for whatever context the valuation is used – especially for gift and estate tax filings and in these unprecedented times.

SALT Deduction Work-Arounds Receive IRS Blessing – Look for More States to Enact Them


By James (Jay) M. Brower, Jr  |  January 14, 2021

Several states have sought ways to circumvent the SALT Cap limiting an individual’s annual itemized deduction for state and local income and property taxes. Now that the IRS has blessed Connecticut’s SALT Cap work-around, we will probably see several other states enact similar laws.

Private Client Insights, January 2021


January 14, 2021

This special issue of Private Client Insights provides you with timely and insightful information.

Planning Ahead For Partnership Audits Under the New Regime


January 14, 2021

The IRS has made it clear that it is focusing on auditing partnerships in the near future. Consequently, it is critical that partners and partnerships are aware of the new centralized partnership audit regime and how it will affect them in the event of an audit.

Private Client Insights, November 2020


November 24, 2020

This special issue of Private Client Insights provides you with timely and insightful information.

Election Over? What Now?: The New Horizon in Estate Planning


By Christopher D. Wright  |  November 18, 2020

Although there most likely will not be any significant changes to the estate tax in the near future, given the numerous challenges faced by the incoming Biden Administration, some of the proposed changes are examined as well as the advantages and disadvantages of year-end gifting. 

State Residency and Tax Issues During COVID-19


By Jennifer Prendamano  |  November 12, 2020

Due to COVID-19, many individuals have decided to, at least temporarily, move out of more populated areas to take up residence in vacation homes or other dwellings that are located in other states.  This has the potential to cause a dual residency issue for these individuals as both the state they left and the state they moved to may consider them residents for income tax purposes.

Private Client Insights, October 2020


October 6, 2020

This special issue of Private Client Insights provides you with timely and insightful information.

Finding the Right Investment Manager During and Post COVID-19 Pandemic


October 1, 2020

Individuals, family groups and organizations with substantial assets and net worth often employ the services of professional investment management firms for guidance in achieving their financial goals. The COVID-19 pandemic has led to an incredibly turbulent time for these investors, and finding a suitable firm can be very challenging.

GoFundMe Donations May Have Tax Consequences


October 1, 2020

GoFundMe’s ability to contribute directly to people in need, as opposed to their business products, has caused confusion around the deductibility of such amounts as charitable contributions.

Private Client Insights, August 2020


August 26, 2020

This special issue of Private Client Insights provides you with timely and insightful information.

An Overview of Self-Directed IRAs, or Conversations I Have With Investors


By Avery E. Neumark  |  August 26, 2020

There has been a marked increase among informed investors in placing alternative investment assets into their holdings via a self-directed IRA (SDI). These retirement investment vehicles usually hold a broader range of investment options and, as such, are good for diversification purposes. 

Overcoming Common Estate Planning Misconceptions


By Christopher D. Wright  |  August 26, 2020

An examination of some of the most common misconceptions that get in the way when setting up an estate plan or making alterations when life changes occur.

Private Client Insights, Issue #2 2020


May 19, 2020

This special issue of Private Client Insights provides you with timely and insightful information related to the COVID-19 outbreak.

Estate Planning Considerations in Light of COVID-19


By Sara Rabi  |  May 14, 2020

The rapid escalation of the coronavirus pandemic has motivated clients to finalize their estate planning documents.

COVID-19: An Opportunity for Gift and Estate Planning at Low Valuations


By Angela Sadang  |  May 14, 2020

Business owners and high-net-worth individuals can take advantage of low valuations during this time to minimize gift and estate taxes.

Special Rules for Use of Retirement Funds


May 14, 2020

By Lorri Morris

The CARES Act includes several provisions that cover retirement accounts and changes that will impact retirement income strategies.

Is Now the Right Time to Convert to a Roth IRA?


By Galina Portnoy  |  May 14, 2020

The current downturn in the stock market due to COVID-19 and today’s low tax rates create ideal conditions for a Roth conversion.

How COVID-19 Is Affecting Your Exit Plan


By Dannell R. Lyne  |  May 14, 2020

For owners who are contemplating, planning or executing an exit plan, various factors must be considered to ensure an equitable deal is possible considering the current COVID-19 pandemic.

Did You Make a Taxable Gift in 2019? Don’t Overlook Gift Tax Filing Requirements When Funding Trusts


By Christopher D. Wright  |  February 11, 2020

While cash gifts of are fairly straightforward (as are their impact on tax filings), there is an often-overlooked instance of the gift tax that has the potential to generate quite a headache come April—funding a trust.

Maximize Your Charitable Contributions to Minimize Your Tax Liability


By Jennifer Leelaviwatana  |  February 11, 2020

Since the enactment of the Tax Cuts and Jobs Act of 2017, taxpayers are limited to a deduction of up to $10,000 of state and local income taxes. However, donating to charity is still a powerful tool to minimize tax liability.

Succession Planning: Tax Considerations When Exiting Your Business


By Dannell R. Lyne  |  February 11, 2020

There comes a time when business owners begin to contemplate retirement and an exit from the company they own and/or are operating. It’s important to begin succession planning in advance, because how you approach exiting your business will produce different tax outcomes.

The Fallout From the New Tax Law


By Joseph M. Giampapa |  Russell S. Ephraim  |  February 11, 2020

In preparation for the coming tax season, Joseph Giampapa and Russel Ephraim examine who reaped the benefits of the new tax law in 2018 and which changes had the most dramatic impact on high-net-worth and high-profile individuals.

Private Client Insights, Issue #1 2020


February 10, 2020

Marks Paneth’s new Private Client Insights newsletter is designed to to help high-net-worth and high-profile individuals address tax planning, trusts & estates and multigenerational needs.

The Impact of the Tax Cuts and Jobs Act on Trusts and Estates


By Laura E. LaForgia  |  May 29, 2019

Among the many provisions in the Tax Cuts and Jobs Act of 2017 (TCJA) were some significant changes to the taxation of trusts and estates. Tax Partner Laura LaForgia helps high-net-worth individuals and their advisors understand the temporary and permanent effects on their trust and estate tax planning strategies.