News & Insights: private client services

Private Client Insights, February 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


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

Planning Ahead For Partnership Audits Under the New Regime


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


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


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


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


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


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


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


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


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.

WHAT’S OLD IS WHAT’S NEW


By Robert G. Kuchner  |  November 15, 2016

Contrary to popular belief ― and probably in keeping with your own professional experience ― high net worth individuals (HNWI) rarely regard tax reduction and improving cash flow as chief among their concerns. For affluent investors it's really about what they can walk away with, not necessarily how much they earn. And let’s face it, a great performing investment can become a very mediocre one once taxes kick in.

This article was written by Robert G. Kuchner, CPA/PFS, a Partner at Marks Paneth LLP. “What's Old Is What's New”, will appear in the December issue of Global Business Opportunities.