NEW FBAR “DOMESTIC” RELIEF FOR U.S. RESIDENTS

Until June 18, 2014, US residents who failed to file FBAR forms and report income from “offshore” accounts on their US tax returns had significant penalty exposure and were not eligible for most relief provisions. IRS Notice IR-2014-73 changes this, and provides additional options to US residents. Continue reading

WHEN SHOULD YOU REVIEW & REVISE YOUR WILL OR REVOCABLE TRUST?

It is not unusual for clients to wait 20 years or longer before re-reading their wills or revocable trusts to determine if they still “work.” This occasionally creates expensive or frustrating problems. Continue reading

WILLS FOR SECOND MARRIAGES

Estate planning for second marriages is difficult. There is a constant tension between ensuring the continued support of the surviving spouse and ensuring that the decedent’s children are not disinherited. Here are some options and recommendations. (In the interest of brevity, I will use “husband” to refer to the first spouse to die, and “wife” to refer to the surviving spouse.) Continue reading