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Private Wealth Services Blog

Welcome to the Holland & Knight Private Wealth Services Blog, featuring news, observations and analysis related to wealth planning and preservation for high net worth individuals and their families, successful transitions in privately-held businesses, as well as dispute resolution for estates, guardianships, trusts and other fiduciary matters.

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A recent New York County Surrogate's Court case, Matter of the Estate of Durcan, highlights the importance of properly completing beneficiary designation forms for retirement accounts, even when one has already completed them at a prior custodian. The Durcan case shows that intent alone cannot make up for the failure to comply with the statutory requirements for designating a beneficiary to a retirement account.
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September 6, 2018
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The New York office of Holland & Knight recently held "Captive Insurance in the Middle Market." The event was moderated by John D. Dadakis, lead partner in Holland & Knight's Private Wealth Services Group in New York. Michael A. DiMayo from Oxford Risk Management Group and Gal N. Kaufman from Holland & Knight's Private Wealth Services Group in Tysons, Va., presented on the various issues and challenges for owners of middle market companies when using captive insurance companies.
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August 1, 2018
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A recent IRS private letter ruling highlights the important differences between U.S. federal income tax and gift tax treatment of charitable donations.
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New York, New Jersey and Connecticut, as well as other high income tax states, are more likely than not going to see a migration of highly taxed individuals out of their states due to the federal changes to individual income tax.
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July 9, 2018
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On June 26, 2018, Partners Ani Hovanessian and Joe Dewey presented on the various private wealth challenges connected to virtual currency.
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June 29, 2018
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Many families today view their pets as part of the family. Sometimes the pets rank even higher than children and grandchildren. As part of estate planning, a growing number of people desire to ensure for the continued care and safety of their pets using trusts. Every state in the U.S. now has a statute that authorizes pet trusts, although the restrictions vary.
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May 18, 2018
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Holland & Knight attorney Mark Haranzo co-authored a chapter in the International Comparative Legal Guide to: Private Client 2018.
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IRS Notice 2017-15 clarifies issue left unresolved in United States v. Windsor and subsequent Treasury pronouncements regarding prior use of unified credit and GST exemption for same-sex couples.
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January 19, 2017
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Learn what one should know before fulfilling their loved ones wishes regarding their remains.
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January 17, 2017
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With the upcoming Republican control of the executive and legislative branches, tax changes are certain to occur. As articulated thus far, President-Elect Donald Trump has proposed the elimination of the federal estate tax in favor of a deferred capital gains tax on appreciated assets in excess of $10 million, excluding small businesses and family farms.
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December 12, 2016
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The U.S. Tax Court found the Estate of Beyer liable for $24 million in taxes, suggesting higher evidentiary burden on estates to demonstrate a valid nontax business purpose for family limited partnerships.
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November 8, 2016
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The trust dispute between Tom Benson, controlling shareholder of the New Orleans Saints and Pelicans, and his daughter, Renee, returns to court after previously announcing a settlement.
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September 29, 2016
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In recent case Curt F. Pfannenstiehl v. Diane L. Pfannenstiehl, Massachusetts Supreme Judicial Court reversed the appeals court decision holding assets in a discretionary trust created by a third party as reachable marital assets.
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August 9, 2016
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Estate of Morrissette v. United States, 146 T.C. 11 eliminated a significant Internal Revenue Service challenge to the use of intergenerational split-dollar agreements.
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June 8, 2016
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The intersections of matrimonial law and estate law sometimes are fraught with the same wackiness as the traffic intersection in Ethiopia’s Meskel Square. A Montana Supreme Court case, Volk v. Goeser, highlights a recent debacle involving life insurance proceeds.
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April 14, 2016
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Holland & Knight’s Private Wealth Group is sponsoring and participating in Markets Group’s Private Wealth US Forum in New York City and the Private Wealth Latin American & the Caribbean Forum in Miami.
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The Internal Revenue Service issued proposed regulations that would eliminate the requirement that taxpayers include a copy of an Internal Revenue Code Section 83(b) election with their returns.
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January 28, 2016
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As we continue to recognize National Estate Planning Awareness Week for 2015, the case of Bakus v. Bakus, W.D.Ky. No. 14-CV-981 is instructive in demonstrating how the failure to have estate planning tools in place can cause complex and expensive difficulties for surviving family members.
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October 23, 2015
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Attorney Joshua Husbands discusses the use of life insurance as an executive benefit in an extensive interview with Bloomberg. Mr. Husbands explains the complexities of how life insurance is structured and taxed, and he is quoted regarding the use of private placement life insurance as an investment vehicle for high net worth individuals.
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October 2, 2015
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The pledge campaign from billionaires Warren Buffett and Bill Gates asks the wealthiest people in the world to donate large parts of their wealth to charity. The campaign, however, specifically notes the pledge is a moral commitment and not a legal contract. This raises the question: when is a charitable pledge legally enforceable?
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September 24, 2015
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