Author Archive | Mark S. Balian

What Happens After a Disaster that Leads to Taxpayer Relief

On September 7, 2021, the IRS issued Tax Tip 2021-131 providing important information on tax relief and how to get it.  Following a disaster, such as Tropical Storm Ida, before the IRS can authorize tax relief, the Federal Emergency Management Agency (“FEMA”) must issue a disaster declaration.  Following a disaster declaration, the following are some […]

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Will Your Legacy Withstand the Test of Time? Here’s the Formula.

What makes a family business so successful? How is it that some family run businesses, over the years, prove to withstand the test of time, while others fail generational transition? A successful family business is a marriage of the family dynamic with economics. This marriage creates a number of challenges, but if effectively managed, fosters […]

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Family Business Succession Planning: Why You Should Revisit Your Estate Plan Today

Now is the time you should revisit your current estate plan! In August of this year, the U.S. Department of Treasury released proposed regulation designed to eliminate valuation discounts for transfer of interest in family-controlled entities. These proposed regulations, if passed, would mean increased estate taxes on the death of owners of family businesses, possibly […]

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How to Fix a Broken Estate Plan

How do you know if your estate plan needs fixing? Perhaps changes have occurred in your family, personal wealth, or maybe you are recently married or divorced. Unintended consequences may exist in your planning documents that require a revisit. Tax laws change or you may discover that a change to your plan is necessary, but […]

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Protecting Assets While Qualifying for Medicaid: Which Trust is Right for You?

A Special Needs Trust (“SNT”) is a trust created for a disabled beneficiary with the specific purpose of supplementing government benefits such as Medicaid rather than supplanting those benefits. While Medicaid Planning involves more than preparing a trust, it is a core planning step. Developing the most effective plan often requires implementing the right trust […]

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