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Team Members Recognized for Fiduciary Litigation

August 23, 2018

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Douglas Stanley, Shannon Barks, and Kathleen Sherby of Bryan Cave Leighton Paisner were all recognized as Best Lawyers in America© for Trusts and Estates Litigation.  Congratulations!

The Best Lawyers in America© is the oldest lawyer-rating publication in the U.S., and inclusion in Best Lawyers is based entirely on peer-review.

The Best Lawyers in America© Team Members

August 22, 2018

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Congratulations to our Team Members Kimberly Civins, Michael Bland, Renee Gabbard, Shannon Barks, John Ready, Steve Daiker, Larry Brody, John Schaperkotter and Kathy Sherby for inclusion in the 2019 Edition of The Best Lawyers in America© in the Trusts and Estates category.  Congratulations to our Team Members, Gino Serra, Frank Wolff, and Keith Kehrer, for inclusion in the 2019 Edition of The Best Lawyers in America© in the Nonprofit / Charities Law category.

The Best Lawyers in America© is the oldest lawyer-rating publication in the U.S., and inclusion in Best Lawyers is based entirely on peer-review.

Steve Daiker of BCLP’s Private Client Group Selected as “Lawyer of the Year”

August 17, 2018

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Stephen B. Daiker, partner and leader of Bryan Cave Leighton Paisner’s Private Client practice group, was selected by Best Lawyers in America as “Lawyer of the Year” for the 2019 year.  Several other BCLP attorneys were also honored.  Congratulations to all!

Family Businesses: Controls, Successions and Sales

Originally posted on the BCLP Private Wealth Insight Blog found here.

The family business not only represents the hard work and entrepreneurial spirit of the founders, sometimes across generations, but is often a reflection of the founder’s and family’s values and beliefs.

The family business has the potential to grow, adapt and continue to deliver value across generations – but can it, will it and should it?

Should the founders pass it on or sell it?  Are the options binary?

In weighing up the options, the issues can sometimes seem conflicting.

  • Does the need for financial freedom – to provide financial support to family; to explore new investments or philanthropic ambitions – necessarily mean the family business must be converted to cash?
  • If there is no family member willing and capable of taking on leadership of the business, can the family business, to which the family

Planning and the Death of the Death Tax

Planning and the Death of the Death Tax

May 1, 2017

Authored by: Andrew Bleyer and Larry Brody

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On Wednesday afternoon the White House again proposed eliminating the so-called death tax as part of its tax reform plan, but the details remain sparse.  When pressed for specifics Director Cohn simply stated that with the implementation of the administration’s tax plan, the death tax would disappear.

The phrase “death tax” entered the popular lexicon by way of tax reformers wanting to summarize and caricature the several parts of the Federal transfer tax system.

JUST HOW IS BASIS ACQUIRED AFTER ALL?

Dorrance v. U.S., 2015 WL 8241954 (9th Cir. 2015)

This case is the latest in the cases involving tax impact of the sale of stock received by a policy holder from a mutual life insurance company on demutualization, and a case of first impression at the Federal circuit court level.  Here, the Dorrances purchased life insurance policies from several mutual life insurance companies in 1996 to replace the then estimate of their anticipated estate tax liability.  In 2003, the Dorrances received stock in the resulting stock company when each of these mutual life insurance companies demutualized in a tax free transaction into a stock company.  The Dorrances then sold this stock also in 2003, and reported the sales on their 2003 income tax return as capital gain transactions, reporting a zero cost basis.  The Dorrances later filed a claim for refund, now asserting that the stock received in

Your Estate Planning New Year’s Resolution Checklist

(This is an updated post from December 2014)

Need a New Year’s resolutions to kick start 2016? Here is an idea you probably hadn’t considered: review your estate planning documents.

If you are like most people, you are probably thinking that reading legal documents does not sound like an even remotely enjoyable way to start a new year. But, it doesn’t have to be as unpleasant as it sounds. Reviewing your documents does not mean you have to read them cover to cover. If you know what are the most important elements, it is easy to review your will, trust, and powers of attorney regularly to ensure they still comply with your wishes. These documents not only determine who will receive your property when you die, but also likely determine who has the right to make financial and major medical decisions during your lifetime. Needless to say, it is important

Mission: Possible–Saving Estate Taxes on Life Insurance

The trailers for the newest installment in the Mission: Impossible franchise, Mission: Impossible Rogue Nation, are being released and, as always when we see actors performing daredevil stunts, it makes us think about life insurance.  Hazard (I use the term loosely, in light of what these guys do) of the job, I guess.  So, once again, we thought we’d remind everyone about the use of life insurance trusts to reduce estate tax by re-posting the blog we wrote in after seeing his stunts for Ghost Protocol.

And, for your viewing pleasure, share another video of Mr. Cruise’s stunts.  (I’m starting to think Tom Cruise or Mission: Impossible should start sponsoring our blog!)

It’s true, it is possible to transfer life insurance proceeds to your beneficiaries without having to pay estate tax on those proceeds.  An insured can create an irrevocable trust that is designed to be the owner and beneficiary