This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Protecting Your Assets and Legacy: Estate & Trust Management in Sports and Entertainment” by Brad Pauley, CPA & Richard Umanoff, CPA, MBA For athletes, actors, and other high-earning professionals in the sports and entertainment industry, managing assets and planning for Read the full article…
According to a recent study, 66% of Americans have no estate plan to protect their assets. If you have a trust, it’s essential to review and update it regularly, to make sure it still meets your goals and objectives. It is believed that 20% of Americans with estate plans have updated it within the last Read the full article…
A Spousal Lifetime Access Trust (SLAT) is a trust established between spouses. Essentially, one spouse gives the other spouse assets in an amount that uses up the unused Federal Estate Tax Exemption. The trust of one spouse must be materially different from the trust of the other spouse. The reciprocal trust doctrine allows the IRS Read the full article…
Carried interests have allowed investment fund managers to be compensated for services with income that qualifies as long-term capital gains, which is taxed at a lower rate than ordinary income. Numerous efforts have been made during the last two decades to cut back or eliminate the favorable tax treatment of carried interests by taxing all Read the full article…
