Do I Need to Update My Estate Plan?
September 29, 2021
by Jennifer R. Pierce
If your life changes, so should your estate plan. Marriage, divorce, death of a spouse, a birth and a changing relationship with a child are just some of the life changes that may affect your estate plan. Unfortunately, as your life changes, updating your estate plan is often not the first thing on…
Asset Basis and the Future of the Federal Estate Tax
August 17, 2021
by Casey Dorman Lawson
The federal estate tax is often a topic of conversation especially in regards to the tax rate and the applicable credit or exemption amount; however, currently another aspect of the estate tax is getting attention – Basis. In order to evaluate and understand the proposed changes to the estate tax…
National Taxpayer Advocate Reviews 2021 Season and Recommends Changes for 2022
The National Taxpayer Advocate recently issued her Fiscal Year 2020 Objectives Report to Congress, reviewing the successes and challenges of the 2021 federal tax filing year and highlighting a series of objectives and recommendations for Congress to consider for tax year 2022. Among the noted…
The Duty of Loyalty and Arkansas' New Uniform Limited Liability Company Act
In a recent Mitchell Williams Blog we highlighted Arkansas’ enactment of the Uniform Limited Liability Company Act (the “ULLCA”), and pointed out some of the differences between the ULLCA and Arkansas’ existing Small Business Entity Tax Pass Through Act (the “Old Act”). One of those differences is…
Out with the Old, in with the Updated – Arkansas Adopts the Uniform Fiduciary Income and Principal Act
Is it principal or it is income? This question has plagued trust beneficiaries, trustees, accountants, and attorneys since trusts have been used. The answer to the question is important, because the answer generally controls how much money a beneficiary will receive from the trust. It may also be…