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    Steve concentrates his practice in the area of trusts and estates, including planning, administration and dispute resolution.  He also has experience in business succession planning, commercial real estate transactions and ...

Posted in Estate Planning

Use of a Pay on Death (“POD”) beneficiary designation is often touted as a way to simplify transfers of assets at your death.  If a bank account or CD is put in the name of “Father POD Son,” then the asset will transfer automatically to Son at the death of Father.

Posted in Estate Planning

In Private Letter Ruling 201737008, issued by the IRS on September 15, 2017, the Service gave retroactive tax effect to a court modification of the power of appointment held by the donor’s spouse over the donor’s trust.  Based on the retroactive County Court modification in this ruling, the surviving spouse’s power of appointment over the trust was held to be a special power of appointment for tax purposes from the trust’s inception, thereby avoiding estate taxation on the trust assets in the taxable estate of the spouse at her later death. 

Posted in Estate Planning

With the incoming Trump administration having a Republican majority in Congress, one can expect attempts at significant tax reform. Among these reform efforts is a push to repeal the federal estate tax. While unexpected, the effort appears to have momentum.

In late January 2017, Senator John Thune and Representative Kristi Noem, both from South Dakota, introduced substantially ...

Posted in Estate Planning

In the new Legal Forum Column, Steven R. Wilson discussed new proposed IRS regulations. Read his advice below and don’t miss our monthly Legal Forum Column in Louisville Business First.

How will the new proposed IRS regulations related to valuation discounts impact my business planning?

For decades, small business owners have utilized valuation discounts to ...

Posted in Estate Planning

For decades, small business owners have utilized valuation discounts in order to minimize estate and gift taxes while at the same time providing for an orderly transition of ownership and management to the next generation. The way it worked was simple; the business was placed into a family limited partnership or recapitalized with controlling and non-controlling interests. The ...

Posted in Estate Planning

If you are in the honeymoon phase of business ownership, you don’t want to think about the possibility of your perfect partnership fizzling in the future for reasons unknown. But protecting yourself and your family’s business interests through a buy-sell agreement is simply the smart thing to do.

Likewise, if you are eyeing retirement, you need to plan so that your business not only ...



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