Estate Linked to Friend of Bernie Madoff to Pay $250M to Victims

A recent developing story involving Stanley Chais, a friend of the infamous Bernie Madoff and participant in Madoff’s Ponzi scheme, outlines the potential perils that can plague an estate administration involving a bad actor. Stanley Chais’ estate is the subject of a recent settlement in California which, pending approval from a New York federal bankruptcy judge, is expected to provide approximately $15M in restitution to California’s attorney general and over $250M to a trustee recovering funds for Madoff’s victims.

Estate Planning for New Parents: Part 1

As summer winds down, excited parents anxiously send their children off to school anticipating the future that awaits their kids. This gives us hope, but also reminds parents of the planning necessary to ensure the opportunities we desire for our children remain intact. In this two-part series, we will discuss common estate planning measures that should be considered by parents with young children. In this post we focus on estate planning for new parents.

IRS Targets Estate Tax Valuations of Family Businesses

The U.S. Treasury Department’s recent proposal to place extensive limits on valuation discounts has caught the attention of family-owned business owners and their estate planning attorneys. The proposal seeks to limit commonly used techniques in which families can minimize estate and gift taxes attributable to family-owned entities by claiming lack of control and lack of…