Writings by James F. McDonough

James F. McDonough, Jr. concentrates on wealth preservation and estate planning for high net worth individuals, closely held business matters and ownership succession, estate administration and income tax planning.

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Case of Tax Planning for the Undead

An Ohio man appeared in court seeking to reverse the 1994 declaration of his death. The declaration of death (“Declaration”) resulted from his disappearance from his home eight years earlier. Ohio law prevents a court from reversing such a Declaration after three years from its entry. The Ohio man is seeking to reclaim his social […]

Author: James F. McDonough

October 29, 2013

Tax Planning

What to Know About Paying Estate Taxes Over Time

An estate may, in certain circumstances, elect to pay estate tax in a series of payments over a number of years. This election is available to estates in which assets are used in an active trade or business comprise more than thirty-five percent (35%) of the estate. Payment of estate tax can be extended over […]

Author: James F. McDonough

October 24, 2013

Tax Liability

A 2.6 Billion Dollar Tax Bill: The Estate of Davidson and CCA 2013-033

A 2.6 billion dollar tax deficiency is likely to attract a lot of attention. The late William Davidson was a successful business man, owner of privately-held Guardian Industries, the Detroit Pistons and Tampa Bay Lightning. It appears that the decedent made substantial gifts of property but did not file gift tax returns. Some of the […]

Author: James F. McDonough

October 10, 2013

Decanting By Various Means

Decanting is a popular topic among wealth advisers, trust companies, and tax professionals. In the wine industry, it means putting old wine into a new bottle. In the trust field, it means to transfer assets to a new trust to be governed by a new trust instrument that takes into account changes in law and […]

Author: James F. McDonough

October 8, 2013

Trusts

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence?

Will contests alleging undue influence are not uncommon. A will was, for many years, the only means of transmitting property from a decedent to an heir. Will contests alleging undue influence are not uncommon. A will was, for many years, the only means of transmitting property from a decedent to an heir. New forms of […]

Author: James F. McDonough

October 1, 2013

Facebook at 50 (Dollars A Share)

Facebook’s Initial Public Offering (IPO) received a great deal of attention, especially after the price of its stock dropped shortly after its first day of trading. The decline in price dominated the news for weeks. While driving to the office this week, I listened to Bloomberg report that Facebook’s stock price hit $50 a share […]

Author: James F. McDonough

September 30, 2013

Charitable Bequest of a Business and the Problems That Follow

It is not difficult to leave a business to charity, one makes a bequest. The difficulty, however, arises from the administrative and compliance issues faced as a result of such a charitable bequest make it impractical in most instances. The Internal Revenue Code (IRC) imposes numerous restrictions on these tax practices and discourages non-profit organizations […]

Author: James F. McDonough

September 23, 2013

The IRC §409A Minefield

Tax professionals frequently encounter non-qualified deferred compensation plans (“NQDCA”) in the context of an estate or business. NQDCA’s include any arrangement where an employee or a service provider (independent contractor) receives a legally binding right to receive compensation in one year but it is not actually received until a later year. A legally binding right […]

Author: James F. McDonough

September 11, 2013

Income Tax

Uneasy Link Between Federal Income Tax And NJ Gross Income Tax

There is a difficult and uneasy relationship between the Federal Income Tax (FIT) and the New Jersey Gross Income Tax (NJGIT). Despite the fact that the income for FIT purposes is the starting point for NJGIT purposes, there are significant differences. One observation is that NJGIT is unfriendly when it comes to the types of […]

Author: James F. McDonough

September 6, 2013

Income Tax

The Birds and the Bees for Trustees

Today, an increasing number of children are born with assistance of advanced reproductive technology. Such children may be conceived and born years after the death of a parent. This miracle of science poses difficulties for trustees administering existing trusts and lawyers drafting new trusts. A typical trust has a current beneficiary who receives distributions of […]

Author: James F. McDonough

August 20, 2013

Estate of Turco: Is There Clawback For Insufficient Estate Tax Funds?

The lack of liquidity is a serious problem in the administration of an Estate, especially for a fiduciary with the potential for personal liability. The lack of liquidity can arise from no planning, illiquid assets or an unforeseen change in circumstances or market conditions. Federal estate tax is due nine months after death; however, it […]

Author: James F. McDonough

August 15, 2013

Rhode Island, Same Sex Divorce and Portability: Imperfect Together

Rhode Island Governor Chafee issued an executive order directing the state to recognize same-sex marriages performed out-of-state. The executive order does not, however, permit same sex divorce. Society is in a state of limbo where executive orders can address some, but not all, of the issues. How does one address the use of the Federal […]

Author: James F. McDonough

August 13, 2013

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