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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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Uniform Acts, Modern Portfolio Theory, and An Unintended Consequence post image

Uniform Acts, Modern Portfolio Theory, and An Unintended Consequence

Trustees had been governed by the Reasonable Man standard for investing trust assets that were designed to preserve principal and avoid risk.  Then, Modern Portfolio Theory came into prominence and the Reasonable Man rule fell into disfavor. Modern Portfolio Theory (MPT), supported by the work of Nobel Laureates, became the prevailing theory. In the most […]

Author: James F. McDonough

Link to post with title - "Uniform Acts, Modern Portfolio Theory, and An Unintended Consequence"
The Fatherless Child: The Law Struggles to Catch Up to Reproductive Technology post image

The Fatherless Child: The Law Struggles to Catch Up to Reproductive Technology

The Court of Appeals for the Third Circuit filed a decision in Capato v. Commissioner Social Security, on July 24, 2013, that highlights the need for a legislative solution in providing benefits under federal programs. The Court held that twins, conceived after the death of their biological father through assisted reproductive technology, were not entitled […]

Author: James F. McDonough

Link to post with title - "The Fatherless Child: The Law Struggles to Catch Up to Reproductive Technology"
What Happens Now: The Aftermath of DOMA (Defense of Marriage Act) post image

What Happens Now: The Aftermath of DOMA (Defense of Marriage Act)

The United States Supreme Court recently struck down the Defense of Marriage Act (DOMA) as unconstitutional. Despite this ruling, there are a number of issues that will result from this decision where the laws of the states will differ. Consider a gay couple, A and B, with a valid marriage under the law of the […]

Author: James F. McDonough

Link to post with title - "What Happens Now: The Aftermath of DOMA (Defense of Marriage Act)"
Rolling GRATS and Shelf GRATS: Time To Lock In Low Interest Rates post image

Rolling GRATS and Shelf GRATS: Time To Lock In Low Interest Rates

A practitioner commented many years ago that the effectiveness of a tax planning technique can be measured by the strength of government opposition to it.  One need only look at the President’s tax plan and the Treasury’s General Explanations of the Administration’s Fiscal Year 2013 Proposals (page 80) to see that Grantor Retained Annuity Trusts […]

Author: James F. McDonough

Link to post with title - "Rolling GRATS and Shelf GRATS: Time To Lock In Low Interest Rates"
Will a Special Trustee Permit a Trust to Avoid the 3.8% Surcharge? post image

Will a Special Trustee Permit a Trust to Avoid the 3.8% Surcharge?

Trusts and estates are now subject to the new 3.8% tax on Net Investment Income (NII) in excess of an income threshold of $11,950 in 2013. NII includes interest, dividends, rents, royalties or income from a trade or business that is a passive activity under IRC §469 (Passive Loss Rules). A trust can avoid the […]

Author: James F. McDonough

Link to post with title - "Will a Special Trustee Permit a Trust to Avoid the 3.8% Surcharge?"
A Non-Traditional Trust Issue: Gender Reassignment post image

A Non-Traditional Trust Issue: Gender Reassignment

Occasionally, cases present fact patterns that were unanticipated at the time I was in law school. Today, however, a person’s ability to anticipate these situations is guided by the dramatic changes in medicine and reproductive technology. In Burnett v. Burnett, a guardian filed a divorce action on behalf of the ward for the primary purpose […]

Author: James F. McDonough

Link to post with title - "A Non-Traditional Trust Issue: Gender Reassignment"
May a Trust Avoid the 3.8% Income Tax Surcharge? post image

May a Trust Avoid the 3.8% Income Tax Surcharge?

The 3.8% income tax surcharge (the “Surcharge”) is a new concern faced by trustee. The current investment environment poses challenges to invest in a manner that will produce enough income to satisfy beneficiaries. Trustees of trusts that own business assets may avoid the surcharge if the income earned from the business is deemed active rather […]

Author: James F. McDonough

Link to post with title - "May a Trust Avoid the 3.8% Income Tax Surcharge?"
Rising Interest Rates Will Make Certain Gifts More Costly post image

Rising Interest Rates Will Make Certain Gifts More Costly

Rising interest rates in the Treasury market is a warning that it is about to become more costly to make certain gifts or to sell assets to related parties. The yield on Treasury securities is used as a yardstick for setting the interest rates that related parties must charge one another when transferring property in […]

Author: James F. McDonough

Link to post with title - "Rising Interest Rates Will Make Certain Gifts More Costly"
Gift Tax Myths and Misunderstandings post image

Gift Tax Myths and Misunderstandings

Tax practitioners receive questions in 2013 pertaining to gift tax for gifts made in 2012 after the opportunity to plan has passed. Here are some common misunderstandings that are frequently expressed to accountants and attorneys. Statement:  I can give a gift of $13,000 (in 2012) to a person or trust and I do not have […]

Author: James F. McDonough

Link to post with title - "Gift Tax Myths and Misunderstandings"
Don't Leave Gift Taxes Out of Estate Planning post image

Don't Leave Gift Taxes Out of Estate Planning

When individuals and business owners begin estate planning, establishing a will and testament is often their first priority. In cases of high net-worth households and those who plan to pass business assets onto the next generation, a trust is also another popular element of estate planning. However, one of the most underutilized components that too […]

Author: James F. McDonough

Link to post with title - "Don't Leave Gift Taxes Out of Estate Planning"

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