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Published ArticlesM&K Articles for Clients
M&K Newsletters
Published Articles
New Rules for the Treatment of Trust Interests in Divorce
January 31, 2020by Joe McDonald and Megan Knox
This article discusses the issues involved in determining whether a beneficiary's interest in a trust will be part of the marital estate if the beneficiary divorces.
Trustee Discretion: The Better Part of Valor or Vulnerability?
Estate PlanningDecember 5, 2019
by Amy Kanyuk
ACTEC Comparison of the Domestic Asset Protection Trust Statutes (Sept. 2019)
September 9, 2019by Amy Kanyuk, et al.
The 2019 ACTEC Comparison of the Domestic Asset Protection Statutes provides details of the laws in the 19 states (including NH) that have enacted asset protection trust statutes.
Where There’s a Will, There’s a Family
Trusts and EstatesMarch 12, 2019
by Amy Kanyuk and Todd Flubacher
This article discusses ways to avoid challenges to a client's testamentary documents. including pre-mortem validation and no-contest clauses.
Death Is No Excuse: Post-Mortem Income Tax Obligations
New Hampshire Bar NewsFebruary 15, 2017
by Amy K. Kanyuk
Prospects for Post-Election Tax Reform
December 1, 2016Here are our preliminary observations on planning in the uncertain environment after the 2016 Presidential election.
Death Is No Excuse: Use Postmortem Planning - Part 2
Estate PlanningMarch 1, 2016
by Amy Kanyuk
A decedent's final income tax return, and the returns of the estate and revocable trust, present opportunities to claim deductions, make elections and fulfill fiduciary duties.
Highway Bill Imposes New Basis Consistency and Reporting Requirements
New Hampshire Bar NewsFebruary 17, 2016
by Megan Neal
The 2015 federal highway bill imposes new requirements on executors and beneficiaries regarding the basis of assets inherited from a decedent.
Death Is No Excuse: Use Postmortem Planning - Part 1
Estate PlanningJanuary 1, 2016
by Amy Kanyuk
Although death prevents a decedent from planning, the estate's tax advisor can continue to formulate ways to reduce the estate tax.
Trusts and Divorce - Good, Bad & Ugly:* New Rules for the Treatment of a Spouse's Discretionary Trust Interests and Powers of Appointment in Divorce Under UTC Article 5 and Goodlander
NH Bar JournalJanuary 1, 2016
by Joe McDonald and Megan Neal
The Call of Duty: An Executor’s Responsibilities
Around ConcordJuly 27, 2015
by Amy K. Kanyuk
This article describes the duties that the executor of a decedent's estate must assume.
Treatment of Trust Interests in Divorce
New Hampshire Bar NewsNovember 19, 2014
by Joe McDonald and Megan Neal
New Hampshire law has evolved to provide clarity regarding the divisibility of trust interests for property settlement purposes, but alimony and other issues continue to bedevil some practitioners.
A Stategic Move: Relocating a Trust from Massachusetts to New Hampshire
New Hampshire Bar JournalAugust 1, 2014
by Joe McDonald
Learn how moving the situs of a trust from Massachusetts to New Hampshire can eliminate the imposition of Massachusetts state tax on the trust's income.
Perils and Potential Profit of a Lawyer Serving as Trustee
Estate PlanningFebruary 1, 2014
by Amy Kanyuk
Attorneys are well suited to provide fiduciary services, but they should consider the full scope of the required duties before agreeing to serve as trustee.
The Legalities of Giving
Business NH MagazineDecember 1, 2013
by Amy Kanyuk
In this article, Amy Kanyuk provides guidance on incorporating charitable giving into your estate plan.
Trust Law Developments in NH and Business Development Opportunities in Mass.
Estate and Business Planning Council of Worcester CountyNovember 15, 2012
by Amy K. Kanyuk
Recent changes in NH trust law have made the state one of the leading jurisdictions for establishing flexible, tax-efficient trusts, through the use of the open architecture structure.
Relocating Assets Out-of-State
The CPA JournalJuly 1, 2012
by Joseph F. McDonald, III
How New Yorkers Can Take Advantage of Tax-free Trusts in New Hampshire
Accessing N.H.’s Tax, Creditor Protection Benefits
Massachusetts Lawyers WeeklyJune 28, 2012
by Amy K. Kanyuk
Trust situs has emerged as a critical issue for high-net-worth families and their trusts. Whether seeking privacy, securing protection from creditors or a dissident spouse, updating existing trust provisions or looking to minimize taxes, Bay State families need look no further than their close neighbor to the north.
Emerging Directed Trust Company Model
February 1, 2012by Joe McDonald
Offering unbundled services provides great flexibility and lower fees for families and their advisors
Working Hard for the Money: Using Incentive Trusts to Motivate Beneficiaries
January 1, 2012by Amy Kanyuk
How do you pass on wealth to future generations without spoiling your heirs?
New Hampshire 2011 Trust Law Update
Leimberg Est. Planning Newsletter #1184October 25, 2011
by Joe McDonald & Amy Kanyuk
New Hampshire’s trust and trust banking laws are among the most progressive in the nation. Legislation enacted in 2011 further enhances New Hampshire’s flexible trust laws and provides new opportunities for both New Hampshire residents and out-of-staters seeking income tax refuge and trust customization opportunities.
Penny Wise, Pound Foolish: Why Do-It-Yourself Estate Planning Doesn’t Pay
Around ConcordOctober 1, 2011
by Amy Kanyuk
Some things in life, like surgery, are not self-help propositions. Other matters, like preparing legal documents, lend themselves more readily to try-it-at-home techniques. It's probably true that some estate planning, even the do-it-yourself variety, is better than no estate planning at all. But if you want to be sure that your wishes are carried out, and your estate is administered efficiently, an experienced attorney will add value that your computer cannot.
Roll with It Baby: Leaving Your Job? Take Care of Your 401K
Around ConcordAugust 1, 2011
by Amy Kanyuk
The rules regarding retirement accounts are complicated, but it’s important to get a handle on them before retiring or leaving a job. Consulting with your financial advisor and employer regarding your options will help clarify your options and help you choose the one that best fits your financial needs
Asset Protection Planning - What’s the Best Strategy?
Around ConcordApril 1, 2011
by Amy Kanyuk
The estate plan of any New Hampshire business owner, executive, or professional services provider shouldinclude some element of asset protection planning. Using a variety of asset protection strategies will provide the most protection and, hopefully, some peace of mind.
All You Need is Love (and a Prenup)
Around ConcordJanuary 1, 2011
by Amy Kanyuk
Later-in-life marriages bring with them a unique set of challenges, including the protection of lifetime accumulations of wealth and the concerns of adult children from prior marriages. Carefully considering financial and estate planning matters before the marriage—and discussing them with the children—will make the road to marital bliss much smoother.
Migrating Trusts to New Hampshire: The “Why” and the “How”
New Hampshire Bar JournalDecember 1, 2010
by Joe McDonald
Moving to new Hampshire has for decades had great appeal for manyretirees. This stateoffers year-Roundrecreation, nostateincome, salesandestatetaxes,andfavorablecreditorprotection laws. These attributes and the intangibles that confer "quality of life" have all played a part in the substantial migration of clients to new Hampshire from other states, particularly our more urban neighbors to the south.
All in the Family: Planning Your Vacation Home’s Future
Around ConcordOctober 1, 2010
by Amy Kanyuk
It won’t be possible (or even desirable) to cover every management detail or contingency in the succession plan. For this reason, a family should build flexibility into its governing document, so that the plan can evolve as the family grows, in a way that’s manageable and consistent with the parents’ intent for the property. Parents and their children who take the time to create a plan for their vacation retreat will help maintain the property as a multigenerational gathering place for years to come.
Roth IRAs: New Planning Opportunities in 2010
Around ConcordAugust 1, 2010
by Amy Kanyuk
The tax rules governing IRAs are complex, but with some careful analysis and planning, a conversion to a Roth IRA may provide significant tax and financial planning benefits long into the future.
Point/Counterpoint: Letter to the Editor
Trusts and EstatesApril 1, 2010
by Amy Kanyuk and Joe McDonald
Which situs is best?
Recent Changes to the Interest and Dividends Tax: What Every Practitioner Should Know
New Hampshire Bar NewsFebruary 15, 2010
by Amy Kanyuk and Kathryn Michaelis,
New Hampshire taxpayers and business owners who must address these issues would love a fairy tale ending, but it’s unlikely that that the last line will read “…and they lived happily ever after.” However, at the very least, we should expect a set of rules that are clear and fair for all taxpayers, after a thoughtful and open debate about the impact that the overall tax system has on New Hampshire residents and businesses.
The Keys to the Kingdom – Managing Your Cyberlife
Around ConcordJanuary 1, 2010
by Amy Kanyuk
As our financial and social lives become more heavily dependent upon technology, the need to protect our sensitive data becomes more acute. However, we also need a secure way to allow access to our confidential information in the event of incapacity or death. Although technology itself has provided some possible solutions for this, some old-fashioned common sense will go a long way toward figuring out what works best for you.
Saving For College – Know Your Options
Around ConcordOctober 1, 2009
by Amy Kanyuk
In today’s economy, saving for college may be challenging. But if higher education is a priority for your family, finding ways to put some money away regularly, starting when your kids are young, will make a big difference down the road.
The State of the Federal Estate Tax
New Hampshire Business ReviewJune 19, 2009
by Amy Kanyuk
Estate tax reform is almost certain to occur before the end of 2009, to avoid repeal in 2010. These next few months will be critical in determining the future of the tax. In the meantime, individuals with potentially taxable estates should continue to evaluate and implement estate-tax reduction strategies, especially those tied to the current historically-low interest rates. The two certainties in life continue to be death and taxes.
Charitable Giving - Develop the Right Strategy for You
Around ConcordApril 1, 2009
by Amy Kanyuk
Wading through the options of planned giving and vetting potential donees may seem daunting at first. Establishing a timeline and budget for your charitable contributions, along with a deliberate approach to how and to whom you’ll donate, will make the process easier.
This tax plan hurts the rich - and the state
Concord MonitorMarch 28, 2009
by Robert Wells, John Ransmeier and Amy Kanyuk
HB 691 is bad tax policy, bad for the New Hampshire economy and, not insignificantly, bad public relations for the state.
Open Architecture Trust Designs under New Hampshire Law Provide Flexibility and Opportunities
New Hampshire Bar JournalOctober 1, 2008
by Joe McDonald
Fiscally Fit
Around ConcordAugust 1, 2008
by Amy Kanyuk
Helping your kids to understand the basic concepts of finance, spending, and saving isn’t easy, and it won’t happen overnight. But if you consistently reinforce these concepts, you’ll help your children become self-sufficient, financially responsible adults.
In New Hampshire We Trust
Around ConcordJanuary 1, 2008
by Amy Kanyuk
If you think you may need a trust, you should consult with an attorney who concentrates in estate planning. A little professional help (or a lot, if you’re wealthy or have a complicated family situation) can avoid unexpected problems and taxes down the line.
Don’t Touch That! (Shield beneficiaries’ assets from creditors)
Trusts and EstatesDecember 1, 2007
by Amy Kanyuk
An Estate Planning Blind Spot: Choosing Guardians for Minor Children
New Hampshire Bar JournalJanuary 1, 2007
by Joe McDonald
Undoubtedly, the reason most of our shy away from discussions about a guardian is the intensely personal nature of the decision. There is no perfect guardian for the minor children – only the parents truly fit that bill. Nonetheless, as estate planning attorneys wecan help these clients give the issue the careful consideration it deserves.
Report from the Front: Defending Discounts (How to Battle FLP audits and appeals)
Trusts and EstatesNovember 1, 2006
by Joe McDonald and Amy Kanyuk
Smooth Family Business Succession Requires Planning
New Hampshire Business ReviewAugust 18, 2006
by Amy Kanyuk and Matthew Benson
If the business-succession process begins well before the older generation exits, the family will have more planning options available to it. Alternatives and flexibility are essential to creating a workable, and ultimately successful, business succession plan.
’06 Brings New Developments in Retirement Planning
New Hampshire Business ReviewJanuary 6, 2006
by Amy Kanyuk
Since 1999, New Hampshire law has provided an unlimited bankruptcy exemption for any “retirement plan or arrangement qualified for tax exemption purposes.” Under the new bankruptcy rules, however, the federal exemption will shelter all tax-favored retirement plans regardless of whether the debtor uses the state or federal exemptions.
Estate Tax Repeal Could Mean a Bigger Headache
New Hampshire Business ReviewMay 27, 2005
by Amy Kanyuk
The estate tax debate is far from over, and the senators on both sides of the debate are working hard to find a solution that will make their constituents equally unhappy.
Asset Protection Planning for New Hampshire Attorneys
New Hampshire Business ReviewMay 20, 2005
by Amy Kanyuk
The estate plan of any New Hampshire attorney should include some element of asset protection planning. The nature and extent of the asset protection plan should be based on your liability exposure, income and net worth, and you should integrate the plan with your other financial and estate plans. Using a variety of asset protection strategies will provide the most protection and, hopefully, some peace of mind.
Asset Protection Planning for Physicians in New Hampshire
NHMS Physician's Bi-MonthlyFebruary 1, 2005
by Amy Kanyuk
Recently published federal guidance helps clarify when and how physicians should release patient information when it is requested for litigation.
Asset Protection Planning in New Hampshire
New Hampshire Business ReviewJanuary 7, 2005
by Amy Kanyuk
The estate plan of any New Hampshire business owner or executive should include some element of asset protection planning. Using a variety of asset protection strategies will provide the most protection and, it’s hoped, some peace of mind.
IRC Section 645 Is Your Friend
Trusts and EstatesDecember 1, 2003
by Amy Kanyuk
The Family Land Preservation Trust: Sucession Planning for Heirloom Real Estate
ACTECApril 1, 1995
by Joe McDonald
"Family Lands." The words evoke images of English nobility and the landed aristocracy; of country estates occupied by dukes and duchesses who inherited their titles and class standing as birthrights protected by the crown under the watchful eye of the House of Lords.
M&K Articles for Clients
“Best Practices” for Retaining Important Estate Planning Documents
by Joe McDonaldOnce you have completed your estate plan, you should develop a plan for retention of your original documents, copies of those documents, and other important records including life insurance policy binders, birth certificates, marriage certificates, tax returns, bank, financial and account statements, and the like. This memorandum will provide some guidance for you and your family concerning which of among these documents you should keep, for how long and where.
A Married Person’s Guide to Using a Funded Revocable Trust to Reduce Estate Tax and Avoid Probate
by McDonald & Kanyuk, PLLCLearn why you need a revocable trust, and how to fund it during your life to avoid probate upon your death.
Achieving "Fairness" in Premarital Agreements between Parties with Significantly Different Financial Resources
by Joe McDonaldThis memorandum will provide a brief overview of the treatment of premarital agreements under New Hampshire law, and explore how a hypothetical wealthy or "propertied" prospective spouse might make some accommodations for his or her fiancé who is substantially less wealthy to reduce the risk that the agreement might be set aside as unfair or unconscionable if it is challenged after the marriage dissolves.
Asset Protection Planning in New Hampshire
by Joe McDonaldAt one time, planning to protect assets from the claims of creditors was done almost exclusively for high risk professionals, mainly surgeons and other medical specialists, exposed to financial ruin by malpractice judgments in excess of insurance coverage limits. Adequate and affordable liability insurance protection was commercially available.
Building Character and Instilling Values in Children of Wealthy Families
by Joe McDonaldInstilling solid character in the next generation should be viewed as a long-term process, not an episodic endeavor. Parents need to articulate and live by the same values that they wish to pass on.
Ethical Wills: Bequeathing Both Wealth and Values
by Joe McDonaldLeanr how inherited wealth can be blessing, not a curse.
General Comments regarding New Hampshire Premarital Agreements
by Joe McDonaldWith regard to premarital agreements in general, there are a few things prospective spouses should understand before they consider entering into the agreement.
How Can I Best Protect My Children’s Family Assets?
March 23, 2004by Joseph F. McDonald
Division of Trust and Other Inherited and Gifted Assets in a New Hampshire Divorce: How Can I Best Protect My Children’s Family Assets?
How to Change Your Domicile from New Hampshire to Florida
by Joe McDonaldThe terms “domicile” and “residence” are often incorrectly used interchangeably by some courts. As they affect tax liability and certain other legal rights and obligations each two terms have different meanings. You may maintain a residence, dwelling place, or abode in two states such as New Hampshire and Florida, but you can onl y have one domicile.
Important Considerations in Choosing Guardians for Your Minor Children
by Joe McDonaldYour Children's Future May be at Stake. Deciding who should be a guardian for minor children -- who will rise your children who are under age 18 if you and your spouse dies prematurely -- is one of the most difficult estate planning choices confronting parents. In many cases the decision can be so difficult and divisive that the parents either procrastinate or find themselves deadlocked, unable to agree over a suitable candidate. Paralysis or the choice is among the reason that a majority of Americans have no wills.
Living Wills: New Hampshire Legislation Authorizes Health Care Powers of Attorney and Allows “Living Wills” to Direct Withdrawal of Artificial Hydration and Nutrition
by Joe McDonaldIn 1990, the United States Supreme Court decided a case involving Nancy Cruzan, a terminally ill and unconscious resident of Missouri. In that case, the Court for the first time recognized that states may require an unconscious and terminally ill person’s family to prove by “clear and convincing evidence” that the patient would wish to die in the absence of any advance written instructions given in the form of a “living will” or some other terminal care document.
Moving a Trust from Mass. to NH to Avoid Continuing State Income Taxation
by Joe McDonaldThis article explores the issues involved in moving a Massachusetts trust to New Hampshire, and the selection of fiduciaries, to avoid Massachusetts state income tax.
New Hampshire Incomplete Gift, Non-Grantor Asset Protection Trusts
June 23, 2014by Joe McDonald
Clients from states with an income tax may be able to use an incomplete gift, non-grantor trust to avoid state income taxes on trust income.
New Hampshire Nondepository Trust Companies
July 10, 2015by Joe McDonald
The Granite State has taken its place as one of a handful of progressive trust law states for the formation and supervision of a “nondepository trust company.” This white paper answers several frequently asked questions posed by those who might consider forming a New Hampshire NDTC.
Organization and Operation of NH Family Trust Companies
August 18, 2014by Joe McDonald
New Hampshire's progressive family trust company statute, together with its state-of the-art trust laws, make the Granite State an optimal location for trust planning and administration. Any family with resources sufficient to leverage the benefits of an FTC should give serious consideration to doing so in New Hampshire.
Private Placement Life Insurance Can Provide Investment and Tax Benefits
November 12, 2014by Joe McDonald
Advanced policy designs allow insurance to play an important role as an alternative asset class for high net worth clients seeking tax efficiency.
Qualified Personal Residence Trusts
by Joe McDonald & Amy KanyukWhat is a qualified personal residence trust? A qualified personal residence trust (QPRT) is a type of trust often used to remove an asset from a client’s estate at a terser tax cost which is well below the asset’s fair market value.
Second Generation’s Owner’s Manual for Generation-Skipping Trusts
by McDonald & Kanyuk, PLLCAre you the beneficiary of a "generation-skipping trust"? Learn what a GST trust is, and how using one to structure an inheritance can provide tax and asset-protection benefits for the trust's beneficiaries.
Summary of the Different Roles of Executors, Trustees and Guardians
December 1, 2004by Joe McDonald
When preparing an estate plan, you must consider the selection of Executors, Trustees and Guardians. These choices are particularly important if you have minor children or a disabled child, or want to do tax planning.
Using a “Special Needs” Trust to Manage the Inheritance of a Disabled Beneficiary and Preserve Sources of Public Assistance
by Joe McDonaldI’ve seen it time and time again. The estate planning attorney meets with his or her clients for the first time to gather facts and discuss the clients’ objectives. The clients are the parents of several children, one of whom is mentally ill. The disabled child resides in an out-of-state institution and receives public assistance.
Using a New Hampshire Asset Protection Trust to Eliminate State Income Tax
by Amy KanyukRecent trust and tax law reforms in New Hampshire provide an opportunity for residents of certain high income tax states to use a specific type of irrevocable trust to avoid state income taxation on capital gains and interest and dividend income realized by the trust.
Using Gifts of Closely-Held Stock and Minority Interest Discounts to Minimize Federal Transfer Taxes on Family Owned Businesses
November 12, 2014by Joe McDonald
This white paper aids the business owner in understanding alternative structures for business succession planning, as well as the risks and benefits associated with those alternatives.
What Estate Plan is Right for You?
by Joe McDonaldThe choice facing many people considering estate planning requires them to compare the benefit of the “living trusts” and “simple wills”. Couples who ask for simple wills are saying they want everything to go outright to the survivor on the first spouse’s death and presumably outright to their children after both parents’ deaths.
What Is a “Generation-Skipping Trust, and Why Should I Use One for My Child’s Inheritance?
by McDonald & Kanyuk, PLLCLearn what a "generation-skipping trust" is, and why using one as part of your estate plan can provide tax and asset protection benefits for your heirs.
M&K Newsletters
Schedule of Transfer Tax Exemption Amounts (1997 through 2017)
February 1, 2017by Amy Kanyuk
The IRS has released the transfer tax exemption amounts for 2017, adjusted for inflation.
New Hampshire 2014 New Hampshire Law Update
September 3, 2014by Amy Kanyuk
New Hampshire’s trust and trust banking laws are among the most progressive in the nation. Legislation enacted in 2014 further enhances New Hampshire’s flexible trust laws, and provides new opportunities for both New Hampshire residents and out-of-staters seeking income tax refuge and trust customization opportunities. The legislation also provides a procedure for proving the validity of wills and trusts during the lifetime of the testator and settlor.
What the 2010 Tax Relief Act Means for You
M&K NewsletterDecember 22, 2010
by M&K PLLC
On December 17, 2010, President Obama signed the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” into law. The 2010 Tax Act is the most far-reaching tax legislation in a decade.
Estate and Income Tax Alert: Changes Effective on January 1, 2010
M&K NewsletterJanuary 1, 2010
by M&K PLLC
To our great surprise, on January 1, 2010, Congress allowed the federal estate and generationskipping transfer (GST) taxes to “sunset” for one year. However, the gift tax, which currently has a $1M exemption and a 35% rate, has not been repealed.