In the recent Tax Court opinion in Estate of Aaron U. Jones v. Commissioner of Internal Revenue (T.C. Memo 2019-101), the court came to some surprising opinions that benefit taxpayers valuing businesses for gift and estate tax purposes.
It’s something that divorce attorneys see fairly regularly – one spouse accusing the other spouse of accessing their private bank accounts during the divorce process. But what happens when one of the spouses is accessing the bank accounts from space? Yes, that’s right – outer space. That’s exactly what Summer Worden has accused her spouse, NASA astronaut Anne McClain, of doing.
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The Tax Cuts and Jobs Act (TCJA) has had a significant impact on divorcing couples. Many divorcing couples and their attorneys are aware of the elimination of the alimony deduction under the TCJA, but fewer are aware of the changes related to 529 plan funds.
The vast majority of cases settle before ever going to trial. In many instances, they are settled through mediation. Having your financial expert at mediation, whether it’s for a divorce matter, damages claim, or any claim dealing with a complex financial matter, can be a game changer. A financial expert can serve many different roles during a mediation. Here are five things your financial expert can do to contribute to the success of your next mediation.
Jeffrey David, the former chief revenue officer for the NBA’s Sacramento Kings, recently pleaded guilty to charges of wire fraud and identity theft in a scheme that misappropriated approximately $13.4 million of the team’s funds. Mr. David, who was the corporate officer responsible for generating revenue for the Kings, directly negotiated sponsorship, partnership, and other advertising and marketing agreements between the Kings and outside companies. According to the plea agreement, Mr. David directed some of those companies to wire some of their payments to bank accounts held in the name of a limited liability company under his sole control, Sacramento Sports Partners, LLC. There are lessons business owners can learn from the Sacramento Kings' embezzlement case. Let's look at how the perpetrator embezzled funds, how the scheme was uncovered, and the ways it could have been avoided.
Dividing assets in a divorce is rarely a simple matter. It gets even more complicated when there is a transfer of property between spouses after a divorce.