Aretha Franklin. Prince. James Brown.
We have stressed in select prior blog posts at the Bay Area estate planning Law Offices of Connie Yi that the U.S. Internal Revenue Service has an unflagging focus on American individuals and families with offshore money holdings.
According to one prominent national new source, “the IRS is a shadow of its former self.”
It doesn’t uniformly raise eyebrows when an individual appointed with decision-making powers concerning another person’s finances or health care questions the latter’s capacity. That actually happens routinely in California and across the country, often in cases where an agent spotlights alleged diminished capacity owing to extreme age and related factors.
Most people value their privacy, and that is certainly true for members of well-heeled families who understandably don’t want the details of their assets closely chronicled in media tabloids.
Hope and horror. Those two extremes coexisted in a concededly strange way in the details of a long-tenured Internal Revenue Service program that was just recently terminated.
One-of-a-kind musical legend James Brown was something to behold on a stage when the music kicked in. And a recent Forbes article notes that even now, nearly a dozen years after his death, legions of people still regard the pop/soul icon “with rapt fascination.”
Avid watchers of television crime dramas have undoubtedly run across one or more shows centered on acrimonious family disputes involving a testator's will. Such offerings often spotlight alleged wrongdoing of a serious nature that now promises results so-called will contestants say were not remotely intended by the instrument's creator.
Most American taxpayers likely don’t even know what the acronym OVDP stands for. Those who can readily connect those letters with “Offshore Voluntary Disclosure Program,” though, probably know quite a bit about that IRS initiative. They know it simultaneously offers hope yet packs a punitive punch.
We have stated many times in our estate planning blog at the Alameda County Law Offices of Connie YI that effective estate administration entails more than the mere protection of family property.