This article was recently published in the July 23, 2021 issue of MarketWatch. In it, Sharon Klein shares her insights on why many professional football players, and athletes in general, don’t enjoy the long-term financial stability of their dreams. While athletes are making more money than ever, they can be financially vulnerable, potentially depriving them of a secure, long-term financial future.
For nontraditional families, planning remains more important than ever.Planning for same-sex marriage and strategies for “nontraditional” and blended families are explored.Advances in reproductive technology are creating once unimaginable questions regarding inheritance rights and have given rise to a new area of law: posthumous birth laws.
April 20, 2021—When the “kiddie tax” became law in 1986, the IRS began taxing a child’s unearned income, such as interest and dividends, at the parent’s tax rate rather than at the child’s far lower rate. Although the kiddie tax rules can lead to harsh consequences for many families, with proper planning they may create tax-saving opportunities for higher-income taxpayers.