John M. Goralka

To Buck the Third-Generation Curse, Focus on the Family Story

The key is to motivate generations two and three to contribute to the family business in a productive way. You can look to Lawrence Welk's family as a prime

A Good Estate Plan Requires Four Key Elements

An estate plan can be complex or simple, depending on your estate and your wishes, but every estate plan should accomplish the following basic goals.

You've Got a Trust: Now Who Should Be the Successor Trustee?

You've set up a trust to protect your assets and your beneficiaries, but you still must choose the right person to execute your wishes. Here's how to do that.

Three 'Yellowstone' Estate Planning Lessons

We can learn a lot from John Dutton's estate planning mistakes. Here are just a few that relate to families in general and family businesses in particular.

Two Consequential Tax Cases You May Not Have Heard About

The Supreme Court's decisions in these cases create uncertainty about challenging IRS regulations and guidance. Expect more litigation to follow.

Murdochs' Dispute Highlights Benefits of Trusts in Nevada

As Murdoch family members clash over who will control voting shares in the Fox media empire, the court proceedings, in Nevada, are private.

What We Can Learn from Tony Bennett's Estate Dispute

Bennett's daughters are suing their brother over the family trust, which could have been avoided had Bennett done some things differently.

How to Fix a Trust Dilemma to Prevent a Tax Bomb

A bypass, or AB, trust splits into two trusts when one spouse in a married couple dies, cutting the estate taxes for beneficiaries.

Does Your Estate Plan Protect Your Loved Ones From Themselves?

Can your children or other loved ones be trusted to have unfettered control over substantial assets and cash?

Six Custom Tax Planning Tips for High-Income Individuals and Families

Tax planning is a multifaceted process that requires a personalized approach, especially for high-income individuals and families.

How to Choose Your Trustee or Executor of Your Will

Above all, you should choose someone you trust, keeping in mind that acting as a trustee or executor can be a complex, thankless and sometimes long-term job.

Nine Lessons to Be Learned From the Hilton Family Trust Contest

Disclaimers, good communication, post-marital agreements and more could help avoid conflict in a family after the owners of a wealthy estate pass away.

How Did O.J. Simpson Avoid Paying the Brown and Goldman Families?

And now that he’s died, will the families of Nicole Brown Simpson and Ron Goldman be able to collect on the 1997 civil judgment?

Corporate Transparency Act Ruled Unconstitutional: An Update

Alabama court sides with small-business group on whether Congress had power to enact CTA. Other concerns include privacy issues and high noncompliance penalties.

Cut Your Wealth Transfer Taxes With a Family Limited Partnership

This estate planning tool facilitates tax-efficient wealth transfer, asset protection, legacy preservation and more.

How to Use Your Estate Plan to Save Tax Now: A Timely Update

Consider an upstream basis trust and a general power of appointment for an older family member to reduce capital gains taxes on highly appreciated assets.

Selling Your Business? Personal Goodwill Can Cut Your Taxes

Careful planning around a bundle of rights known as goodwill can result in substantial tax savings when selling a corporation or company.

Are You Ready for the Corporate Transparency Act?

CTA, taking effect on Jan. 1, requires many businesses to file with the Financial Crimes Enforcement Network (FinCEN). Filing requirements and privacy issues are raising eyebrows.

What Is the F Reorganization, and Why Is It So Popular?

This year has seen an uptick in F reorganizations. Let’s explore the advantages and disadvantages for buyers and sellers.

This Halloween, Consider a Phantom Stock Plan

Business owners could use a phantom stock plan to incentivize key employees without having to share control of the company.

Family Business Survival Strategies as Tax Landscape Changes

Let's look at the main provisions of the Inflation Reduction Act of 2022 and the tools family businesses have at their disposal to protect their interests.

What If Johnny Depp and Amber Heard Had a Premarital Agreement?

Oh, the gritty details we’re learning from the latest court battle between Johnny Depp and Amber Heard.

Sophisticated Planning with Flexible Irrevocable Trusts

Sophisticated planning involves using trusts and entities to better protect assets and to minimize estate tax, income tax, and taxes on capital gains.

Tony Bennett's Daughters Share Thoughts on How to Prevent Inheritance Disputes

Other families, especially high-net-worth ones, can benefit from Johanna and Antonia Bennett's experience encountering estate disagreements.

Another Celebrity Horror Story in the Making: Lessons from Anne Heche’s Estate

Heche is now added to the long list of well-known celebrities—including Michael Jackson, Larry King, The Artist Formerly Known as Prince and many more—who have failed to properly do estate planning.

Taming the Sunset – Are You Ready for a Reduction in the Estate Tax Exclusion?

We discuss the impending loss of approximately one-half (1/2) of the existing $13.61 million estate tax deduction.

Would You Benefit From a Split Interest Income Trust?

If you have a high income, are selling appreciated assets or won the lottery, a split interest income trust could be a boon to you and a designated charity

A Tax Planning Cautionary Tale: Timing and Formalities Are Critical

A business owner learned the hard way (and at great cost) not to dawdle or cut corners when it comes to tax plans involving the sale of a business.

Why Small Business Owners Should Review Their Buy-Sell Agreements

A recent tax case has highlighted the need for businesses using a similar succession planning arrangement to look at theirs.

Why Are the Notes Found in Aretha Franklin’s Couch a Valid Will?

The late Queen of Soul’s discovered notes had to meet certain Michigan requirements to be considered a valid will. The outcome might have been different in other states.

Lessons to Be Learned from Kevin Costner’s Premarital Agreement

What’s a premarital agreement, how does it work, and what does Costner’s wife, Christine Baumgartner, stand to lose if she challenges theirs?

Comparing Estate Planning: ‘Leave It to Beaver’ vs. ‘Modern Family’

The modern blended family has far more needs when it comes to estate planning than a traditional family. Here are some challenges, tips and solutions.

Five Estate Planning Lessons We Can Learn From Elvis’ Mistakes

Elvis’ estate planning failures certainly adversely affected the life of his daughter, Lisa Marie, and have carried over into issues with her estate.

Prepare for 2026 Estate Planning With SPATs, SLATs and DAPTs

he estate tax exemption is set to drop significantly in 2026, but these alternative tongue-twisting tax-savvy trusts could help.

How to Use the Legal Cloak of Invisibility to Protect Your Assets

In an increasingly public world where very little info is private, you can protect yourself by employing an anonymous trust or anonymous LLC.

How to Use Your Estate Plan to Save on Taxes While You’re Still Alive!

Upstream basis planning is a trust strategy that can save wealthy people on their capital gains taxes and income taxes associated with highly appreciated assets.

Don’t Throw Away a $12.06M Estate Tax Exemption by Accident

Many married couples fall into the “portability trap.” They fail to file an IRS form after one spouse dies and accidentally forfeit a massive federal estate tax exemption.

This Valentine’s Day – Think … Trust Income Tax Savings!

This Valentine’s Day – Think … Trust Income Tax Savings!

What a Beneficiary Controlled Trust Can Do to Protect Your Legacy After You Are Gone

What a Beneficiary Controlled Trust Can Do to Protect Your Legacy After You Are Gone

On National Chocolate Chip Cookie Day, a Lesson in Life from Mrs. Fields

On National Chocolate Chip Cookie Day, a Lesson in Life from Mrs. Fields

Britney Spears’ Sad Song … Warning: This Could Happen to You

Britney Spears’ Sad Song … Warning: This Could Happen to You

Coronavirus Crisis Brings Estate Tax Opportunity

Coronavirus Crisis Brings Estate Tax Opportunity

How to Get Your Estate Plan Done While Under Coronavirus Quarantine

How to Get Your Estate Plan Done While Under Coronavirus Quarantine

Is Your Company Ready for the New Partnership Tax Audit Rules?

Is Your Company Ready for the New Partnership Tax Audit Rules?

How You Can Reduce Capital Gains Taxes with a Two-Year Sale Strategy

How You Can Reduce Capital Gains Taxes with a Two-Year Sale Strategy

3 Key Takeaways from Prince's Estate-Planning Mistakes

3 Key Takeaways from Prince's Estate-Planning Mistakes

A Tale of Two Celebrity Marriages and One Prenuptial Agreement

A Tale of Two Celebrity Marriages and One Prenuptial Agreement

How Trump's Presidency Could Affect Your Estate Plan

How Trump's Presidency Could Affect Your Estate Plan

Philip Seymour Hoffman’s $12 Million Estate Planning Mistake

Philip Seymour Hoffman’s $12 Million Estate Planning Mistake

Digital Assets Need to Be a Part of Your Estate Plan

Digital Assets Need to Be a Part of Your Estate Plan

Estate Tax Repeal? Perhaps Not in California!

Estate Tax Repeal? Perhaps Not in California!

6 Estate Planning Tips for Those Approaching Death

6 Estate Planning Tips for Those Approaching Death

Is Your Estate Plan Truly Complete?

Is Your Estate Plan Truly Complete?

Don’t Throw Away a $12.06M Estate Tax Exemption by Accident

Don’t Throw Away a $12.06M Estate Tax Exemption by Accident