Publications
Published ArticlesM&K Articles for Clients
M&K Newsletters
Published Articles
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
ACTEC Comparison of the Domestic Asset Protection Trust Statutes
June 30, 2012by Amy Kanyuk, et al.
updated through June 2012
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 Joe McDonaldAn important purpose of “estate planning” is to arrange property ownership and its deathtime distribution to avoid or reduce administration costs, such as those associated with probate, and taxes which would otherwise be due 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.
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.
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 Joe McDonaldYour parents have provided for the possible creation of a “generationskipping protective trust” (referred to in the documents as a “generation-skipping trust”) to hold all or a portion of your future inheritance. This does not mean that your parents may be bypassing your generation and earmarking a portion of their wealth exclusively for your descendants.
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 New Hampshire Apt Shelter Trust To Eliminate State Income Tax: These Specialized Versions of New Hampshire Self-Settled Asset Protection Trusts May Be Particularly Attractive to Residents of New York and Massachusetts
August 1, 2012by Amy Kanyuk
Recent 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 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.
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 a Portion of My Children’s Inheritance?
by Joe McDonaldThe generation-skipping transfer tax is designed to close a loophole in the gift and estate tax (“transfer tax”) system.
M&K Newsletters
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.
Legal Update (Fall 2007)
M&K NewsletterJuly 31, 2010
by M&K PLLC
If you participate in a pension plan—such as a 401(k) or profit-sharing plan—and die before you withdraw all of the plan’s assets, the remaining assets will pass to a beneficiary you designate. The beneficiary pays income taxes on the plan’s assets as he or she receives them. For this reason, it’s advantageous to defer the distribution of the plan’s assets to the beneficiary for as long as possible.
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.
Legal Update (Fall 2006)
M&K NewsletterSeptember 1, 2006
by M&K PLLC
The New Hampshire Trust Modernization and Competitiveness Act
Legal Update (Summer 2005)
M&K NewsletterJuly 1, 2005
by M&K PLLC
Federal Guidance on Estate Taxation of Family Limited Partnerships and Limited Liability Companies
UTC Update - Clarification of the Mandatory Notice Requirements (December 2004)
M&K NewsletterDecember 1, 2004
by m
Update To New Hampshire’s New Uniform Trust Code
New Uniform Trust Code Imposes Trust Reporting Rules on Trustees of New Hampshire Trusts (July 2004)
M&K NewsletterJuly 1, 2004
by M&K PLLC
New Uniform Trust Code Imposes Trust Reporting Rules On Trustees Of New Hampshire Trusts
New Hampshire Law Update (August 2003)
M&K NewsletterAugust 8, 2003
by M&K PLLC
The 2003 legislative session produced several changes in the law affecting estate planning, trust, and estate administration and related areas. This newsletter will explain these changes and how they may impact your planning.
The 2003 Tax Relief Act (June 2003)
M&K NewsletterJune 5, 2003
by M&K PLLC
On May 28, 2003 President bush signed into law the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”). This newsletter will explain the major changes made by the Act and discuss how they may impact your finances and the economy in general.
The New Hampshire Unitrust Conversion Statute: Panacea or Pandora’s Box? (May 2002)
M&K NewsletterMay 17, 2002
by M&K PLLC
Governor Shaheen Recently signed into law HB 1217, adding a unitrust conversion provision to the New Hampshire Uniform Trustees’ Powers Act. This newsletter will discuss the new legislation in detail, issues trustees mush confront both now and in the future, and how we at McDonald & Kanyuk can help.
The 2001 Tax Relief Act (June 2001)
M&K NewsletterJune 14, 2001
by M&K PLLC
On June 7, 2001, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001. This newsletter will explain the major changes made to the federal transfer taxes by the Act and discuss how these changes impact your estate plan.
