While approximately 10,000 cases are appealed to the U.S. Supreme Court each year, only 75 to 80 make it to oral argument. Of those 75 to 80 cases, there are usually only a few that grab the media’s attention. This newsletter highlights three landmark decisions handed down in 2015— Comptroller v. Wynne, King v. Burrell, and Obergefell v. Hodges—that could affect how your clients are taxed, pay for healthcare, and plan their estates. Comptroller v. Wynne – A State Can’t Double-Tax Income Earned Outside of the State Legal Issue: Does Maryland’s state income tax scheme violate the U.S. Constitution by “double taxing” a resident’s income earned from economic activity in another state that also taxes the same income? Decision, 5 – 4: In a taxpayer friendly decision, the Supreme Court ruled that Maryland’s “double taxation” scheme violates the dormant Commerce Clause of the Constitution. This case involved a Maryland couple,

The practice of medicine is a profession fraught with liability. It’s not just medical malpractice claims either – employment related issues (wrongful termination, sexual harassment, and discrimination), careless business partners and employees, and contractual obligations (personal guarantees, leases, business agreements, etc.) add to the increased risk assumed by a physician in private practice. Couple these practice-related liabilities with personal liabilities (divorce, vehicular accidents, rental real estate), and it is clear that your physician clients need to protect themselves from more than just professional negligence claims. In this issue you will learn: Types of insurance physicians should have in place; State exemptions that protect certain types of assets from the claims of creditors; and The role of business entities in liability planning for physicians. Tip #1 – Insurance is the First Line of Defense Against Liability Liability insurance is the first line of defense physicians should use to protect themselves. Liability

Protecting assets against loss has become a common goal of estate planning.  Asset protection trusts come in many different forms and can be used to protect property for the use and benefit of clients as well as their families and other beneficiaries.  In this issue you will learn how clients can easily integrate asset protection trusts into their estate plans. What Is an Asset Protection Trust? An asset protection trust is a special type of irrevocable trust in which the trust funds are held and invested by the Trustee and are only distributed on a discretionary basis.  The purpose of an asset protection trust is to keep the trust assets secure for the beneficiaries instead of being exposed to loss to the beneficiary’s creditors, in a divorce, or to predators. Asset protection trusts come in two forms:  third party trusts and self-settled trusts.  A third party trust is set up