Posts by Stefanie Lipson

Stefanie J. Lipson is an associate in Greenberg Glusker's Family Wealth Planning Group. Ms. Lipson's practice focuses on comprehensive estate planning for high net worth individuals, family business succession planning, probate and trust administration and the law of tax-exempt organizations. Ms. Lipson works closely with each client to design and implement responsible, tax-efficient wealth transfer solutions structured to meet the client’s individual goals.



Three French Hens, Two Turtle Doves, and Money for My Tax Lien

With the holiday season upon us, we all have so much to be thankful for: our health, happiness, Amazon Prime shipping, and — if you’re Lindsay Lohan — an extra $100k from your Uncle Charlie* (Sheen) to help you out of your tax troubles with your Uncle Sam.

That’s right: ‘tis a season of giving and, like any holiday season, it will be filled with scrooges. The odd thing is that the scrooge Bah-Humbugging a gift is usually the giver, not the receiver. Maybe Lindsay is just not into the holiday spirit, but multiple reports have surfaced this week that Lindsay has yet to say, or even text, thank you to Charlie for his generous gift of $100,000 (maybe Charlie should have helped with her phone bill first). [Update: Lindsay finally thanked/apologized to Charlie, citing a “broken phone” and “lost contacts” for the delay — the modern social equivalent of “the dog ate my homework.”] Lindsay reportedly owes more than $200,000 in back income taxes, interest and penalties to the IRS, and Sheen had reportedlygifted Lindsay the money to help her pay off her IRS tax lien.


Meet Five Celebrities Who Have Had Worse Tax Days Than Yours

In celebration of Tax Day today, we here at Law Law Land offer tribute to our favorite celebrity/IRS run-ins.  Now, lest you think this is just another list airing dirty celebrity tax laundry, think again.  This is a classy publication, as you well know, so if you’re looking for dirt on which celebrities owe what, look elsewhere. . . like here, or here, or here.  Instead, on this national day of tax collection, Law Law Land is pleased recognize five (or more) of our favorite celebrity tax stories of all time… so far.

Honorable Mention:  Timothy Geithner

In our Honorable Mention category of “Really, Are You Kidding Me?,” we recognize former Treasury Secretary (i.e., head of the U.S. Treasury, the folks you make that tax check out to) Timothy Geithner, who underpaid his personal federal income taxes from 2001 to 2004 by failing to report and pay social security and self-employment tax on income received from the International Monetary Fund.  Mr. Former Secretary subsequently amended his returns since he “should have been more careful.”  We imagine he regretted his “unintentional” decision not to report that income when appearing before the Senate Finance Committee during his confirmation hearings to control the United States’ piggy bank.

Honorable Mention:  Nick Diaz

In our Honorable Mention category of “How Dumb Can You Be?,” the award goes to MMA fighter Nick Diaz, who recently announced during a post-match press conference that he has “never paid taxes in his life” and “is probably going to jail.”  Well, if Nick had only read about some of the other people on this list, then he definitely would have seen that coming! Continue reading the full story . . . »

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Are Death and Taxes All That’s Left for Francis Ford Coppola After Winning the Lifetime Achievement Award?

[Ed. Note: Law Law Land’s concludes its calendar-be-damned Oscar week with new contributor Stefanie Lipson, who takes on the plight of this year’s Lifetime Achievement Award winner and his progeny.]

There is perhaps no greater culmination to a Hollywood film career than being honored with the Lifetime Achievement Award at the Oscars (even if, these days, it doesn’t even come with a lousy on-air acceptance speech…maybe that Robert De Niro episode at the Golden Globes scared off the Academy once and for all). Just ask this year’s recipient, Francis Ford Coppola. But after all that hard work in Hollywood, all the false starts (One From the Heart, anyone?) as well as the successes (too many to name, but I’d have to go with Captain EO), the accolades and the press, and adaughter following in her father’s large footsteps, turns out Francis Ford Coppola might have been better off making his fortune another way — at least when it comes to paying estate taxes (good thing he has that winery).

As an estate planning lawyer, I can confirm that Benjamin Franklin was right about the only things certain in life being death and taxes. Inevitably, I must inform clients who start sentences with the phrase “if I die…” that it really ought to be “when I die.” (Apologies to those readers who are offended by my morbidity. You may replace the word “die” in the sentence above with the death-related euphemism of your choice. For celebrities, I suggest “go to that great Starwagon in the sky.”) And taxes are no less inevitable: as the law stands, even those lucky authors who come up with an immensely successful creative work (screenplay, television series, book, song, etc.) and have the good sense to transfer ownership of it during their lifetimes can still get hit with an estate tax bill on their copyrights when they die.

How does that make sense, and what can successful creative types do about it? Let’s discuss. Continue reading the full story . . . »