Elections & Politics Wills, Trusts, & Estate Planning

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Special Needs Trust Fairness Act Moves Out of House Committee

The Special Needs Trust Fairness Act, a bill that would correct a decades-old error in federal law that prohibits people with special needs from creating their own special needs trusts, has passed out of the House Energy and...more

Military Pensions Could See Significant Changes

Pending Federal legislation could have a huge impact on how judges will divide military pensions during a divorce. In a previous post, I discussed at length how military pension plans currently could be divided in the context...more

Missouri Commercial Receivership Act Creates a New Statutory Scheme Which Presents a More Robust Remedy

The Missouri Commercial Receivership Act (MCRA), passed by the Missouri legislature and just signed into law by Governor Nixon, becomes effective Aug. 28, 2016. It expands, clarifies and fleshes out the existing minimal...more

NPRA Redux: Proposed NPCL Amendments Approved by Senate and Assembly

The New York State Assembly and Senate have passed a bill that, if signed by the Governor, would amend the Not-for-Profit Corporation Law (the “NPCL”) and the Estates, Powers and Trusts Law (the “EPTL”) to clarify and refine...more

Governor Kasich Signs House Bill 229 to Create Ohio Family Trust Company Act

On June 14, 2016, Governor Kasich signed House Bill 229 into law. The bill, which was over two years in the making, allows an Ohio family to establish its own trust company to serve as trustee for its family trusts. The...more

Wealth Management Update - June 2016

June Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts The June § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs...more

PRINCE Act Shelved by Minnesota Legislator

Last week we reported on the right of publicity bill being considered by the Minnesota legislature in light of the passing of musical icon, Prince. As reported by the Minneapolis Star Tribune on May 18, 2016, State...more

Sign O’ the Times: the Right of Publicity Comes to Minnesota

The ability to control the use of one’s name, likeness, voice, and other personal attributes is known as the right of publicity. Unlike trademarks, patents, and copyrights, which are types of intellectual property governed...more

Asbestos Alert: Asbestos Bankruptcy Trusts and Legislation

When asbestos litigation became extremely costly to defend, to settle and to pay judgments, companies began filing for protection under the Bankruptcy laws. In the three decades since Johns Manville and UNR Industries filed...more

Observer Estate Planning - Spring 2016

Pennsylvania’s Revised Power of Attorney Act: Major Changes May Not Necessitate Revising Your Power of Attorney - You may have read about the overhaul of the Pennsylvania laws governing Powers of Attorney used for...more

Revised Uniform Fiduciary Access to Digital Accounts Act Adopted by Four States

With the shift from traditional hard copy paper documents towards electronic records stored Cloud Computing-based software and services (e.g., iCloud, Dropbox, Google Drive, etc.), access to and use of digital assets by...more

Treasury Green Book Proposals — Charitable Contribution Deduction Limitations

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

Fiduciary Access to Digital Assets and Accounts: Revised Model Statute Adopted in Oregon

Oregon became the first state to adopt the Revised Uniform Fiduciary Access to Digital Assets Act (“Revised UFADAA”) when Governor Kate Brown signed Oregon Senate Bill 1554 into law on March 3, 2016.  The law will become...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Maine Voters to See Four Referendum Questions This Fall - This fall, Maine citizens will be...more

Treasury Green Book Proposal — 6166 Extensions

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

Privacy + Estate Planning = Handling Your Digital Assets After You Die

The recently-proposed Revised Uniform Fiduciary Access to Digital Assets Act (“Revised UFADAA”) is a potential solution to a problem that most of us eventually will face: how will our digital assets be accessed and used (or...more

Treasury Green Book Proposal — GRATs and Other Grantor Trusts

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

California’s New Transfer On Death Deed

As of January 1, 2016, California allows the use of a “transfer on death” deed for real property. A TOD deed essentially allows a person to execute and record a revocable deed, which grants real property to a beneficiary...more

Treasury Green Book Proposal — Reversion to 2009 Laws

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

Estate Tax Changes Past, Present and Future

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Expanding Basis Consistency Reporting under the President’s Revenue Proposals for 2017

The Obama Administration recently released its budget proposals covering the 2017 fiscal year. Along with the Administration’s proposals, the Department of Treasury issued its General Explanations of the Administration’s...more

The "New" New Jersey Uniform Trust Code: Creating Uniformity for Beneficiaries, Trustees and the Professionals that Advise Them

As an estate planning attorney, it is hard to contain my excitement that a version of the Uniform Trust Code (“NJUTC”) was enacted in New Jersey on January 19, 2016 with an effective date of July 17, 2016. With its passage,...more

Digital Assets Bill Heading to Florida Senate Floor

We previously told you about the Uniform Fiduciary Access to Digital Assets Act (“UFADAA”) in our post found here. Now, Florida may become the 10th state to legislate fiduciary access to digital assets....more

Congress and the President Find Their Way Along a PATH

As previously reported in the PK Law Newsletter, tax planning for the end of 2015 was hampered by the expiration of a number of “temporary” tax provisions routinely extended for a one or two year period by Congress. Congress...more

New Basis Reporting Requirements (and Penalties) for Decedents’ Estates

On July 31, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act (the “Act”) to reauthorize the Highway Trust Fund’s spending authority for another three months. To offset...more

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