News & Analysis as of

Family Law Finance & Banking

Read Family Law updates, news, and legal commentary from leading lawyers and law firms:

2016 Guidance from the North Carolina Court of Appeals on Attorney-Client Privilege Issues

by Ward and Smith, P.A. on

In civil litigation, parties frequently communicate with consultants, tax advisors, friends, family, and others concerning the subject matter of the litigation, and such communications raise issues regarding the possible...more

Reciprocal enforcement of financial orders

by Hassan Elhais on

The UAE is not a signatory to REMO. Nevertheless, foreign financial orders can be enforced within the UAE however, there can be difficulties as set out below. Enforcement of a foreign order initially requires the commencement...more

When the Wall of Secrecy Collapses

by Foodman CPAs & Advisors on

Foreign Accounts, Shell Companies, Blind Trusts, Asset Protection Trusts, Offshore Trusts, Global Citizenship and US Residency are just a few of the Terms highlighted in the mega divorce proceedings of a Palm Beach County...more

2016 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Wealth Management Update - September 2016

by Proskauer Rose LLP on

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

Debtor May Still Claim Homestead Exemption Even If He Was Kicked Out

by PretiFlaherty on

The bankruptcy court for the Eastern District of New York found that a debtor who was ordered to vacate his home could still claim an exemption in the property. In a divorce proceeding several months prior to the bankruptcy...more

Wealth Management Update - July 2016

by Proskauer Rose LLP on

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

Buy-Sell Agreements in a Divorce (Part 1)

by Ervin Cohen & Jessup LLP on

My prior articles have discussed how to monetize one spouse’s equity interest in a privately held company that has no other owners. However, many businesses are started by two or three partners contributing their ideas,...more

The High Net Worth Divorce : Financial Advisors, Hedge Fund Managers, Business Owners, Corporate Officers and More

Stockbrokers, financial advisors, hedge fund managers and other high net worth individuals (along with their spouses) going through a divorce often face non-routine issues due to the unique nature of their compensation...more

War of the Rosas – Creative Tax Strategies to Balance the Financial Results in Divorce Planning

by Gerald Nowotny on

The War of the Roses is a movie classic above the trials and tribulations of marriage and divorce that sends shivers equally down the spine of about those married and unmarried. Several quotes from the movie include the...more

Protect Yourself by Learning About Your Family’s Finances

by Miles & Stockbridge P.C. on

All too often, clients enter the divorce process with little or no knowledge about the family’s bank and investment accounts, stocks, retirement assets, ownership of real property, and debt. If you recognize that you and your...more

Supreme Court's Four-to-Four Decision in Hawkins v. Community Bank of Raymore Leaves Open Question About Application of Equal...

by Baker Donelson on

In its first evenly split vote since the death of Justice Scalia, the U.S. Supreme Court last week affirmed an Eighth Circuit Court of Appeals ruling in Hawkins v. Community Bank of Raymore that spouses who guarantee...more

Court Upholds Foreclosure on Taxpayer’s Primary Residence in Satisfaction of Federal Tax Lien

by Miles & Stockbridge P.C. on

In United States v. Smith, 117 AFTR 2d 2016-XXXX (February 8, 2016), the U.S. District Court for the Western District of Washington allowed the Federal government to foreclose on the taxpayers’ primary residence in...more

U.S. Supreme Court unable to decide whether ECOA protects spousal guarantors

by Thompson Coburn LLP on

As we previously wrote, federal and state courts throughout the country have been divided on whether the Equal Credit Opportunity Act (ECOA) protects the spouse of a borrower when the lender requires the spouse to guaranty a...more

When One Spouse Files for Bankruptcy, But Not the Other

by Best Best & Krieger LLP on

When a Chapter 7, 11, or 13 case is filed, a new entity is created called the bankruptcy estate. A bankruptcy estate is comprised of all of the debtor’s non-exempt legal or equitable interests in property as of the time of...more

Avoid a soap opera with updated Beneficiary forms

by Ary Rosenbaum on

Yes, I will admit it: I love soap operas. My favorite show of all-time is Dallas and when I was a senior in high school and I was at home around 12:30 pm, I watched in succession: Young and The Restless, Bold and The...more

IRS Provides Additional Guidance on Treatment of Same-Sex Marriages under Benefit Plans

In IRS Notice 2015-86, the Internal Revenue Service (IRS) provided guidance to sponsors and administrators of employee benefit plans regarding the application of the U.S. Supreme Court’s decision in Obergefell v. Hodges to...more

IRS Notice 2015-86 — The Limited Effect of Obergefell

Last week, the Internal Revenue Service (IRS) issued Notice 2015-86, providing guidance on the application of the U.S. Supreme Court’s decision in Obergefell v. Hodges to qualified retirement plans and health and welfare...more

IRS Eases Administrative Oversight of Able Accounts

by Cole Schotz on

As discussed in earlier blog posts, the Achieving a Better Life Experience (ABLE) Act was signed into law in December 2014. Under the ABLE Act, a so-called ABLE account can be established for a disabled individual. The...more

Forcing the Sale of a Marital Home Post-Divorce

Married spouses often jointly own a home secured by a mortgage in both parties’ names. Divorcing spouses often agree or are court-ordered to divide their joint ownership interests in their marital home and their joint...more

Wealth Management Update - November 2015

by Proskauer Rose LLP on

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

IRS Issues Proposed Regulations to Accommodate Obergefell

On October 21, 2015, the IRS issued proposed regulations to clarify the treatment of same-sex spouses for federal tax purposes. By way of background, in 2013, the United States Supreme Court held in United States v. Windsor...more

Court Finds That Plan Administrator Should Comply With Qualified Domestic Relations Order Issued After Retirement Plan...

by Laner Muchin, Ltd. on

A recent opinion from the Second Circuit puts retirement plan administrators on notice that adjustments to benefits may be necessary to account for retroactively effective qualified domestic relations orders (QDROs). In...more

Insight on Estate Planning - August/September 2015

In This Issue: - Premarital planning: Protecting your assets without a prenup - The ABLE account: A good alternative to a special needs trust? - Make net gifts to reduce your gift tax rate - Estate Planning...more

Potential Implications For Financial Institutions After Last Week’s SCOTUS Decision Guaranteeing A Right For Same-Sex Couples To...

by Balch & Bingham LLP on

Today the Southeast Financial Litigation Monitor sat down with Balch Partner John Pickering, member of the Financial Industries Section and leader of the Real Estate, Credit and Commercial Practice Group, to discuss the...more

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