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Wills, Trusts, & Estate Planning Updates

Read Wills, Trusts, & Estate Planning updates, articles, and legal commentary from leading lawyers and law firms:

Alan Thicke Estate Dispute Highlights Pre-litigation Threats

by LeClairRyan on

Actor Alan Thicke – best known for his role on the TV show Growing Pains – passed away at the end of 2016, leaving behind a dispute between two of his sons and his third wife. ...more

The UK Trust Register

by McDermott Will & Emery on

On 26 June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force, introducing new requirements for trustees. The Regulations...more

Mom Always Knew Best

"Amy, I really need to talk to you about something important." My mom said this to me weeks after we found out that her cancer, which she battled for over five years, had returned. My mom and I were very close and talked...more

Texas Supreme Court Will Hear Oral Argument On Whether Texas Recognizes A Claim For Tortious Interference With Inheritance Rights

by Winstead PC on

On October 11, 2017, the Texas Supreme Court will hear oral arguments in Anderson v. Archer, No. 03-13-00790-CV, 2016 Tex. App. LEXIS 2165 (Tex. App.—Austin March 2, 2016, pet. filed). In Anderson, the trial court’s judgment...more

Court Addresses Breach Of Fiduciary Duty and Partition Issues In Trust Dispute

by Winstead PC on

In Koda v. Rossi, a mother created a trust that provided that her son was to serve as trustee and that she, he, and a daughter were the beneficiaries. No. 11-15-0150-CV, 2017 Tex. App. LEXIS 8194 (Tex. App.—Eastland August...more

Estate Planning Pitfall - You chose your executor too hastily

Haste makes waste. Or, in the case of estate planning, it can lead to other problems and, possibly, financial loss. Notably, if you don’t take enough time to choose the executor for your estate, the “wrong call” can cost your...more

The Story Of The $4 Billion Surcharge Case Against JPMorgan

A Dallas jury last month issued a verdict of more than $5 billion against JPMorgan Chase for various breaches of fiduciary duties – by any measure an enormous damages award in a probate case and reportedly the largest in...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

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

Your Foreclosure Hearing Just Got More Crowded

by Ward and Smith, P.A. on

On August 30, 2017, an amendment to North Carolina’s foreclosure statutes took immediate effect. The amended statute, Section 45-10, concerns substitute trustees under a deed of trust. As amended, Section 45-10 now prohibits...more

Anti-SLAPP Case Features Arm Wrestling Siblings and a Prep School

by Downey Brand LLP on

California’s anti-SLAPP statute has generated another published case for trust and estate lawyers to ponder. Last week, in Urick v. Urick (2017) ___ Cal.App.5th ___, the California Court of Appeal confirmed that anti-SLAPP...more

ABLE accounts benefit disabled family members

For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security Income, estate planning can be a challenge. One potential tool is to open a...more

Tips for Harmonious Joint Family Ownership of Vacation Properties

by Davis Wright Tremaine LLP on

With proper planning, owning vacation property with other family members can be a pleasant and even bonding experience. The key is to determine, as early as possible, what the parties expect and desire from the property...more

TIGTA Determines Improvements Are Needed In Estate And Gift Examination Processes

by Fox Rothschild LLP on

TIGTA recently released a report discusses their audit of the IRS’s estate and gift tax examination procedures. TIGTA made eight recommendations of changes to the estate and gift tax examination process. The bulk of TIGTA’s...more

Releases: End of the Road or Just a New Beginning?

by Farrell Fritz, P.C. on

The fiduciary who thinks a receipt and release is the answer to all future claims for an accounting and liability may have a surprise in store. Over the past several months, Surrogates have explored the issue of receipts and...more

Planning ahead after a divorce

For those in the middle of a divorce, the last thing on their mind is a review of their estate plan. However, a major life change, such as a divorce, is a critical time to update an estate plan so that wishes are carried out...more

Social Security benefits: When is the right time to begin receiving payments?

For those nearing the age when they can begin receiving Social Security benefits, it’s important to understand how the timing of applying for benefits can affect monthly payments. This article explains what factors to...more

Withdrawal of Proposed Tax Regulations Affecting Availability of Valuation Discounts to Family Business Owners

In September and December of last year, we posted blog articles discussing the Treasury Department’s issuance of proposed regulations under Section 2704 of the Internal Revenue Code (sometimes referred to as the 2704 proposed...more

Tax Reform Update: A Call for Committee Action

by McNair Law Firm, P.A. on

On September 27, 2017, the Secretary of the Treasury, the Director of the National Economic Council, the Chair of the U.S. House Ways and Means Committee, the Chair of the U.S. Senate Finance Committee, the Speaker of the...more

Proposed Section 2704 Regulations to be Withdrawn

by Butler Snow LLP on

Remember all that time and energy you put into figuring out what the proposed regulations under Section 2704 were all about? Well, you’re going to want to try to find a way to get that back. The proposed regulations, the...more

Republicans Announce Tax Reform Framework, Which Includes Repealing Estate Tax

After months of speculation, President Trump and the Republicans have announced their framework for tax reform. While specific details are not known, the key elements of the framework include...more

Ding, Dong, the Witch is Dead

by Charles (Chuck) Rubin on

--Here lies the remains of the Code §2704 Proposed Regulations. RIP, 2016-2017-- As part of President Trump’s mandated review of federal regulations, the Secretary of Treasury has issued a report specifically recommending...more

IRS and Treasury Department Announce Withdrawal of Proposed 2704 Regulations

by Tucker Arensberg, P.C. on

On October 4, 2017, in its Second Report to the President Identifying and Reducing Tax Regulatory Burdens the U.S. Department of the Treasury announced that it is recommending the complete withdrawal of the proposed 2704...more

The Wrong Estate Executor Can Make Family Drama Worse, As Jerry Garcia’s Heirs Discovered

When Grateful Dead legend Jerry Garcia died of a heart attack in 1995 at age 53, he left his assets to his third wife, three daughters by two ex-wives, a fourth daughter by a former girlfriend, and a step-daughter, among...more

Treasury Plans to Pull Unpopular Discount Regulation

As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts...more

New York Special Needs Act Becomes Law

by Cole Schotz on

Governor Andrew Cuomo recently signed legislation which amends New York law to allow mentally-competent disabled individuals under age 65 to establish a first-party Special Needs Trust without court petition. ...more

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