Wills, Trusts, & Estate Planning Updates

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Dead Man “Kwoking”: Estate Planning Property Transfers Can Trigger Title Insurance Nightmares

Estate planning attorneys regularly advise their clients about the tax and other advantages of transferring real property to irrevocable trusts or similar estate planning vehicles. But they may not consider the potentially...more

Enactment Imminent for Section 529A Tax-Exempt Savings Programs for Disabled Beneficiaries

On December 16, 2014 the U.S. Senate approved the Achieving a Better Life Experience (“ABLE”) legislation previously approved by the House, authorizing state-sponsored tax-exempt savings programs for disability-related...more

Protector Power To Amend Trust Upheld, But Litigants Also Raise An Interesting Accounting Issue [Florida] – Part Il

Earlier this week I wrote about a recent Florida case that upheld the ability of a trust “protector” to amend the provisions of a trust. In that posting, I alluded to an interesting trust accounting issue....more

A Simple Way to Organize your Special Needs Planning Documents

If you are like most people, you didn't assemble your special needs plan all at once. You may have created a special needs trust in 2001, purchased life insurance to fund it in 2005, established a guardianship when your...more

SEC to Require Living Wills and Stress-Testing for Investment Advisers

In a speech on December 11, 2014, SEC Chair Mary Jo White announced three broad “proactive initiatives” to address the risks of “increasingly complex portfolio composition and operations” in the asset management industry. ...more

Estate Planning Pitfall - You haven’t planned for incapacity

Most estate plans focus on what happens after death — but a plan is incomplete if arrangements haven’t been made in the event of mental incapacity. If the plan doesn’t specify how these decisions will be made, and by whom, a...more

Talking to Relatives About Guardianship of a Child with Special Needs

In a recent Washington Post advice column, a reader asked columnist Carolyn Hax whether the reader should explain her decision to name one set of relatives as the guardians of her children to the relatives that she did not...more

Protector Power To Amend Trust Upheld, But Litigants Also Raise An Interesting Accounting Issue [Florida] – Part I

A recent Florida appellate court decision upholds the ability of a trust “protector” to amend the provisions of a trust. Florida Statutes Section 736.0808(e) provides that “[t]he terms of a trust may confer on a...more

India Amplifies Compliance Norms for Wealth Tax Purposes

In a recent development, the compliance norms for wealth tax purposes in India have been amplified. Accordingly, overseas assets of persons subject to Indian wealth tax, including...more

Charitable deductions: Substantiate them or lose them

Qualifying for a charitable deduction is, in some respects, a matter of form over substance. The IRS could disallow a deduction, even if it’s otherwise legitimate, if the donor fails to follow the substantiation requirements...more

Will your estate plan benefit from a trust protector?

Even though one may appoint a trustee to oversee distribution of a trust’s assets, it’s possible to go a step further by appointing a trust protector. This person will serve as an overseer of the trustee’s actions. Taking...more

When Estate Plans and Shareholder Agreements Collide

The Virginia Supreme Court recently provided a reminder of the importance for small business owners to coordinate their estate plan with a shareholder agreement or other corporation, partnership, or limited liability company...more

Saving for college is also good for your estate plan

A 529 plan is one of the most powerful and flexible tools available for college savings, but it also provides some unique estate planning benefits. This article explains how 529 plans work for savings purposes, but also notes...more

Wills, Trusts and Estates Newsletter - December 2014

In This Issue: - Managing Your Online Presence after Death - Estate Planning Questions: Naming a Beneficiary to your Accounts - Looking for a New Acronym? Try QLAC - Excerpt from Estate Planning...more

Estate Planning Questions: Naming a Beneficiary to your Accounts

Why not just add a child or loved one to your accounts? We often see instances where an elderly parent has added the name of a child or other loved one to their bank accounts, CDs or brokerage accounts. Normally the...more

Insight on Estate Planning - Year End 2014

In This Issue: - Saving for college is also good for your estate plan - Will your estate plan benefit from a trust protector? - Charitable deductions: Substantiate them or lose them - Estate...more

Wealth Transfer Newsletter

Although the estate and tax planning landscape has undergone substantial change in recent years, we can rest assured that even more change is ahead. We hope that you find this newsletter informative and useful for your...more

December 2014 Estate Planning Update: The Gift of Estate Planning

People I meet who don’t have an estate plan say the same things. “I don’t have enough money to need a will.” “I’m not married yet and don’t have kids, so I don’t need a trust.” “I’m too young to need powers of attorney.” “I’m...more

Trustee Selection: Choose Wisely if Your Family-owned Business Will Be Held in a Trust

Let’s assume that you and your spouse are the sole owners of a very successful business. You have established an estate plan with trusts in place to utilize the estate tax exemptions of both spouses for Washington state and...more

Looking for a New Acronym? Try QLAC

What's a QLAC? Effectively, it is a Qualified Longevity Annuity Contract that's owned by a traditional IRA or 401K plan....more

Extension of 2014 Qualified Charitable Distributions

On December 3, 2014, the House of Representatives passed legislation that would extend a number of tax breaks for the 2014 tax year. Senate approval of the bill is likely. ...more

Insurance for Professional Fiduciaries

In an important decision for professionals operating in the trust and asset management sector - and their employers - the English Court of Appeal has recently provided guidance in the case of Rathbone Bros Plc and Paul...more

Managing Your Online Presence after Death

As we become an increasingly technology-dependent society, so much of what we do is online. Between email, Facebook, photos, music and documents stored online or in the cloud, most of us will have built a considerable online...more

Personal Planning Strategies - December 2014

2015 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following...more

Wealth Management Update - December 2014

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

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