Wills, Trusts, & Estate Planning Updates

Read Wills, Trusts, & Estate Planning updates, articles, and legal commentary from leading lawyers and law firms:
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Use a noncharitable purpose trust to achieve a variety of goals

Generally, trusts must have one or more human beneficiaries, but there’s an exception for certain “purpose” trusts. One popular type of purpose trust is a charitable trust. But don’t overlook the noncharitable purpose (NCP)...more

Top 10 Ways To Be Disinherited (And How To Avoid That) (Part 1)

I’ve handled over 100 estate disputes, and based upon my experience the following are 5 of the top 10 factors that I’ve seen that lead to people being disinherited from a relative’s or friend’s estate plan. I’ll follow this...more

The net investment income tax and your estate plan How one affects the other

The 3.8% net investment income tax (NIIT) can affect an estate plan in two ways: First, it can increase tax on capital gains, taxable interest and other investment income, reducing the amount of wealth available to heirs....more

Wealth Management Update - October 2015

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

Florida Supreme Court Holds for Extended Claims Period for Known or Ascertainable Creditor Claims [Florida]

In 2013 I wrote about the Golden case which ruled that a known or reasonably ascertainable creditor who did not receive a Notice to Creditors in a probate proceeding could file a claim against the estate up to 2 years after...more

Preserving Assets in a Will Contest

There may come a time when one finds it necessary to contest a will, and there can be legitimate reasons for doing so. This course of action is likely to cause emotions to run high, and it could be likely that a beneficiary...more

Insight on Estate Planning - October/November 2015

In This Issue: - The net investment income tax and your estate plan: How one affects the other - Use a noncharitable purpose trust to achieve a variety of goals - Addressing adopted children or stepchildren in your...more

Florida Supreme Court Settles Probate Creditor Claim Conflict

On October 1, 2015 the Florida Supreme Court held in Jones v. Golden that if a creditor of a probate estate is reasonably ascertainable and they never received a copy of the notice to creditors from the personal...more

A permissible beneficiary's equitable property interest under an irrevocable discretionary trust is contingent, not vested, the...

A permissible beneficiary’s equitable property interest under a discretionary trust is contingent, not vested. The critical condition precedent that renders the interest contingent is that the trustee must exercise his...more

Have You Considered A Reverse Mortgage?

Are you at least 62 years of age and have 50% or more equity in your primary residence? Then the reverse mortgage, also referred to as a home equity conversion mortgage, is something you might want to think about. Reverse...more

Florida Court Provides a Lesson in Nuncupative and Notarial Wills

Many lawyers have not heard the terms “nuncupative wills” and “notarial wills” since they took their bar exams (and some perhaps not even then). A recent Florida case provides us with a real world application of these terms....more

Transferring the Family Business Timing is Everything

One of the most important factors to consider in any business succession plan is the timing of the transition of ownership. Whether a sale or a gift (or combination of the two), no transition should occur before the next...more

2015/2016 Estate and Gift Tax Update

Experts have started to calculate the inflation adjustments to key estate and gift exemption amounts for 2016. Note that these are not the official figures to be released by the IRS, but should be used as a guide. The IRS...more

Polsinelli Podcast- Does Your Business Succession Plan Align With Your Estate Plan? [Video]

You’re a successful business owner who spends most of your time operating your business. While you probably have a business succession plan, does it coordinate with your estate plan? In this week’s Polsinelli Podcast,...more

The Case of the Vanishing Guaranty—Issues Facing Commercial Real Property Lenders Regarding Revocable Trust Borrowers

I have recently received numerous questions from commercial lender clients regarding structuring and enforcing commercial real property loans involving revocable trusts. Their concerns have largely centered on how to...more

Six Recommendations For Clients With Connections to France

There have been a number of changes to EU laws recently that have had, or will have, a direct impact on your clients who have connections with France. There are six stand-out issues that are worth careful and immediate...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19359 - Persels & Associates, LLC v. Banking Commissioner - Noting that it has generally been the policy of the Courts to defer to the Legislature, especially as to the...more

No Charitable Set Aside Deduction for Estate Due to Litigation

Under Code Section 642(c)(2) an estate may claim a current charitable contribution deduction for income tax purposes, notwithstanding that the income earned will not be paid or used for a charitable purpose until sometime in...more

Dynasty Trust Planning: A Tax-Efficient Way to Manage Wealthy Families' Assets

Private Wealth Services partner, Michelle R. Canerday, and Corporate & Securities partner, Robert G. Gerber, recently co-authored the article "Dynasty Trust Planning: A Tax-Efficient Way to Manage Wealthy Families' Assets,"...more

Updating Estate Plan Ensures Its Accuracy, Relevance, Effectiveness

Most people are generally aware of the importance of getting an estate plan in place. Regardless of who you are, you can benefit from an estate plan, whether it be a simple or complex one. For family business owners, of...more

The Numbers Are In… er, Projected: Increases to the Estate, Gift, and Generation-Skipping Transfer Tax Exclusions

While the official numbers will not be released until later this year, the following projections are unlikely to change since they are based on the average Consumer Price Index for the 12 month period ending August 31, 2015....more

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

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

Is It Time To Revisit One's Estate Plan?

It can be hard enough to realize the value of an estate plan. Those who realize such value can still fall into the trap of believing that such a plan is a "one and done" proposition, a set of documents that only needs to be...more

Pass-Through Business Tax Alert

The Pennsylvania Department of Revenue has announced that it will soon begin identifying pass-through business entities that have under-reported income, failed to file PA-20S/PA-65 Information Returns, and failed to maintain...more

Regulations Modify Basis Rules for Term Interests in CRTs

The Treasury recently issued final regulations that modify the rules for determining the basis of an income interest in a charitable remainder trust in order to curtail a perceived abuse of the general rules. To understand...more

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