Wills, Trusts, & Estate Planning Updates

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Financial Preventive Care – 6 Steps to Maximize Asset Protection

Like people who are in good health and believe they do not need to see a doctor or engage in preventive medicine, many who are healthy financially, often are not too concerned about protecting their assets from the claims of...more

North Carolina Appellate Court Affirms that Taxation of Trust’s Income is Unconstitutional

On July 5, 2016, the Court of Appeals of North Carolina affirmed the 2015 decision by the superior court in The Kimberley Rice Kaestner 1992 Family Trust v. N.C. Dep’t of Revenue, which held that North Carolina was...more

State Court Retroactive Change to IRA Beneficiary Not Given Tax Effect by IRS

A decedent had 2 IRAs. The death beneficiaries of the IRAs were trusts that qualified as "look through" trusts, such that the payout period for the IRAs after the decedent died could be computed using the life expectancy of...more

Will you be shut-out if your college-age child has a medical emergency?

The time when a child goes off to college can be a stressful time for any parent. You know that you are giving up substantial control over your child’s safety and choices, but you may be relinquishing even more control than...more

Why Every Parent in Alberta Should Have a Will

As a young, healthy parent, you may believe that having a Will is the last thing on a long priority list. However, while a Will is vital for everyone, those with children should be particularly mindful of the primary...more

T&E Litigation Newsletter- July 2016 #2

The first two weeks of July have brought us some warm weather and three new decisions worth noting: First, in Bank of America, N.A. v. Commissioner of Revenue, Docket No. SJC-11995 (July 11, 2016), the Supreme Judicial...more

What Is Required of an Executor?

Being the executor of an estate is not a task to take lightly. An executor is the person responsible for managing the administration of a deceased individual's estate. Although the time and effort involved will vary with the...more

What do Prince, Michael Jackson, and Whitney Houston Have in Common?

Michael Jackson, Prince and Whitney Houston each revolutionized the music industry and impacted popular music for decades. We all appreciate how Michael Jackson moonwalked across the stage, Prince made it (purple) rain and...more

Court Voided Judgment Based On Family Settlement Agreement Where Party Revoked Consent

In In re Estate of Spiller, a party appealed an order admitting a will to probate and ordering the independent administrator to distribute the estate in accordance with a family settlement agreement. No. 04-15-00449-CV, 2016...more

North Carolina Court of Appeals Affirms the Unconstitutionality of a State Income Tax on a Non-North Carolina Trust: Kimberly Rice...

On July 5, 2016, the North Carolina Court of Appeals affirmed the Business Court ruling in the matter of Kimberly Rice Kaestner 1992 Family Trust v. North Carolina Department of Revenue. As noted in our Alert of May 1, 2015,...more

Napkin Theory Saves the Day [Florida]

Renee established and funded a revocable trust, with charitable residuary beneficiaries at her death. The trust was revocable, but it did not provide a method for revocation. Four years later, Renee prepared a will that...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

Court Affirms A Rule 202 Pre-Suit Deposition Order In A Will Contest And Discusses The Acceptance-Of-The-Benefits Doctrine

In In re Meeker, individuals sought a mandamus to reverse a trial court’s order granting a Rule 202 pre-suit deposition order. No. 02-16-00103-CV, 2016 Tex. App. LEXIS 6883 (Tex. App.—Fort Worth June 29, 2016, original...more

Court Affirms Power Of Attorney Holder’s Right To Revoke Gift

In Wise v. Mitchell, a power of attorney holder, Mitchell, filed a revocation of a deed that the principal issued to Wise. No. 05-15-00610-CV, 2016 Tex. App. LEXIS 6502 (Tex. App.—Dallas June 20, 2016, no pet. history). After...more

T&E Litigation Newsletter- July 2016 #1

Two decisions issued in June will be of interest to probate litigators and estate planning lawyers. The Massachusetts Appeals Court issued a decision in late June with an interesting twist on the burden required to...more

Unfulfilled Expectations: May an Intended (and Disappointed) Beneficiary Sue a Will’s Drafter?

Imagine the following scenario.  Your elderly mother, your only surviving parent, wants to have a discussion with you about her estate plan.  She shows you her will and explains her intentions.  You look at the will and it...more

Global Private Equity Newsletter - Summer 2016 Edition: Estate Planning Opportunities with Interests in Private Equity Funds

Typically, the sponsors of private equity funds are focused on the fundraising process and the initial launch of the fund, and little attention is devoted to the estate planning opportunities that may be best exploited at the...more

Breaking News: Federal Court Finds Delaware’s Unclaimed Property Enforcement “Shocks the Conscience”

On June 28, 2016, the much-anticipated memorandum opinion of the US District Court for the District of Delaware in Temple-Inland, Inc. v. Cook et al., No. 14-654-GMS was released on the parties’ cross-motions for summary...more

Another rejection of the intent-defeating, sole-benefit-of-the-beneficiaries principle, the policy centerpiece of the Uniform...

In §6.1.2 of Loring and Rounds: A Trustee’s Handbook (2016), the authors report on the ongoing academic debate between Prof. John H. Langbein and Prof. Jeffrey A. Cooper over the merits of the sole-benefit-of...more

The Death of Prince Rogers Nelson – An Estate Tax Controversy Likely To Follow

Many of our readers have asked me about the likely controversy that will ensue following the death of Prince. In fact, two readers feel, since I have been reporting about some of the controversy surrounding the Estate of...more

Wealth Management Update - July 2016

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

Court Affirms Order Denying An Administrator’s Attorney’s Fees

In In re Estate of Williams, attorney Don Ford was appointed an administrator of an estate and hired himself as an attorney for the estate. No. 05-15-00392-CV, 2016 Tex. App. LEXIS 5990 (Tex. App.—Dallas June 6, 2016, no pet....more

Court Reverses A Probate Order Requiring An Executor To Distribute Real Property Free Of Any Liens

In In re Estate of Heider, a probate court ordered that an executor should distribute real property to a beneficiary free of liens. No. 05-14-00436-CV, 2016 Tex. App. LEXIS 5978 (Tex. App.—Dallas June 6, 2016, no pet....more

Beware: Your Estate Plan May Contain an Unnecessary Bypass Trust

A once-popular estate planning tool included in many Last Wills and Revocable Trusts may now cost families more in taxes than it saves. Changes in the federal estate tax have made the "bypass trust" which was often included...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

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