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

Wealth Management Update - May 2017

by Proskauer Rose LLP on

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

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

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

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

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

A trust is not an agency

by Charles E. Rounds, Jr. on

The trustee is not an agent of the beneficiary. The trustee's duty not to delegate the administration of the trust could well be implicated if the trustee without authority were to behave as if he were the beneficiary's...more

Does the trustee who socially invests entrusted funds breach his/her/its fiduciary duty of undivided loyalty, absent express...

by Charles E. Rounds, Jr. on

On February 8, 2015, The University of California Student Association [which purports to represent all 240,000 students enrolled in the UC system’s 10 campuses] passed [9-1-5] the following resolution, which, in part, calls...more

CFPB Clarifies Heirs, Divorcees and Estate Planning Transferees Are Not Subject to Ability-to-Repay Rules

The CFPB issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. This clarification will...more

Control Is Everything

by Pessin Katz Law, P.A. on

In Private Letter Ruling 201423043, (“PLRs” only apply to the taxpayer involved but are often used as “guidance”, and not “precedent”, by taxpayers and the IRS.) the IRS ruled that a surviving spouse could roll over her...more

Who Gets Your IRA? – Six Common Mistakes

Do you want your heirs to have to chase after your 401K or IRA money? It is important to make sure you have an up-to-date beneficiary form. On January 26, 2009, the United States Supreme Court unanimously ruled in the case of...more

Wealth Management Update - October 2013

by Proskauer Rose LLP on

The October § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.4%. This is up from September's 2.0% rate. The applicable federal rate ("AFR") for use with a sale to a defective...more

The Post-DOMA World Relating to ERISA-Governed Employee Benefit Plans

As a result of the U.S. Supreme Court’s decision in United States v. Windsor, 133 S. Ct. 2675 (2013), in which the Court held that Section 3 of the federal Defense of Marriage Act (“DOMA”) was unconstitutional, same-sex...more

IRS Defends $2 Billion Tax Dispute with Bill Davidson’s Estate

by Frank Brunetti on

IRS Defends $2 Billion Tax Dispute with Bill Davidson’s Estate by Frank L. Brunetti on September 9, 2013 The Internal Revenue Service is not backing down on a tax dispute claiming that the estate of the late Piston's...more

Recent Developments in Tax Related Matters

by Pessin Katz Law, P.A. on

June and July, 2013 have born a number of new developments relating to tax related matters. This article is designed to provide a synopsis of those that might be of interest to PK Law readers...more

First Post-Windsor ERISA Decision

In the first reported ERISA decision post-Windsor, the U.S District Court for the Eastern District of Pennsylvania held (in Cozen O’Connor, P.C. v. Jennifer Tobits) that a same-sex spouse is to be treated as the decedent’s...more

Old Doctrine Misunderstood, New Doctrine Misconceived: Deconstructing the Newly-Minted Restatement (Third) of Property’s Power of...

by Charles E. Rounds, Jr. on

Old Doctrine Misunderstood, New Doctrine Misconceived: Deconstructing the Newly-Minted Restatement (Third) of Property’s Power of Appointment Sections In was in the course of preparing the 2013 edition of Loring and...more

January 2013 HNW Case Study

by InKnowVision on

Chris is 68 and Beth is 59. Chris has recently just retired from an executive position in a public company. They have always led a relatively simple and conservative lifestyle and as a result have built up a very significant,...more

Insight on Estate Planning - Year End 2012

In This Issue: - The spousal lifetime access trust: A safety net in uncertain times - Be prepared for a triggering event: If you own interests in a closely held business, consider a buy-sell agreement - Is your...more

December 2012 HNW Case Study

by InKnowVision on

James is 64, and a few years ago started up a Consulting Company (Consulting Corp) with his business partner Dave. They have acquired some lucrative contracts over the last couple of years, and after spending frugally his...more

November 2012 HNW Case Study

by InKnowVision on

Tom is 83 and Jane is 76. They have two children who are both well employed and live productive and happy lives. Tom was an attorney who headed a large patent firm in Washington DC. Jane served as an expert in international...more

High Net Worth Advanced Planning Case Study

by InKnowVision on

Ben and Sara are 55 and 54 respectively. They own and operate a very profitable well drilling and maintenance business. These growing annual profits have allowed them to continue purchasing significant oil and gas rights and...more

Wealth Management Update -- September 2011

by Proskauer Rose LLP on

IN THIS ISSUE: - IRS issues Notice 2011-76 Modifying Filing Due Date for Form 8939 and Automatic Extension Rule for Form 706 for Decedents Dying in 2010 - September Interest Rates for GRATs, Sales to Defective...more

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