Read Wills, Trusts, & Estate Planning updates, articles, and legal commentary from leading lawyers and law firms:
The Greatest Gift: Your Individual + Family Estate Plan
The 2010 Tax Relief Act and your estate plan
Are your estate planning documents protecting your assets?
Same-Sex Marriage Cases in 90 Seconds
Should you Opt-Out of the Voluntary Disclosure Program?
Death and Foreign Asset Disclosure. What you don't know can cost you…a lot
Safeguard Your MVA: Devising a Business Succession Plan that will Preserve your Most Valuable Asset
Divorce can be costly, especially when it reveals undisclosed foreign assets.
Estate Planning: Wills, Trusts, & Power of Attorney in Arizona - Putting Family First
Foreign Asset Disclosure Program
Plan sponsors should consider whether they need to make certain plan amendments or provide certain plan notices prior to the end of the year.
The end of the year marks the deadline by which sponsors of qualified...more
When one member of a couple moves to a nursing home, we expect that spouse will be the first to die, but this isn’t always the case. What happens if a Medicaid recipient's spouse dies first? If planning steps aren't taken,...more
Perhaps the most significant litigation, regulatory and compliance issues facing life insurance companies can be found in the unclaimed property audits, multi-state regulatory settlements and class action lawsuits surrounding...more
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
Life insurance and irrevocable trusts are great tools to ease family business succession issues and mitigate exposure to shareholder oppression and disputes. Irrevocable life insurance trusts (ILIT), in particular, play an...more
The Pennsylvania Commonwealth Court’s recent decision in the matter of Sams v. Department of Public Welfare may significantly affect the structured settlement industry, and the settlement of lawsuits on behalf of certain...more
In Farmers New World Life Insurance Company v. Rees (--- Cal.Rptr.3d ----, Cal.App. 2 Dist., August 30, 2013), a California court of appeal considered whether a life insurance company that delayed paying benefits to the...more
Applying the common law “slayer rule,” a federal district court in New York held that a beneficiary of an ERISA-governed life insurance plan forfeit his claim to insurance proceeds after he pled guilty to murdering the...more
During marriage, a very typical scenario is for spouses to name each other as the beneficiary to each person’s individual life insurance policy. Once a divorce is commenced, a beneficiary designation cannot be changed until...more
I blogged recently about a decision from a federal district court in Virginia (Eastern District) involving a widow who sought to recover life insurance benefits from her late husband’s employer-sponsored group term life...more
On July 23, 2013, the U.S. Department of Health and Human Services Health Resources and Services Administration (HRSA) issued a long-anticipated Final Rule regarding the 340B Drug Pricing Program (340B Program) orphan drug...more
For those nursing home (and assisted living) patients who can qualify financially, Medicaid will provide coverage for as long as needed, unlike the very minimal 100 day maximum under Medicare. As a general rule, the patient...more
The Supreme Court recently held that federal law pre-empts state law that attempts to reallocate proceeds accruing to the designated beneficiary of a federal life insurance policy. Hillman v. Maretta, 133 S. Ct. 1943 (2013)...more
The Spring/Summer edition of Damon Key's Legal Alert, with articles on the Hawaii Supreme Court's latest construction law decision, Estate Planning, the duty to defend claims arising from faulty workmanship, and the...more
This week's discussion looks at the potential timing limitations that can impact a claim filed against a defendant who has deceased. The discussion is done in the confines of Indiana's Probate Code and the recent Indiana...more
Recently, in Hillman v. Maretta, the Supreme Court of the United States affirmed a Virginia Supreme Court ruling that held that federal law preempts a state law that allowed a deceased federal employee’s spouse to sue a...more
Many states, including Florida, automatically terminate former spouses as beneficiaries under life insurance policies, annuities, and other beneficiary-designated accounts upon divorce....more
In Hillman v. Maretta (--- S.Ct. ----, U.S.Va., June 3, 2013), the United States Supreme Court considered whether a state law that provides death benefits from an insurance policy be paid to a current spouse, even if a prior...more
When you got divorced, did you remember to update your life insurance beneficiary? If not, and if you are a federal employee, your ex-spouse may have a claim to that money if you were to die without changing it, even if your...more
A May 31, 2013 report from the Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds projects that the Medicare Hospital Insurance Trust Fund will remain solvent through FY 2026,...more
When a client walks into a bank he or she is bombarded with signs indicating that the funds deposited in the bank are insured by the FDIC. Even if the client does not fully comprehend what that means, the signs offer the...more
This article discusses the use of private placement products - private placement deferred variable annuities (PPVA) and private placement life insurance (PPLI)- in post mortem income tax and transfer tax...more
The May § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2%, which is a slight decrease from April's rate of 1.4%. The applicable federal rate ("AFR") for use with a sale to a...more
In This Issue:
- How to fund long-term care insurance with a tax-free exchange
- Should a CRT be part of your estate plan?
- The key to an effective trust is education
- Estate Planning Pitfall:...more
A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. This brief article discusses why it’s better to designate one or more trusts...more