Everything You Need to Know About Beneficiary Designations
Recent Trends in Succession & Estate Planning
In In re Trust A & Trust C, a beneficiary sued a trustee for breach of fiduciary duty and sought a constructive trust over assets that were transferred out of the trust. 690 S.W.3d 80 (Tex. 2024)....more
24 In this article, we delve into the intricacies of valuing individual legal entities as part of a legal entity rationalization, exploring some of the key considerations that must be considered to prepare a robust and...more
According to some people, the bypass trust (sometimes referred to as a credit shelter trust) has gone the way of the dodo bird in the current estate tax environment. However, this “dinosaur” of a technique for married couples...more
The farmland of North Carolina cradles not only agricultural abundance but also a significant legal challenge: heirs property (also commonly known as "heirs' property" or "heir property"). This designation arises when land...more
This CLE/CPE webinar will provide estate planners insight on recently issued IRS guidance regarding basis adjustments for irrevocable grantor trusts. The panelist will discuss key items and challenges stemming from Revenue...more
Thinking about transferring a gun to a family member in Colorado? While online resources can offer general information, navigating firearms laws can be tricky. Consider consulting with a lawyer specializing in firearms law to...more
In Herbig v. Welch, a dispute arose around whether a trust terminated and whether certain transfers were valid. No. 01-22-00080-CV, 2023 Tex. App. LEXIS 4505 (Tex. App.—Houston [1st Dist.] June 27, 2023, no pet.)....more
On October 5, the U.S. Treasury released long-awaited proposed regulations regarding inbound cross-border reorganizations, implementing (with modifications) policies that had been announced in 2014 and 2016 notices. These...more
Family wineries face certain common issues when it comes to succession planning, and there are steps you can take to help ensure the longevity and success of your brand and business. Step 1 – Develop a Plan - Benjamin...more
The Inflation Reduction Act of 2022 added Section 6418 to the Internal Revenue Code of 1986, as amended (the “Code”), which allows taxpayers to elect to transfer all or any portion of certain energy tax credits to an...more
As covered in our prior alerts, the Inflation Reduction Act modified and reinstated existing renewable energy credits, enacted new renewable energy credits and enacted under § 6418 an election that allows eligible taxpayers...more
On May 26, 2023, the Governor of Minnesota signed into law Minnesota bill HF 402 to increase government oversight of health care transactions that occur in Minnesota or involve Minnesota-based health care entities....more
On May 26, 2023, the Governor of Minnesota signed into law Minnesota bill HF 402 to increase government oversight of health care transactions that occur in Minnesota or involve Minnesota-based health care entities. Minnesota...more
A recent Tax Court case provides important guidance for donors and charities making and negotiating gifts of appreciated property. While generally donors who donate appreciated property to a public charity do not recognize...more
As highlighted by a recent Trademark Trial & Appeal Board (TTAB) decision, Clementvision, Inc. v. Robert Clement, expressly including intellectual property rights in an estate plan can prevent complicated issues from arising....more
The term “metaverse” first appeared in 1992 as an abstract concept in Neal Stephenson’s dystopian novel Snow Crash. Two decades later, the Metaverse has since evolved from a mere idea to a figment of everyday reality, as it...more
The services following the death of Her Majesty Queen Elizabeth II might have many of us thinking about our own estate planning. One striking piece of information about Her Majesty was that she had planned out many...more
El servicio de impuestos internos de Estados Unidos (Internal Revenue Service o IRS) recientemente anunció una amnistía nueva que permite presentar ciertas declaraciones de 2019 y 2020 sin multa antes del 30 de septiembre de...more
In Stream T.V. Networks, Inc. v. SeeCubic, Inc., the Delaware Supreme Court (“Court”) held that section 271 of the Delaware General Corporation Law (“D.G.C.L”), which requires stockholder approval for a Delaware corporation...more
Think back-dating that email will help your case? Think again. Ford v. Jurgens, 2022 NCBC Order 9 (N.C. Super. Ct. Feb. 16, 2022) involved a dispute between a nonprofit real estate investment association (“the...more
We are pleased to make available this year's edition of the Global Employer Guide. Created to complement our Global Employer Solutions® service, the guide provides a concise, easy to read summary of employment law across...more
As cryptocurrencies and noncurrency blockchain tokens grow in popularity, it is important to address crypto assets in your estate planning so as to properly disclose and transfer these assets to your heirs. Due to the unique...more
Each year, the IRS considers inflationary adjustments to the estate and gift tax exemption amount and gift tax annual exclusion amount. As you consider estate planning or making gifts during the new year, here are the numbers...more
Last month, the House Ways & Means Committee (the "Committee") approved draft legislation (the “Legislation”) as part of Congress' ongoing $3.5 trillion budget reconciliation process. The Legislation includes significant tax...more
On Monday, September 13, 2021, the House Ways and Means Committee released a draft of its proposed tax legislation and a summary of the major provisions. The proposed legislation, if enacted, would push higher tax rates on...more