Beneficiaries

News & Analysis as of

A Deceased Can't Always Will What They Want

There is a common misconception that the testator is free to leave their estate to anyone they choose. While this is largely true, certain family members who were left out or feel they were inadequately provided for under a...more

District Court Allows Medicare Beneficiary Class Action to Proceed

On February 8, 2017, the United States District Court for the District of Connecticut declined to fully dismiss allegations filed by a class of Medicare patients against HHS in Alexander et al. v. Cochran (formerly Bagnall et...more

Michigan’s Legislature Passes Significant Laws During the Last Days of 2016

In late 2016, Michigan lawmakers passed a good deal of new legislation. One of the laws, the Qualified Dispositions in Trusts Act, enables an individual (the “settlor”) to create a trust that, in certain circumstances, can...more

A Guide To: How to Challenge a Trust in Michigan

The death of a loved one is a difficult and emotional event. In addition to dealing with the loss, family members, friends and/or trusted advisors are tasked with settling the decedent's final affairs, which, in many...more

Maintaining family harmony: Balance beneficiaries’ needs with a total return unitrust

A traditional trust can sometimes create a conflict among the lifetime and remainder beneficiaries. This makes it more difficult for an estate plan to achieve its objectives and places the trustee in a difficult position. The...more

Fiduciary Imprudence: When the Sale of an Asset Results in a Surcharge

Although one of the many duties and responsibilities of an executor is to marshal and appraise estate assets, and, depending upon the dispositive terms of the governing instrument, liquidate them for purposes of distribution,...more

Insight on Estate Planning - February/March 2017

In This Issue: - Stretch out estate tax on business interests - Maintaining family harmony: Balance beneficiaries’ needs with a total return unitrust - Is a donor-advised fund right for you? - Estate planning...more

Nev. Supreme Court Holds HOA Foreclosure Statute Constitutional, Splits with Ninth Circuit

The Nevada Supreme Court has upheld the constitutionality of Nevada's pre-2015 statutory scheme for homeowners association (HOA) foreclosures. This decision contradicts the Ninth Circuit Court of Appeals' conclusion that the...more

Children are Children, Right?

An interesting Will interpretation question arose in Matras Estate, 2016 ABQB 728 regarding the meaning of the word “children”. It mattered because the testator's Will left her personal effects and the residue of her estate...more

January Tax Tidbits

Tax Tips for January 2017 are listed below. Rev Rul 2017-02, 2017-3 IRB January 2017 Rates: ..Section 7520 Rate: 2.4% ..Annual Short Term AFR (0-3 years): 0.96% ..Annual Mid Term AFR (3-9 years):...more

Court Holds That Will Created Void Alienation On Restraint

In Knopf v. Gray, a decedent died in 1993, and her will was admitted to probate the same year. No. 10-15-00273-CV, 2017 Tex. App. LEXIS 191 (Tex. App.—Waco January 11, 2017, no pet. history). ...more

NY DFS Issues Circular Letter Addressing Life Insurance Unfair Claims Settlement Practices During the Contestability Period

On January 26 – in its first-issued circular letter of the year – the New York Department of Financial Services (DFS) reminded life insurers doing business in the state that they can only contest claims following the death of...more

Measures to support financial stability introduced by Law Decree 237 of 23 December 2016

On 23 December 2016 law decree 237 (the "Decree") was published in the Official Gazette no. 299 and entered into force on the same day. The Decree was adopted in light of events that have affected Banca Monte dei Paschi...more

Texas Supreme Court Accepts A Case Dealing With A No-Contest Clause

In Ard v. Hudson, a beneficiary sued testamentary trustees and executors for breach of fiduciary duty and also sought an accounting, temporary injunctive relief, and a receiver. No. 02-13-00198-CV, 2015 Tex. App. LEXIS 8727...more

Part II: Naming an Accumulation Trust as the Beneficiary of an IRA

Last month we discussed the benefits of naming a Conduit Trust as the beneficiary of an IRA. A Conduit Trust allows the IRA to remain tax deferred thereby stretching the Required Minimum Distributions over the lifetime of...more

Ohio Medicaid Update: “Disability Determination Redesign” and STABLE Accounts

In my last article, I provided a summary on the “Achieving a Better Life Experience Act of 2014,” (the “ABLE Act”). At the time of publication, the status of ABLE Accounts in Ohio was not known. However, effective June 1,...more

Court Affirms Ruling That Adopted Adult Children Were Beneficiaries Of A Trust

In Andresakis v. Modisett, the trustors signed trust agreements in 1976 and 1981, and each agreement created three trusts, one for their daughter, one for their son, and a third trust for their only grandchild, Andresakis....more

HEIRS ACCORDING TO SHARIAH - Principles of Succession

Shariah lays down the relations that qualify as heirs following the death of an individual. The deceased's estate can only be transferred to persons who qualify as heirs under Shariah Law principles. Anyone who does not...more

OIG Raises ‘Nominal Value’ for Gifts to Medicare and Medicaid Beneficiaries

On Dec. 7, 2016, just in time for the holiday season, the Office of Inspector General (OIG) released a policy statement regarding the nominal value of gifts that healthcare providers may give to Medicare and Medicaid...more

CMS Releases Standardized Hospital Medicare Outpatient Observation Notice Form

Hospitals are facing a March 8, 2017 deadline to begin using the new Medicare Outpatient Observation Notice (MOON) to inform Medicare beneficiaries when they are outpatients receiving observation services and not inpatients...more

T&E Litigation Newsletter - December 2016

The last several weeks have brought us two decisions in which issues of family law intersected with T&E issues. First, the decision in Heystek v. Duncan, Case No. 15-P-1201, 2016 Mass. App. Unpub. LEXIS 1113 (Nov. 21,...more

Update Beneficiary Designations After Divorce or Annulment

On July 1, 2015, the Florida Fourth District Court of Appeal held, with a few exceptions, upon entry of a final judgment of dissolution or annulment, any provision of a will that “affects” a former spouse is void under...more

The Tax Advantages of Naming a Conduit Trust as the Beneficiary of an IRA

IRA’s can represent a large portion of an individual’s retirement assets. For this reason, care should be taken to ensure these assets receive the best tax treatment and are protected from creditors such as divorcing spouses....more

Wealth Management Update - December 2016

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

What You Should Know About Determining Capacity in Ohio

One definition of “capacity” refers to the maximum amount/number that something can contain (e.g., a freezer’s capacity is 1.1 cubic feet; the capacity of a public room is 140 people). “Capacity” also describes an ability to...more

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