Beneficiaries

News & Analysis as of

Central States Pension Fund Developing Rescue Plan

The Central States Pension Fund has announced that it will adopt a “rescue plan” under which certain participant benefits will be reduced. The Multiemployer Pension Reform Act of 2014 (MPRA), which was signed into law on...more

Tax Law Blog: Health Savings Accounts: Beneficiaries and Taxes

As high deductible health insurance plans become more prevalent, so do health savings accounts (HSAs). While most participants are aware of the tax implications of an HSA during life (contributions are deductible from gross...more

The Evolving Duty of Trustee Communication with Beneficiaries

Trustee communications with beneficiaries have followed an interesting legal path in Kentucky. The original Kentucky statute regarding communication with the beneficiaries required that the trustee must keep the beneficiaries...more

Trust Matters Update - May 2015

The Trust Matters Update is a periodical summary of cases, case comments, consultations, publications, legislative developments, legal updates, articles and news in the area of trust law and related issues. 1. Can...more

Benefits of an Irrevocable Life Insurance Trust as Security for Support

Divorce or separation agreements often require one spouse to maintain life insurance as security for their support obligation. Attorneys often do not address the tax implications if the insured spouse owns the policy. ...more

The Dangerous Path of Property through Intestacy: The Need for Estate Planning with Respect to Real Estate

Winding up an estate is a difficult task, one that can take a toll on a group of the decedent’s family and loved ones. This process, however, is exponentially more challenging when a person dies intestate....more

Can workers’ compensation be granted to a deceased worker’s estate?

A recent Oregon case brings up an issue that may concern Illinois workers. The case, Sather v. SAIF, involves a man who died while in the process of pursuing a workers’ compensation claim. ...more

Use Checklists to Avoid a Will Dispute

One of the easiest steps that an estate planning attorney can take to try to prevent a will that he drafted from being challenged is to have the witnesses to the will utilize a checklist in order to create a documented record...more

60 Crummey Withdrawal Beneficiaries Allowed

For many years, courts have recognized that gifts to a trust can qualify for the gift tax annual exclusion as “present interest” gifts if withdrawal powers are granted to beneficiaries.The IRS is hostile to persons being...more

Life After Death: No Longer Inconceivable

Recent legislation provides a framework for inheritance rights of children conceived after the death of one or both parents in very specific circumstances....more

California Estate Planning Myths & Misconceptions (Part 2)

In our last post, we outlined four common myths surrounding estate planning in California. Today, we’ll look at four more common misconceptions that we hear in our office from individuals new to estate planning....more

California Estate Planning Myths & Misconceptions (Part 1)

One of the reasons that far too many people don’t take care of their basic estate planning needs is that they hold common misconceptions about what estate planning is, how it works, and whether they need to worry about it....more

Estate Planning Pitfall: You haven’t named backup beneficiaries

To ensure that a person’s wealth is distributed according to his or her wishes, it’s important to designate both primary and secondary (or “contingent”) beneficiaries for a will, trusts, retirement plans and life insurance...more

Bob Marley’s Heirs Lanham Act Win Upheld - Fifty-Six Hope Road Music v. A.V.E.L.A., Inc.

Addressing the issue of when the use of a celebrity’s likeness or persona in connection with a product constitutes a false endorsement that is actionable under the Lanham Act, the U.S. Court of Appeals for the Ninth Circuit...more

Non-Qualified Plan Sponsors: Beneficiary Designations May Require Attention

A recent court decision highlights the importance of up-to-date beneficiary designations for participants in non-qualified retirement plans. Without up-to-date designations, the payment of the benefits of a deceased...more

Forced Heirship and International Estate Planning

Should you have the ability to choose who inherits your assets, and whether or not to disinherit certain family members? Or should your closest family members have a right to some of your property in the event of your death?...more

Estate Planning for the Digital Life

While individuals will eventually pass on, the internet is forever. Online accounts from games, apps and social media are becoming increasingly valuable. In an age of expanding online presence, estate planners and...more

International Estate Planning & Drafting Multiple Wills

You may have heard that it is always a mistake to have multiple wills – and this is true if you are a United States citizen who does not have foreign property or assets. However, this rule does not apply to those who may...more

Recent Trends in Succession & Estate Planning

The traditional model for business owners to pass their assets on after death to spouses, children and grandchildren is for their professional advisors to suggest a tax-efficient structure which becomes embodied in wills,...more

Direct vs. Indirect Probate Court Jurisdiction Over Foreign Realty

A state probate court generally does not have jurisdiction over real property situated in another state or country that was owned by the decedent. Generally, such property must be administered in those local jurisdictions,...more

The Coming Silver Tsunami: Families May Lose 70% in Wealth Transfer

Record Wealth Transfer. Over the next 30-40 years about $12 trillion from those born in 1920s and 30s will be transferred to the baby boomers, and the boomers are expected to transfer some $30 trillion to their heirs, with...more

Reach Out And Designate Someone?

The seemingly staid world of retirement plan beneficiary designations was surprised by a recent federal appeals court decision suggesting that a new beneficiary could be designated by a telephone call. ...more

The Trustee's Power to Loan

Trust agreements often give trustees the power to make loans. When and how to exercise the power should be given significant thought. Upholding the fiduciary duty owed to all beneficiaries is always a key concern. ...more

Ninth Circuit Rules Beneficiary Designation Forms Are Not Documents and Instruments Governing the Plan

In Becker v. Mays-Williams, 13-35069-cv, 2015 WL 348872 (9th Cir. Jan 28, 2015), the Ninth Circuit – in a matter of first impression – concluded that beneficiary designation forms were not “documents and instruments...more

Why it is Crucial to Designate a HSA Beneficiary?

As high deductible health insurance plans are becoming more popular, an important component is health savings accounts (HSA). In addition to having current tax advantages, there is specific tax treatment of HSA accounts upon...more

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