Beneficiaries

News & Analysis as of

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

Who will get Your Assets – The Hazards of Beneficiary Designations

Most people assume that their Wills will control where their assets go after they die. Increasingly, however, beneficiary designations are controlling how assets are distributed, and sometimes with unexpected results. ...more

Insurance Review (Australia) - February 2015

In This Issue: - REGULATORY: - The Financial System Inquiry - Insurance Reform In The UK - CYBER: - Top Five Privacy And Cyber Predictions, Trends And Issues Impacting Insurers In 2015 And...more

Same-Sex Marriages Recognized for Inheritance and Realty Transfer Tax Purposes

In Inheritance Tax Bulletin 2015-01 and Realty Transfer Tax Bulletin 2015-01, issued on February 25, 2015, the PA Department of Revenue announced its policy concerning same-sex marriages and the impact of the May 20, 2014...more

Same Sex Couples Now Have Options

Before yesterday, when I prepared estate planning documents for same-sex couples there was a quagmire of issues that had to be addressed, since the State of Florida did not recognize same-sex marriages. As of yesterday, all...more

The 6 Biggest Estate Planning Mistakes

If you’re like most people, you have the best of intentions with regard to how you want your estate distributed when you die or your affairs handled should you become incapacitated. Unfortunately, without proper planning,...more

Why Creating a Basic Estate Plan is Necessary — At Any Age

At 16 you can drive a car. At 18 you can vote and serve in the military. And at 21 you can order a drink in a bar. But, when is the right time to create an estate plan? When should you create the basic documents that will...more

Threat of Litigation Eliminates Charitable Set Aside Deduction for Estate

Estates and trusts with charitable beneficiaries often seek to employ the Code Section 642(c) charitable set aside deduction for income earned by the estate and trust that will eventually (but not in the current tax year) be...more

"The Estate Planner" – March/April 2015

In this issue: - Second Trip Down The Aisle? – Update Your Estate Plan To Reflect Your Second Marriage - 21st Century Estate Planning For Digital Assets - Planning For Aging Parents – 5 Tips For The...more

Ninth Circuit: Spousal Consent Not Required Under Top-Hat Plans

The Ninth Circuit held that a participant’s brother, rather than his spouse, was the proper beneficiary of benefits under a profit sharing plan. In so holding, the Court found that: (a) the participant’s first wife, who was...more

Accountant and Attorney Liability Newsbrief - Winter 2015

In This Issue: - The Affordable Care Act and CPAs: It Takes a Village - U.S. District Court for District of Massachusetts Holds Testator’s Attorney Can Be Held Liable to A Beneficiary - New Jersey...more

Communicating with Family Members After the Death of a Customer

Your bank customer has died. Her husband, who is well known to the bank, calls to discuss his deceased wife’s account and seeks to “add” his name to the account so he can access some of the funds for funeral expenses. You...more

Estate Planning Pitfall: You’re planning to retire abroad

People who have dreamed of spending their golden years in a tropical paradise or a culture-rich European city should discuss their plans with their advisor before making a move. It’s important to understand the potential tax...more

Court Permits Beneficiary Designations By Telephone

In a somewhat surprising case, the US Court of Appeals for the Ninth Circuit has ruled that a participant may change his prior written beneficiary designation by a telephone call to the plan sponsor. The Becker v....more

Avoiding undue influence claims

A primary purpose of estate planning is to ensure that wealth is distributed according to one’s wishes after death. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a...more

Get smart when tackling estate planning for intellectual property

How should one account for intellectual property (IP), such as a patent or copyright, in their estate plan? These intangible assets can be highly valuable, and they should be handled according to the owner’s wishes. This...more

Estate planning for young families - Flexibility is the key

Younger taxpayers are faced with a dilemma: Should they minimize gift and estate taxes through lifetime gifts? Or, should they keep assets in their estates to help ease the potential income tax burden on their heirs? The...more

Should I Disinherit a Child with Special Needs?

Inexperienced or incompetent estate planning attorneys have a bad habit of telling parents of children with special needs to simply write their child out of their estate plan altogether in order to ensure that the child will...more

Insight on Estate Planning - February/March 2015

In This Issue: - Estate planning for young families: Flexibility is the key - Get smart when tackling estate planning for intellectual property - Avoiding undue influence claims - Estate Planning Pitfall:...more

Beneficiaries Lack Standing to Challenge Trustee's Actions in Bankruptcy Court

In a recent ruling on In re Land Securities Investors, Ltd., the United States Bankruptcy Court for the District of Colorado ruled that trust beneficiaries do not have standing to appear in a bankruptcy case even when the...more

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