Beneficiaries

News & Analysis as of

Appellate Court Notes

?AC35507 - State v. Wright - ?AC35289, AC36395 - Southport Congregational Church-United Church of Christ v. Hadley - The doctrine of equitable conversion did not apply when the decedent contracted to sell real...more

ERISA Fiduciary Obligations: More on Application to Life Insurance Coverage

This article examines the case of Biller v. Prudential Insurance, in which the U.S. District Court for the Northern District of Georgia denied a motion to dismiss a claim brought against an employer by the beneficiaries of a...more

Medicare Beneficiaries Sue HHS Over 489-Day Backlog in ALJ Appeals

The Center for Medicare Advocacy (CMA) filed a complaint last week on behalf of five Medicare beneficiaries in federal district Court in Connecticut requesting a court order requiring the Secretary of HHS to clear a massive...more

September 2014 Estate Planning Update: When to Review and Update Your Estate Plan

Have you recently married or gotten divorced? A change in marital status definitely warrants another look at your estate plan. If a person gets married and fails to update their estate plan, it can result in the new spouse...more

The fiduciary exception to the attorney-client privilege: A recent development

In a suit by the beneficiary against the trustee, is the trustee entitled to assert the attorney-client privilege against the beneficiary, or is there a fiduciary exception to the attorney-client privilege? As to...more

Obermayer’s Estate Planning newsletter - Summer 2014 - Snowbirds Beware: The Pennsylvania Tax Man Wants to Know Where Your Heart...

In this issue: - Snowbirds Beware: The Pennsylvania tax man wants to know where your heart is - Some reminders about Federal Estate and Gift Tax Exclusions - . . . and about IRAs - A consumer...more

Termination and Reversion of Copyright Grants and the Termination Gap Dilemma

The 1976 Copyright Act (the “Act”) has been in effect since January 1, 1978. Since that time, the Act has provided authors (and some heirs, beneficiaries, and representatives) with the right to terminate prior grants of their...more

Are Your Beneficiary Designations Heir Tight?

An often-neglected area in the world of benefit plan administration is the beneficiary designation form. Many participants complete their beneficiary designations incorrectly because they don’t read the instructions carefully...more

Righting a Wrong: The “Claim of Right” Doctrine and Other Tax Considerations for the Repayment of Pension Plan Overpayments

Pension plan overpayments to participants and their beneficiaries are an all-too-common occurrence. When overpayments occur, a plan administrator’s duties are fairly clear. Typically, the plan administrator must seek...more

If You Die Intestate (Without A Last Will And Testament), Will Your Same-Sex Spouse Be Considered A “Spouse” For Purposes Of...

Yes. One of the effects of the Whitewood decision is that same-sex spouses are considered a “spouse” for purposes of Pennsylvania’s intestate succession process. A person domiciled in Pennsylvania who dies without a will is...more

How will the GST tax affect your estate plan?

A new grandparent often considers making a gift to the newest member of the family. However, before taking action, it’s important to understand how the generation-skipping transfer (GST) tax may affect an estate plan. The GST...more

Choosing a Trustee for a Special Needs Trust

Choosing a trustee is one of the most important and difficult issues in creating a special needs trust (SNT). Trustees must have the necessary expertise to manage the trust, including making proper investments, paying bills,...more

Unintended consequences: After divorce, review your estate plan to avoid surprises

The recently divorced have likely had their fill of legal documents and proceedings, but it’s important that they review their estate plan as soon as possible to ensure they’re protected against unintended consequences. This...more

New Investment Thinking for Trustees?

Traditionally, trustees invest the assets within a trust to ensure the assets are preserved for when they are distributed to the beneficiaries, often when the beneficiaries reach a certain age. However, this “cautious”...more

Merger Doctrine Does Not Prevent Deed of Trust Beneficiary From Extinguishing Junior Lien through Foreclosure, California Court...

The California Court of Appeal recently held that a foreclosure by the beneficiary under a first deed of trust extinguished a junior lien, even though the beneficiary acquired the property by way of a deed in lieu of...more

Real Estate Tip - Keep It in The Family?

Using a will to give a commercial building to a loved one, a business partner or even a charitable organization is not ideal planning. Adverse tax consequences, the public probate process and operational difficulties aside,...more

IRS Takes Money From Dead Mom to Pay For Son’s Tax Debt

Most people have some strong feelings about how they want their assets to be distributed upon their death. Some want to give their money to their kids, others are charitably inclined. However, I would guess that very few...more

Tales of Hoffman: Postmortem Planning for Actor’s Estate

The tragic death of actor Philip Seymour Hoffman has given us an opportunity to consider his estate planning, with lessons and strategies for the rest of us....more

Wealth Management Update - August 2014

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

Is Attorney-Client Privilege Affected By Who Pays Counsel Fees?

After receiving great interest from our “Fiduciary Exception to the Attorney-Client Privilege” article, we provide this follow-up article to address a possible “exception to the exception” that may still protect documents...more

Recent Tax Developments

The following is a summary of the most important tax developments that have occurred in the past several months that may affect you, your family, your investments, and your livelihood. Please call us for more information...more

CFPB Provides Guidance on Ability-To-Repay Rule Application to Assumptions of Residential Mortgage Loans

The CFPB recently provided guidance on the application of the Regulation Z ability-to-repay rule (Section 1026.43) to assumptions of residential mortgage loans for purposes of clarifying the application of the rule in cases...more

CERCLA Contribution and Trust Funds: A Matter for State Law

The Second Circuit Court of Appeals in New York recently held that the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), commonly known as Superfund, does not require contribution from...more

Are Inherited IRAs Exempt Property in California Bankruptcy?

The law says that retirement funds are exempt property in bankruptcy, but the Supreme Court has held that this exemption doesn’t apply to inherited IRAs. End of story? Not quite....more

New Statutory Elective Share for Surviving Spouses in Rhode Island

A surviving spouse’s rights and interests to assets of a deceased spouse have been clarified and expanded by a new spousal “elective share” statute in Rhode Island (R.I.G.L. § 33-28-1 et. seq.). ...more

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