News & Analysis as of

Beneficiaries

Why You Should Create A Will: What's Stopping You?

Having a will is imperative to ensure that your money and belongings are distributed according to your wishes after your death. Wills can distribute property, name an executor and guardians for children, forgive debts and...more

Trust Decanting Disputes

by LeClairRyan on

As trust decanting becomes increasingly popular, we can expect to see more disputes and litigation regarding trust decanting. This blog post examines some of the main issues that will likely arise in those disputes....more

A Guide To: Challenging Beneficiary Designations in Michigan

by Clark Hill PLC on

Most individuals own assets that will pass upon the death of that individual pursuant to a beneficiary designation. In fact, in many instances, these types of assets make up a large portion of an individual's net worth....more

Basis In Inherited Property

A beneficiary of an estate will often receive property other than cash as a part of an inheritance. It is common for the beneficiary to be unfamiliar with the circumstances under which the decedent obtained the property or...more

Florida’s Fiduciary Lawyer-Client Privilege is on the Books, But is it Good Law?

In 2011, Florida’s legislature enacted section 90.5021, Fla. Stat., which provides for application of the lawyer-client privilege – even when the client is a fiduciary....more

Recent Cases of Interest to Fiduciaries

by McGuireWoods LLP on

Kroll v. New York State Dept. of Health, 39 N.Y.S.3d 183 (Oct. 5, 2016); see also In re Kroll, 971 N.Y.S.2d 863, 865 (Sur. Ct. 2013) - Court approves “decanting” of a trust to effectively remove a beneficiary’s future...more

Litigation rules under Dutch law statements of insanity must be proven by claimant (Dutch)

by Dentons on

The executor (notary q.q.) under fire. Whoever makes the mental disorder proves! Erflatster (at the time 88), in 2005, testified her substitute (A) as an executor and assigned him an amount equal to 20% of her estate. The...more

As a Trust Beneficiary, What Are Your Rights to a Trust Accounting?

by Reminger Co., LPA on

You are a trust beneficiary. You have no idea what is in the trust, what has been spent out of the trust, and what will be spent out of the trust. Must the trustee open his books to you? What rights do you have to...more

Trustee Removal Lawsuits: An Overview

by LeClairRyan on

How can a person remove a trustee of a trust? Depending on the language of the trust, there could be several ways. This blog post summarizes some of the options, and provides an overview of things to consider when a person...more

Speculation, Estate Planning, and Legal Malpractice

by Farrell Fritz, P.C. on

In some will contests, lawyers will speculate that the decedent may have misled people as to his true estate plan, either out of weakness, to keep the peace, to measure reactions, to avoid uncomfortable conversations, and...more

Accidental Disinheritance: Update Wills, Estate Plans Annually

by Lewitt Hackman on

So you have an estate plan? Good for you. You funded it? Even better. But have you updated it and your will in the last year? If you haven’t, your loved ones or favorite charities may be in for an unpleasant surprise. Your...more

Understanding Disinheritance: The Structure of an Ohio Post Mortem Dispute

by Reminger Co., LPA on

Great wealth, in the trillions of dollars, will be transferred from one generation to the next as our population ages. While most estates proceed as intended, there will always be greed and dysfunction among a small...more

Court Enforces Release Agreement Between Trustees/Executors and A Beneficiary

by Winstead PC on

In Harrison v. Harrison Interests, a beneficiary of an estate and multiple trusts had a dispute with the executors and trustees. No. 14-15-00348-CV, 2017 Tex. App. LEXIS 1677 (Tex. App.—Houston [14th Dist.] February 28, 2017,...more

Avoiding Beneficiary Befuddlement

by Bryan Cave on

Retirement plans are complicated creatures to administer so it perhaps is not surprising that the process of determining the beneficiary of a deceased participant can present its own set of challenges and, if things go awry,...more

Estate Planning Pitfall: You reside in a state with high estate tax

Even though reforms being debated by Congress could repeal the federal estate tax with certain modifications, state estate taxes might still siphon off hundreds of thousands of dollars regardless of what happens under federal...more

Ninth Circuit: Medical Providers Lack ERISA Standing

The Ninth Circuit affirmed two district court decisions that concluded medical providers were not “beneficiaries” under Section 502(a) of ERISA and therefore lacked standing to bring an ERISA claim...more

The flexibility of stretch IRAs: Learn how your IRA can benefit your spouse and other beneficiaries

IRAs are meant to be used for retirement saving. However, if a person doesn’t need to tap into an IRA for income during retirement, he or she can preserve the assets as part of his or her estate, above and beyond what was...more

Proper Estate Planning May Prevent a Will Contest

Will contests are a sad reality and while there is no guarantee, with proper planning a contest may be avoided. A will contest occurs when a disgruntled potential beneficiary of an estate challenges the validity of a Will. ...more

Recent Cases of Interest to Fiduciaries

by McGuireWoods LLP on

In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: -...more

New Reporting Regime: Estates Who Have to File Federal Estate Tax Returns Need to be Aware of New Basis Consistency Law

by Bowditch & Dewey on

On July 31, 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 introduced new tax law that affects executors who are required to file a federal estate tax return and beneficiaries...more

Insight on Estate Planning - April/May 2017

Protect multiple generations with a dynasty trust - Dynasty trusts have nothing to do with the popular soap opera from the 1980s, but everything to do with leaving a lasting legacy. Although this type of trust is often...more

Tax Tips

Internal Revenue Service Temporarily Holding Off on Issuing New Regulations - The Internal Revenue Service is temporarily holding off on issuing new rules while evaluating the impact of executive orders from President...more

Maryland Allows Use of Nonjudicial Settlement Agreements in Trust Administration

by McGuireWoods LLP on

Maryland previously enacted a version of the Uniform Trust Code (UTC), which contains various provisions focused on permitting more efficient administration of trusts. However, Maryland’s version of the UTC initially omitted...more

Should You Create Trusts for Your Kids?

by Farrell Fritz, P.C. on

If your children are under age eighteen, you should have trusts for them in your Wills, in the event you and your spouse should die before all your children reach age 18. If minors receive assets prior to reaching age...more

T&E Litigation Newsletter- March 2017

by Goulston & Storrs PC on

This week has brought a much-anticipated decision by the Supreme Judicial Court regarding trust decanting, and the past month also brought the latest chapters in two cases that we reported on previously....more

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