News & Analysis as of

Beneficiaries Estate Planning

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

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

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

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

A Guide for Challenging a Joint Account Arrangement in Michigan

by Clark Hill PLC on

Joint bank account arrangements are as useful as they are common, providing a simple means for transferring an individual's assets to others - either during his/her life or post death by operation of a survivorship...more

UPDATE: Can an Intended (and Disappointed) Beneficiary Still Sue a Will’s Drafter?: The General Assembly of Virginia Enacts a...

by LeClairRyan on

Back in the summer I wrote a post discussing the impacts of the Thorsen decision by the Supreme Court of Virginia. In Thorsen, a testator wanted to leave her estate to a charity if her daughter did not survive her. The...more

Do You Have a “Day After” Insurance Policy?

by Pessin Katz Law, P.A. on

Insurance is a form of risk management, designed to minimize the loss associated with certain events like flood, fire, accidents, disability, and even death. Most insurance requires an agent and the payment of premiums. ...more

A Deceased Can't Always Will What They Want

by Bennett Jones LLP on

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

A Guide To: How to Challenge a Trust in Michigan

by Clark Hill PLC on

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

by Farrell Fritz, P.C. on

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

T&E Litigation Newsletter - December 2016

by Goulston & Storrs PC on

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

by Carlton Fields on

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

What You Should Know About Determining Capacity in Ohio

by Reminger Co., LPA on

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

4 Must-Have Documents When Planning Your Estate

President Abraham Lincoln. Civil rights activist Martin Luther King, Jr. Rock guitarist Jimi Hendrix. Eccentric billionaire Howard Hughes. Singer/songwriter Bob Marley. NFL quarterback Steve McNair. Singer/songwriter...more

Do It Yourself Wills: Will They Lead to More Litigation?

by LeClairRyan on

Here’s my prediction: do it yourself wills, also referred to as “homemade wills” or “online wills” or “internet wills” (I’ll refer to them in this blog post as “DIY Wills”) will result in a significant (though not massive)...more

Choosing an Investment Adviser for a Special Needs Trust

Trustees of special needs trusts have a duty to properly manage the funds in their care. However, most trustees, especially non-professional ones, are not sophisticated investors and they should not be directly managing the...more

Washington’s New Trustee Delegation Law: Allowing Fiduciaries to More Easily Keep Businesses in the Family

by Davis Wright Tremaine LLP on

If you are a family business owner in Washington who wants to place control of your business in the hands of a trustee until your beneficiaries are ready to assume control, or for other reasons, a recent change in Washington...more

Insight on Estate Planning - October/November 2016

Gift giving made easy - Annual exclusion reduces your taxable estate - How can you reduce the size of your taxable estate? There are many ways to accomplish this objective, including the use of irrevocable trusts...more

Jointly-Owned Property: Not Always the Right Plan

by Pessin Katz Law, P.A. on

For any number of reasons, you have decided to add a partner, child, or close friend as a joint owner on one or more of your assets. Perhaps you are concerned about becoming disabled, and want to know that your loved one can...more

Who Would Inherit Darth Vader’s Estate?

by LeClairRyan on

Who would be the beneficiary of the estate of Darth Vader? The answer is more than just an exercise in Star Wars fiction; in fact, the answer can teach us important lessons about estate disputes in our real world....more

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