Beneficiaries

News & Analysis as of

IRS Releases Proposed Section 409A Regulations

The Treasury Department last week issued proposed regulations to supplement the existing guidance on the application of Section 409A of the Internal Revenue Code to nonqualified deferred compensation arrangements. ...more

Court Affirms Order Denying An Administrator’s Attorney’s Fees

In In re Estate of Williams, attorney Don Ford was appointed an administrator of an estate and hired himself as an attorney for the estate. No. 05-15-00392-CV, 2016 Tex. App. LEXIS 5990 (Tex. App.—Dallas June 6, 2016, no pet....more

IRS Provides New 409A Guidance; New Proposed Regulations Provide Additional Clarity, Warn of Abusive Practices, and Present...

In Depth - Additional flexibility to use Section 409A exemptions - ..Expanded availability of the rules for transaction-based compensation for stock rights and incentive stock options. The final regulations allow...more

NPRA Redux: Proposed NPCL Amendments Approved by Senate and Assembly

The New York State Assembly and Senate have passed a bill that, if signed by the Governor, would amend the Not-for-Profit Corporation Law (the “NPCL”) and the Estates, Powers and Trusts Law (the “EPTL”) to clarify and refine...more

Will Your Estate Plan Preserve the Family Vacation Home?

Now that sunshine and blue skies are upon us, people are opening their summer homes for the season. Happy memories of family vacations and gatherings often motivate parents to seek out ways to preserve their second home for...more

IRS Tax Liens and Discretionary Trust Interests - Part 2

In April, I wrote how a U.S. District Court held that a beneficiary’s discretionary interest could be liened by the IRS for tax liabilities of the beneficiary. The interest was “halfway” between a purely discretionary...more

Till Death Do Us Part? How to Deal With Celebrity Publicity Rights When That Celebrity Passes

The tragic death of renowned recording artist Prince left many reminiscing about his meticulously crafted public image. In life, the law allowed Prince to control the commercial exploitations of his image.  At death, however,...more

The Unintended Consequences of Not Having an Estate Plan

Nobody likes to think about death, but failing to plan for it can cause unintended consequences for loved ones. Prompted by the death of Prince, a client recently came to see me. He had read in the news that heirs to...more

How Non-Probate Assets Can Affect Your Estate Plan: A Few Cautionary Tales

When you think about the control of your possessions and assets after your death, you probably think of a Will and probate. A Will is a written, legally enforceable declaration that states how you wish your assets to be...more

Brumley v. Albert E. Brumley & Sons Inc. - USCA, Sixth Circuit, May 16, 2016

Sixth Circuit concludes that author’s 1975 assignment of gospel song “I’ll Fly Away” was subject to 2008 termination notice, notwithstanding subsequent 1979 assignment of rights by late composer’s wife....more

Misconduct Remedies Against an Agent Under a Power of Attorney

In a prior blog post, I discussed the duties of an agent under a power of attorney. In this blog post, I discuss the remedies that people have against an agent under a power of attorney when the agent commits misconduct....more

Manatt on Medicaid: Beneficiary Support and Enrollment Requirements

On April 25, 2016, the Centers for Medicare and Medicaid Services (CMS) released its final rule that significantly overhauls regulations governing Medicaid managed care. The final rule establishes new requirements for...more

Using a Special Needs Trust in the Settlement of a Product Liability Lawsuit

Product liability cases frequently involve severe and even catastrophic injuries. As a result, product liability defense counsel and insurance adjusters must be familiar with the prospects for use of a special needs trust as...more

Estate Planning Litigation Attorney | When a Will May Not be the Way

We read in the Bible the parable of a rich man who had the problem of figuring out what to do with all of the goods he had accumulated. He determined to build larger barns to store all that he had. However, God told the man...more

Supreme Court Decision Establishes New Law Concerning The Rights Of Trustees In Rhode Island

In a case of first impression, the Rhode Island Supreme Court recognized a statutory right for trustees to recover their attorneys’ fees when a trust beneficiary refuses, without any basis, to release the trustee of his or...more

Breach of Trust Statute of Limitations Held Open for 10 Years - With New Summary Chart [Florida]

The concepts of statute of limitations and repose, and laches, exist to bring finality after the passage of time as to liability risks. Claims for breach of trust against a trustee can be subject to a confusing array of rules...more

CMS Proposes Increased Transparency of Hospice Quality Data in Annual Payment Update

In Depth - On April 21, 2016, the Centers for Medicare & Medicaid Services (CMS) issued a proposed rule regarding updates to fiscal year (FY) 2017 Medicare payment rates and the wage index for hospices serving Medicare...more

CMS Update to Medicaid Managed Care Regulations Should Prompt Significant Change

The Centers for Medicare & Medicaid Services (“CMS”) has released the final version of its much anticipated revisions to the regulations governing Medicaid managed care (the “Final Rule”). First proposed in May 2015, the...more

Adjudicating L-1A Functional Manager Petition Requires Consideration of Role Within the Wider Qualifying International...

The USCIS issued a Policy Memorandum adopting as binding a USCIS Administrative Appeals Office (AAO) non-precedent decision that provides guidance on evidence considered when determining whether a beneficiary qualifies as...more

Comprehensive Primary Care Plus Model: Today's Alternative Payment Model for Primary Care Providers Could Be Tomorrow's Obligatory...

In an effort to affect how approximately 25 million Medicare beneficiaries and other commercial insurance patients receive primary care services, the CMS Innovation Center (the "Innovation Center") announced the Comprehensive...more

TN COA: Trustee Lacked Authority To Enter Pre-Dispute Arbitration Agreement

The Tennessee Court of Appeals recently held that a trustee’s signature of brokerage account agreement containing a pre-dispute arbitration clause did not bind the trust’s minor beneficiary. The Court held that an “all...more

Multiparticipant Trusts and Conflicting Duties

A recent article in the Real Property, Trust and Estate Law Journal [Volume 50, Number 2, Fall 2015] discussed the phenomena of grantors of trusts "increasingly naming trust protectors, particularly for a trust that may...more

First Successful Prosecution For A Recommendation Based On Inside Information

French Administrative Supreme Court, 10 July 2015, n°369454 - A recommendation to acquire or dispose of a financial instrument on the basis of inside information is market abuse, even if no inside information is...more

The Rise of Litigation Involving Trust Protectors

Disputes involving trust protectors are increasing in number and will likely only further increase in number in the coming years. This blog post discusses what a trust protector is, whether trust protectors owe fiduciary...more

High Net Worth Family Tax Report, Vol. 11, No. 1

IRS Addresses a Section 1031 Exchange of Aircraft - While we usually think of real property as the asset most often exchanged under Section 1031 of the Internal Revenue Code, the provisions of that are by no means...more

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