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Estate Planning

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -

You’ve Got (E-)Mail! Can Your Survivors Access It After Your Death?

by Farrell Fritz, P.C. on

E-mail is seemingly omnipresent. Day in and day out, we use it in our business, social, and personal affairs. Yet, the improvements to the technology associated with e-mail have far outpaced the development of the law...more

Family Office Series, Part III: How Are Family Offices Structured?

As we noted in a previous family office series blog post, “if you’ve seen one family office, you’ve seen one family office.” There is no standard legal structure for family offices. The types and number of legal entities used...more

Yes, your 18-year-old does need estate planning!

by Thompson Coburn LLP on

A common misperception is that estate planning is only for the old or the wealthy. Often, estate planning becomes urgent, something done quickly due to an upcoming trip or in response to a health scare. Estate planning,...more

Tribal Estate Planning: Nuance and Consequence

by Davis Wright Tremaine LLP on

Simple estate planning is pretty straightforward. There is usually a Last Will and Testament, Power of Attorney, Health Care Directive, and Trust if necessary. But there is a niche practice within estate planning ripe with...more

McNees Insights – Estate Planning Newsletter - July 2017

Deducting Miscellaneous Itemized Deductions - You can elect each year to itemize deductions rather than claim the standard deduction. Itemized deductions are those that you claim on Schedule A of Form 1040, Itemized...more

Proposed Regulations Limiting Discounts on Family Gifts Targeted for Reform

Last summer, we discussed the IRS’s issuance of new Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members. ...more

BEWARE! Impact of New Tax Rules on Your Family Limited Partnership

by Strasburger & Price, LLP on

Family limited partnerships (“FLPs”) are a common estate planning technique. They permit centralized asset management, provide liability protection, and create a mechanism by which one generation can transfer wealth to the...more

IRS Grants Taxpayers Two-Year Window to File Portability Election

by Bryan Cave on

In a long-awaited move, the IRS announced recently that taxpayers will now have at least two years to file an estate tax return to elect portability of a decedent’s unused estate tax exemption to the decedent’s surviving...more

You Get A Car! Everybody Gets A Car!

by Roetzel & Andress on

Lobbying from various organizations resulted in Ohio House Bill 432, known as the “omnibus probate bill.” This bill has made some significant changes in estate law. Specifically, upon the death of a spouse, Ohio Revised Code...more

Avoid An Unpleasant Surprise: Review Your Will Regularly

by Fox Rothschild LLP on

Many people sign a will and assume they never need to look at it again. As lawyers, we prepare wills that are flexible and deal with multiple possible (even if unlikely) scenarios, but sometimes an unanticipated change and an...more

Look for Mild Cognitive Impairment in California Trust and Estate Disputes

by Downey Brand LLP on

Mental incapacity and undue influence are the most common theories used to try to invalidate wills, trusts and beneficiary designations in California and elsewhere. Occasionally, the subject in a trust and estate dispute has...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Advance Directives: Living Wills, Health Care Proxies and Powers of Attorney

by Farrell Fritz, P.C. on

We’re coming to the end of the school year and into the days of summer and no one wants to think about anything too “heavy”. It is, however, important to have advance directives in place. All adults (including kids over 18...more

McGuireWoods LLP State Death Tax Chart

by McGuireWoods LLP on

This State Death Tax chart is maintained for the McGuireWoods LLP Website and is updated regularly. Please see full chart below for more information....more

A Handwritten Codicil Can Lead to Disaster

Mr. James Paul Allen of Beaufort County, North Carolina executed a duly drafted will on August 29, 2002. The will was prepared by his longtime attorney who had represented him in many matters. Mr. Allen was not married and...more

[Webinar] Leveraging to Attain Basis Step-Up; Income Tax Benefits of Losing an FLP Case - July 11th, 12:00pm CT

by Thompson Coburn LLP on

Please join us for a webinar based on Steve Gorin's Second Quarter 2017 newsletter, Gorin's Business Succession Solutions. In this webinar the presenter will discuss that one can use debt to allow property to obtain a...more

Co-Trustee Conflict Fuels California Trust Litigation

by Downey Brand LLP on

California trust litigation often stems from disagreements and hostility among family member co-trustees. Rather than picking one of their kids to serve as sole successor trustee when they die or become incapacitated, Mom and...more

Creating Trust to Ensure a Trust’s Success

by Saul Ewing LLP on

One of the biggest missteps of clients is to create a trust without communicating its purpose with the adult beneficiaries. Without guidance from the client/grantor and his or advisors, beneficiaries sometimes become...more

Estate Planning Still Critical in Uncertain Times

by Bowditch & Dewey on

The “plan” unveiled by the Trump administration in late April to repeal the federal estate tax was a broadly vague outline of tax reform goals. The proposed changes did not mention the federal gift tax or generation skipping...more

When Should I Get a Last Will and Testament?

by Reminger Co., LPA on

Lexis Nexis claims that 55% of American adults do not have a last will and testament or some kind of an estate plan. This means that more than half of American estates have their personal assets pass via intestacy - without a...more

Choose Wisely When Co-Owning Property

Predictability that joint owners/tenants need today: This spring, the Tennessee Supreme Court ruled that joint property owners can eliminate the survivorship rights of jointly held property, changing their ownership to...more

Estate Administration Update: A Simplified Procedure for the Portability Election

by Williams Mullen on

Recently, the IRS issued Revenue Procedure 2017-34 (the “Revenue Procedure”), providing a simplified process for certain estates requiring an extension of time to make a portability election under § 2010(c)(5)(A) of the...more

Transferring Property To A Trust: It’s Not What You Meant, It’s What You Said

by Bryan Cave on

When we put pen to paper, sometimes the words don’t come out right. If that happens, hopefully there’s an opportunity to explain what we meant. For example, we have seen how scrivenor’s errors can be explained. But, for the...more

What You Can Do To Minimize the Likelihood of Someone Contesting Your Will

by Moskowitz LLP on

In our first two posts in this series, we discussed who has legal standing to challenge a will and what grounds may form the basis of a will contest. In this third and final post on will contests, we will introduce a few...more

Estate Planning and Prenuptial Agreements: Tax Implications of Alimony

by McNair Law Firm, P.A. on

When contemplating marriage and estate planning, frequently, individuals will enter into prenuptial (premarital) agreements to address their rights and obligations during the marriage and in the event of a divorce or death. A...more

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