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 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.

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News & Analysis as of May 25, 2013

Non-Tax Considerations in Estate Planning

by Reeve Chudd | Ervin Cohen & Jessup LLP on 5/24/2013

In estate planning, we often focus heavily upon (a) reducing estate taxes and (b) avoiding probate. But equally important are the considerations regarding our family who survive us, and the legacy we wish to leave behind....more

Estate Planning Alert: Minnesota Legislature Adds New State Gift Tax And Expands Estate Tax Provisions For Nonresidents

by Michelle Rehbein | Leonard, Street and Deinard on 5/23/2013

Just before midnight on May 20, 2013, the Minnesota Legislature passed the Omnibus Tax Bill....more

Why You Need an Estate Plan Post 2013 Tax Act

by Craig Dalton, Westray Veasey | Poyner Spruill LLP on 5/23/2013

Estate planning is the process of designating, during your life, the disposition of your assets upon your death in a manner that attempts to eliminate administrative uncertainties, reduce taxes, and maximize asset protection....more

Estate Planning Alert: New Civil Marriage Law Could Increase Income Tax Costs, May Offer Estate Tax Benefits

by Michelle Rehbein, Shane Swanson | Leonard, Street and Deinard on 5/22/2013

On May 14, 2013, Governor Dayton signed a bill modifying Minnesota Statutes Sections 517 and 518. The bill enacts changes in Minnesota's marriage law, effective August 1, 2013....more

FBAR Penalties and Estate Administration

by Sanford Millar on 5/20/2013

The death or disability of a taxpayer who has failed to timely file a Report of Foreign Bank or Financial Account (FBAR) can present difficult problems for fiduciaries like trustees, estate executors and conservators. The...more

If You Will®: Short Takes on Estates, Taxes and Trusts - May 2013

by Burns & Levinson LLP on 5/17/2013

"IF YOU WILL®: Short Takes on Estates, Taxes and Trusts” is a quarterly glance through an informal lens at selected news items, court decisions, legislative changes and/or important issues pertinent to estate planning. It is...more

Gray Divorce: Retirement Accounts and Estate Planning

by Andrea Dunbar | Burns & Levinson LLP on 5/14/2013

DIVIDING RETIREMENT ACCOUNTS - There are important differences associated with dividing retirement plans that are already in pay status and those that are not. Some people divorcing later in life are already retired,...more

2013 Estate Planning – Still Not The Time To Be Complacent

by Gary Phillips | Cole Schotz on 5/13/2013

The end of 2012 saw an unprecedented surge of activity for estate planning attorneys and advisors counseling clients to implement estate plans before the 2013 changes in the law, which would have reduced gift and estate tax...more

Tales from the Crypt -- Post-Mortem Planning Using Private Placement Insurance Products

by Gerald Nowotny on 5/9/2013

Overview - This article discusses the use of private placement products - private placement deferred variable annuities (PPVA) and private placement life insurance (PPLI)- in post mortem income tax and transfer tax...more

Why Wills Are Important for Everyone

by Boyer, Dawson & St. Pierre on 5/7/2013

Estate planning may sound like something you don’t need to think about until you are approaching later stages of your life, or something only the top 1% need to take care of. This is a serious — and common — mistake....more

Wills, Trusts and Estates Newsletter - May 2013

by Lauren K. Keenan, Lori Murphy | Bean, Kinney & Korman, PC on 5/7/2013

In This Issue: - Estate Planning for Families - The Benefits of Appointing a Standby Guardian - Meet Our Attorneys - Ronald A. Feuerstein - Excerpt from The Benefits of Appointing A Standby...more

Buying and Selling Businesses in Today's Economy, Stephen Opler [Video]

by Ballard Spahr LLP on 5/1/2013

Now is a great time to sell a business. Nearly 4,800 private equity firms are looking to invest $1 trillion in business acquisitions, and the loan market is returning to re-recession levels. ...more

Estate Planning with Portability: Not a Panacea

by Lauren Jenkins, William Rich, David Shayne | Holland & Knight LLP on 4/24/2013

When Congress resolved the fiscal cliff crisis early this year, it brought permanence to estate, gift and generation-skipping transfer tax laws that had been in flux for over a decade. In short, the American Taxpayer Relief...more

Insight on Estate Planning - April/May 2013: Estate Planning Pitfall: You’ve named a minor as beneficiary of your life insurance...

by Adler Pollock & Sheehan P.C. on 4/2/2013

A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. This brief article discusses why it’s better to designate one or more trusts...more

Insight on Estate Planning - April/May 2013: The key to an effective trust is education

by Adler Pollock & Sheehan P.C. on 4/1/2013

A trust is a versatile estate planning tool. But no matter how well it’s designed and drafted, a trust won’t reach its full potential unless all of the stakeholders — grantor, trustee and beneficiaries — understand the...more

Insight on Estate Planning - April/May 2013: Should a CRT be part of your estate plan?

by Adler Pollock & Sheehan P.C. on 3/29/2013

A charitable remainder trust (CRT) allows a person to support a favorite charity while potentially boosting their cash flow, shrinking the size of their taxable estate, reducing or deferring income taxes, and enjoying...more

Insight on Estate Planning - April/May 2013: How to fund long-term care insurance with a tax-free exchange

by Adler Pollock & Sheehan P.C. on 3/28/2013

Long-term care (LTC) insurance is a major expense, especially for someone who purchases it at or after retirement age. One potential source for funding LTC insurance premiums is a total or partial tax-free exchange of an...more

Five Tips for the Newly Divorced

by Law Offices of Adrian H. Altshuler &... on 3/20/2013

If you are newly divorced, you’re probably overwhelmed with all of the changes going on in your life. Step back, take a deep breath, and develop a plan to secure your future....more

ERISA Does Not Preempt State Court Order Requiring Beneficiary to Renounce Right to Employee’s Plan Benefits, Fourth Circuit Rules

by Katherine Lange | Womble Carlyle Sandridge & Rice, PLLC on 3/20/2013

The scenario is not difficult to imagine: An employee designates her spouse as the primary beneficiary under her employer’s life insurance and retirement benefit plans. Years later, the couple divorces, and in the marital...more

Is There Life After Death for Your Digital Assets?

by Lisa Statt Foy | Field Law on 3/19/2013

Digital assets. It is a phrase that is currently trending among legal commentators and Canadians alike. Some argue that it is a critical topic for any estate plan. Others feel it has no place in an estate planning meeting. ...more

Non-Tax Reasons For Creating An Estate Plan

by Christopher J. Caldwell, Laura E. Radle | Varnum LLP on 3/18/2013

For most individuals - about 99.9% - estate taxes are no longer a concern thanks to the recent "fiscal cliff" legislation. However, that does not mean that estate planning is no longer necessary....more

Estate Planning Insight: Estate Planning After The American Taxpayer Relief Act Of 2012

by Margaret Cronin, Eileen Day | Leonard, Street and Deinard on 3/15/2013

The American Taxpayer Relief Act of 2012 (ATRA) was signed into law on January 2, 2013, ending twelve years of uncertainty concerning the federal estate, gift and generation-skipping tax rates and exemptions....more

To Will or Not to Will

by Law Offices of Adrian H. Altshuler &... on 3/15/2013

You have a will in place. You think that you have fully protected your family when you die. You may be surprised to discover exactly how many things wills can’t do. While wills are useful and inexpensive legal documents for...more

The Family Loan Shark - Leveraging the AFR in the Taxpayer’s Favor Intra-Family Loans and Private Placement Insurance Products –...

by Gerald Nowotny on 3/13/2013

Overview - High net worth and income taxpayers find themselves in a world of hurt following tax reform at the end of 2012. The top marginal bracket for taxpayers with more than $400,000 (single and $450,000 married)...more

Asset Protection And The Unknown Future Creditor: Now A Threat? A Recent California Case May Change The Rules

by Stephen A. Malley, APC on 3/12/2013

In litigious California, sheltering assets from the risks of business, from ownership of real estate, and from ordinary living, should be considered with both business and personal estate planning. Professionals often advise...more

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Estate Planning

Non-Tax Considerations in Estate Planning

Estate Planning Alert: Minnesota Legislature Adds New State Gift Tax And Expands Estate Tax Provisions For Nonresidents

Why You Need an Estate Plan Post 2013 Tax Act

Estate Planning Alert: New Civil Marriage Law Could Increase Income Tax Costs, May Offer Estate Tax Benefits

FBAR Penalties and Estate Administration

If You Will®: Short Takes on Estates, Taxes and Trusts - May 2013

Gray Divorce: Retirement Accounts and Estate Planning

2013 Estate Planning – Still Not The Time To Be Complacent

Tales from the Crypt -- Post-Mortem Planning Using Private Placement Insurance Products

Why Wills Are Important for Everyone

Wills, Trusts and Estates Newsletter - May 2013

Buying and Selling Businesses in Today's Economy, Stephen Opler [Video]

Estate Planning with Portability: Not a Panacea

Insight on Estate Planning - April/May 2013: Estate Planning Pitfall: You’ve named a minor as beneficiary of your life insurance...

Insight on Estate Planning - April/May 2013: The key to an effective trust is education

Insight on Estate Planning - April/May 2013: Should a CRT be part of your estate plan?

Insight on Estate Planning - April/May 2013: How to fund long-term care insurance with a tax-free exchange

Five Tips for the Newly Divorced

ERISA Does Not Preempt State Court Order Requiring Beneficiary to Renounce Right to Employee’s Plan Benefits, Fourth Circuit Rules

Is There Life After Death for Your Digital Assets?

Non-Tax Reasons For Creating An Estate Plan

Estate Planning Insight: Estate Planning After The American Taxpayer Relief Act Of 2012

To Will or Not to Will

The Family Loan Shark - Leveraging the AFR in the Taxpayer’s Favor Intra-Family Loans and Private Placement Insurance Products –...

Asset Protection And The Unknown Future Creditor: Now A Threat? A Recent California Case May Change The Rules

Buying and Selling Businesses in Today's Economy, Stephen Opler [Video]

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