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 -
News & Analysis as of

"New York State Implements Major Changes to Its Estate and Gift Taxes"

On April 1, 2014, New York Gov. Andrew M. Cuomo signed into law the Executive Budget for 2014-2015, which includes significant changes to the state’s estate and gift tax regimes, as well as changes to the income taxation of...more

Which Courts Have Jurisdiction to Deal with Claims Against Offshore Trustees?

There have been a number of cases decided recently by offshore Courts (particularly in Jersey and Bermuda), in which the Courts have had to consider the scope of their jurisdiction to determine disputes relating to trusts...more

Combating Financial Abuse of Elderly in Mesa

Over the course of the last century, the number of U.S. residents over the age of 65 has increased 11-fold, and according to the U.S. Census Bureau, the median age of our population is expected to continue to rise....more

Estate Planning Lawyer: A Will Makes Your Passing Easier on Heirs

A frustrated son recently wrote into a well-known advice columnist, lamenting the fact that his father refused to create a trust based estate plan or even a will that would designate how his property and various businesses...more

Trusts and Estates Planning Opportunities Arising From Recent Changes to the New York Estate Tax and Trust Income Tax Regimes

On April 1, 2014, the New York state 2014–2015 budget (the "Budget") became effective. The Budget includes legislation (the "Budget Legislation") that makes several significant changes to New York's estate tax regime and to...more

Wealth Management Update - April 2014

April Interest Rates Hold Steady for GRATs, Sales to Defective Grantor Trusts, and Intra-Family Loans. The April applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Estate Planning Pitfall: Your documents are hard to find

No matter how much time is invested in designing an estate plan, one’s efforts will be for naught if his or her family can’t find essential documents in case of death or incapacitation. This article offers several tips for...more

Trust and Estate: New York Enacts Significant Changes To Estate Tax Laws

The last year was filled with speculation in the New York estate planning community that the 2014 State budget bill would result in significant changes to New York’s long standing estate and gift tax laws. The Governor...more

Deviation From Statutory Scheme In Sale Of Receivership Property

The sale of real and personal property in a receivership estate is governed by 28 U.S.C. §§ 2001 and 2004, and both contain procedures for both a public and private auction of property. Regarding personal property, § 2004...more

ABCs of HSAs: Learn how an HSA can benefit your estate plan

One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible health plan (HDHP) with a Health Savings Account (HSA). The good news is that not only is an HSA a...more

DIY Will is a 'Cautionary Tale'

The Florida Supreme Court Case of Aldrich v. Basile may serve as a cautionary story that online pre-printed forms that allow a user to essentially fill in the blank may not address the specific needs of the individuals using...more

New York’s Estate Tax System Undergoes Major Overhaul

The New York Executive Budget for 2014-2015, which was signed into law earlier this week, significantly changes New York’s estate tax system effective April 1, 2014....more

Boosting your estate planning power: How to “supercharge” a credit shelter trust

While high estate tax exemption amounts combined with portability of exemptions between spouses has reduced the effectiveness of credit shelter trusts in some cases, they continue to offer significant benefits, particularly...more

Insight on Estate Planning - April/May 2014

In This Issue: - Boosting your estate planning power: How to “supercharge” a credit shelter trust - ABCs of HSAs: Learn how an HSA can benefit your estate plan - A family bank professionalizes intrafamily...more

The Modern Family and the Modern Estate

Practitioners Need to be Aware of Changing Trends - The removal of the estate and gift tax curtain is exposing what was always clients’ true concern: how to provide for the ultimate well-being of their families. No...more

Estate Planning for Digital Assets

It is often said that the law lags behind technology. One area where this sentiment is particularly applicable is estate planning for digital assets. In a world where our lives are becoming ever more digital, many estate...more

McNees Insights - Estate Planning

In This Issue: Who Gets Your IRA? – Six Common Mistakes; Estate Planning for Digital Assets; and Post-Production Issues and Oil & Gas Leases. Excerpt from Who Gets Your IRA? – Six Common Mistakes: Do you...more

Could it be that the Uniform Trust Code would effectively immunize the trustee of a revocable inter vivos trust from liability for...

Section 603 of the Uniform Trust Code provides that while a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries, such as the equitable remaindermen, are subject to the control of,...more

Minnesota Enacts New Estate and Gift Tax Laws

On March 21, 2013, Governor Dayton signed a tax bill that impacts Minnesota residents as well as those who reside out-of-state, but own real estate and other assets in Minnesota....more

Trusts And “Material Participation”

There is uncertainty in the law as to whether, and how, trusts can meet the “material participation” requirements of Code Section 469 to escape passive loss treatment....more

Who Gets Your IRA? – Six Common Mistakes

Do you want your heirs to have to chase after your 401K or IRA money? It is important to make sure you have an up-to-date beneficiary form. On January 26, 2009, the United States Supreme Court unanimously ruled in the case of...more

Standing: How Much Is A Ticket To The Dance?

The purpose of this article is to explain the concept of “standing” in probate and guardianship actions, to discuss how the topic should be raised, and to provide some specificexamples of situations where the standing of a...more

Estates Are Claimants Entitled to Rebates

In a four to three decision, the en banc Commonwealth Court held that a senior citizen’s estate was entitled to a rebate under the Senior Citizens Property Tax and Rent Rebate Assistance Act, 53 P.S. §§ 6926.1301-6926.1313...more

Estate Planning for Social Media and Electronic Gadgets?

A rapidly growing number of people do everything online, from managing their banking to storing their photos, writing the next best-seller, or documenting the next great invention. Yet few of them have read the Terms of...more

I Am Not Rich So I Don’t Need a Will and Other Estate Planning Myths

Many people draw up complicated estate plans to minimize the taxes they have to pay on their assets when they die. But people who are nowhere near the $5 million+ floor for estate taxes have very valuable reasons for having...more

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