Estate Planning Divorce

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

CFPB Clarifies Heirs, Divorcees and Estate Planning Transferees Are Not Subject to Ability-to-Repay Rules

The CFPB issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. This clarification will...more

Distributions From A Texas Trust Deemed Separate Property

Conventional wisdom is that a spouse’s earnings from separate property are community property. But it’s not that simple. In Benavides v. Mathis a Texas court denied wife Leticia’s claim to one-half of the income derived from...more

5 Estate Planning Mistakes You Should Try to Avoid

In your experience, what’s the most costly mistake people make when preparing estate plans, and what can they do to fix them? That’s the question we recently put to attorneys writing on JD Supra....more

Estate Planning After Divorce

A good estate plan should be flexible and structured to account for foreseeable life events. However, even the best estate plan cannot accommodate every turn your life may take. Periodic review and tweaking of an estate plan...more

"The Estate Planner" – November/December 2013

In this issue: - Estate Planning In Divorce: Don’t Put It Off - Prepare Your Estate Plan For Postmortem Flexibility - The U.S. Supreme Court DOMA Ruling - How It Affects Estate Planning for Same-Sex...more

Estate Planning and Former Spouses: Updating your Will, Life Insurance and Other Beneficiary Designations following a Divorce

Following a divorce, you should carefully review your estate plan to ensure that your former spouse will not receive any unintended distributions from your estate. Unless otherwise required by the terms of the divorce, you...more

“Magic” Words To Ensure an Ex-Spouse Remains in Will

Attorneys often encounter situations in which someone makes a will or designates a beneficiary naming their spouse as the heir or beneficiary, separates from their spouse, fails to make changes to their will or beneficiary...more

United States v. Windsor: A New Direction in Planning for Same-Sex Couples

On June 26, 2013, the U.S. Supreme Court in United States v. Windsor1 overturned Section 3 of the Defense of Marriage Act ("DOMA"), which had defined marriage as a union between a man and a woman.2 As a result, married...more

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

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

When Should I Call a Lawyer?

You don’t need a lawyer for everything, but there are a few times in life when hiring a lawyer is a necessity....more

Wills, Trusts and Estates Newsletter - February 2013

In This Issue: - How to Protect Your Assets as a Business Owner - Separated But Not Divorced: Don’t Wait to Update Your Estate Plan - Tales from the Cliff: Estate Planning Policy for 2013 and Beyond -...more

Separated But Not Divorced: Don’t Wait To Update Your Estate Plan

Many people have the misconception that they cannot update their estate plan or even prepare a new Will if they are separated but not yet divorced from their spouse. This is not true. An estate plan can be updated at any...more

Estate Planning: Lessons Learned From Hugh Hefner's Third Marriage

Estate Planning: Lessons Learned From Hugh Hefner's Third Marriage Hugh Hefner and girlfriend Crystal Harris got married for a third time on New Years Eve 2012. Hugh Hefner is best known for his Playboy empire And Harris is...more

Tax Planning for the divorcing and newly divorced

Tax planning and divorce sound like two unlikely partners, but they are not. This week’s blog post is written by Selwyn Gerber, CPA, who explains why tax planning is critical during and after a divorce....more

Three More Questions Boomers Need to Ask Their Lawyers about Grey Divorce (Part II)

Last week’s blog discussed three questions Baby Boomers going through divorce should ask their lawyer. As promised, here are three more questions. 1. Should I keep the house? The financial risks of keeping the...more

Civil Union Partnerships: Congratulations And Be Aware

Earlier this year, Governor Pat Quinn signed the Illinois Religious Freedom Protection and Civil Union Act (the “Civil Union Act”). ...more

Estate Tax Lessons from 2010 and Things to Watch Out for in 2011

A revocable living trust is a wonderful tool, but it’s just an empty vessel until you fund it by re-titling your assets in the name of your trust. Michael Jackson created what is most likely a wonderful living trust, but his...more

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