News & Analysis as of September 19, 2024

Estate Planning › Due Process

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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 -

Wealth Management Update - September 2024 - 2

Proskauer Rose LLP on 9/13/2024

September 2024 AFRs and 7520 Rate - The September 2024 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.8%, a decrease from the August 2024 rate of 5.2%. The September...more

Wealth Management Update - September 2024

Proskauer Rose LLP on 9/6/2024

The September 2024 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.8%, a decrease from the August 2024 rate of 5.2%. The September applicable federal rate (“AFR”) for use...more

Tax Court Confirms Constitutionality of Minnesota Estate Tax

Lathrop GPM on 1/13/2023

On December 12, 2022, the Minnesota Tax Court released an opinion in Estate of Anderson v. Commissioner of Revenue addressing the constitutionality of Minnesota’s estate tax structure as applied to an estate that consisted...more

Co-Trustees Who Managed A Texas Trust With A Texas Beneficiary Had Sufficient Contacts With Texas To Be Subject To A Texas Court’s...

Winstead PC on 5/17/2021

In Alexander v. Marshall, the original trustee was the beneficiary’s mother and the wife of the beneficiary’s father, who was the settlor. No. 14-18-00425-CV, 2021 Tex. App. LEXIS 1952 (Tex. App.—Houston [14th Dist.] March...more

Mind Your Notice in California – Even Remote Contingent Beneficiaries May Need to Be Served

Downey Brand LLP on 3/20/2020

It’s unremarkable that California courts require that notice be given to affected beneficiaries in trust and probate proceedings. After all, the Fourteenth Amendment guarantees that no person will be deprived of life,...more

United States Supreme Court to Consider Whether States May Tax Trusts Based on Residence of Beneficiary

Holland & Hart LLP on 2/25/2019

The new limitation of the federal deduction for state income taxes to $10,000 has heightened interest in planning for state income taxes. Thoughtful practitioners who assist clients in establishing non-grantor trusts should...more

The Supreme Court - January 14, 2019

Dorsey & Whitney LLP on 1/15/2019

On Friday, January 11, 2019, the Supreme Court of the United States granted certiorari in the following eight cases: Fort Bend County v. Davis, No. 18-525: Whether Title VII’s administrative exhaustion requirement, 42...more

Important Ruling for Residents of Massachusetts Owning Assets in Other States and Countries

Burns & Levinson LLP on 10/21/2016

TAXES ON ASSETS IN JURISDICTIONS WITH NO ESTATE TAXES - Since 2001, the Massachusetts Department of Revenue ("DOR") has held that persons in Massachusetts who pass away owning real estate or valuable tangibles located in...more

The Same-Sex Marriage Ruling: Key Employee Benefits Take-Aways

Ogletree, Deakins, Nash, Smoak & Stewart,... on 6/30/2015

Last Friday, the Supreme Court of the United States issued its highly-anticipated decision in the case of Obergefell v. Hodges, ruling that all 50 states must license marriages between two people of the same sex and must...more

DOMA Undone

Pierce Atwood LLP on 7/4/2013

Signed into law in 1996, the Defense of Marriage Act, known as DOMA, defined “marriage” for purposes of federal law as a union between one man and one woman as husband and wife, and “spouse” as a person of the opposite sex....more

Personal Planning Strategies - July 2013

Proskauer Rose LLP on 7/3/2013

On June 26, 2013, the United States Supreme Court issued its decisions in Windsor v. United States and Hollingsworth, et. al. v. Perry et. al., thus ending a four year "fast-track" judicial expedition of the validity of the...more

Estate Planning Opportunities Arising from Recent Landmark Supreme Court Decisions Concerning Marriages of Same-Sex Couples

Katten Muchin Rosenman LLP on 7/1/2013

On June 26, 2013, the US Supreme Court (the “Supreme Court”) struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional in the case of United States v. Windsor (“Windsor”). In a related case, the...more

U.S. Supreme Court Declares DOMA Unconstitutional: What You Need to Know

Burns & Levinson LLP on 6/28/2013

What an exciting week! I’m pleased to share the following alert regarding DOMA that my colleagues Lisa Cukier, Christine Fletcher and Peter Zupcofska put together today for clients and friends of our firm. As we celebrate...more

Unconstitutionality of Defense Of Marriage Act Has Broad Reaching Implications For Tax and Wealth Planning And Tax Compliance Of...

Greenberg Glusker LLP on 6/27/2013

This morning, the Supreme Court issued two historic rulings on the constitutionality of same-sex marriage. The first ruling, in a 5-4 decision, struck down as unconstitutional a key provision of the federal Defense of...more

DOMA Ruling Opens Up Estate Planning Options for Same-Sex Married Couples

Partridge Snow & Hahn LLP on 6/27/2013

On June 26 the United States Supreme Court held the Federal Defense of Marriage Act ("DOMA") unconstitutional. The Defense of Marriage Act prevented a marriage between two individuals of the same sex from being recognized for...more

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Estate Planning › Due Process

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