News & Analysis as of September 19, 2024

Estate Planning › Personal Property

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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 -

Why Do Couples Need Prenuptial Agreements?

Lerch, Early & Brewer on 9/18/2024

The case for couples to get (or at least strongly consider) a prenuptial agreement is simple: it is much easier to get into a marriage than it is to get out of one. ...more

New Jersey's Law for Vehicle Transfer on Death

Mandelbaum Barrett PC on 8/20/2024

In 2022, New Jersey enacted a new law to simplify the process for vehicle owners to transfer vehicles at death. N.J.S.A. 39:3-30.1b, which became effective on May 9, 2023, authorizes the owner of a car, camper, or motorcycle...more

Estate Planning and Transfer on Death Deeds: New Insurance Warnings beginning August 1

Winthrop & Weinstine, P.A. on 6/25/2024

A new Minnesota law comes into effect on August 1, 2024, which flags the importance of addressing insurance coverage within your estate plan, especially if your plan utilizes transfer on death deeds. A transfer on death deed...more

Prenuptial Agreement Series (Part 2): What Language Should I Have In My Prenup?

Obermayer Rebmann Maxwell & Hippel LLP on 3/11/2024

A prenuptial agreement, or “prenup”, is a contract or agreement between prospective spouses made in contemplation and advance of marriage. A discussion on the various reasons that a person may wish to enter a prenup before...more

What You Need to Know About Prenuptial Agreements: Part 2 – Considerations Before Entering into a Prenuptial Agreement

Kohrman Jackson & Krantz LLP on 1/29/2024

Prenuptial agreements (or “Prenups” as they tend to be referred to colloquially) tend to have an unfair reputation as a societal matter. Indeed, it’s not uncommon for critics of prenuptial agreements to view them as the most...more

Gun Trusts in Estate Planning: No Time To Be Quick on the Trigger

DarrowEverett LLP on 10/18/2023

When considering an estate plan, clients who own firearms should remember that very often, their firearms require special consideration and planning, particularly given the intricacies of federal, state, and local gun laws...more

PreNuptial Agreements in the Age of Great Wealth Transmission.

Fox Rothschild LLP on 9/27/2023

Axios published an article this week about what it terms the “growing acceptance” of prenuptial agreements. The sum of the article is based on a Harris poll reporting that 50% of those interviewed support the idea of couples...more

Does My Spouse Have Any Claim to My gifted or Inherited Assets in Our Divorce?

Burns & Levinson LLP on 9/14/2023

The answer to this question is: it depends. In general, all assets in either party’s name or in which either party has a beneficial interest at the time of the divorce are subject to division in the overall division of...more

Back to Basics: Wills & Revocable Trusts

Rivkin Radler LLP on 6/7/2023

I am often asked about the difference between wills and revocable trusts, so I thought it important to explain the purpose of each. Wills and revocable trusts basically do the same thing – each is a document in which you...more

How Can We Reduce Conflict Over the Allocation of Mom’s Wedding Ring and Other Tangible Property?

Downey Brand LLP on 6/6/2023

We often see siblings litigate in California over the allocation of tangible personal property held in the family trust. When Mom and Dad have passed, the tug of war may involve jewelry, paintings, photos, firearms,...more

Court Discusses Holding An Executor In Contempt For Commingling Property

Winstead PC on 5/15/2023

In In re Mittelsted, a trial court held a former executor in contempt for over twenty acts of commingling personal property with estate property and ordered that the executor pay over $200,000 to avoid contempt. No....more

Preventing Post-Death Issues for a Wisconsin Will: Where There’s a Will, There’s a Way

Foley & Lardner LLP on 11/22/2022

A deceased individual (i.e., the decedent) has often taken the initiative during his or her lifetime to create a will designating the individuals who will receive the decedent’s remaining assets. However, the decedent may...more

Estate Planning and Cryptocurrency

Mitchell, Williams, Selig, Gates & Woodyard,... on 11/17/2022

Digital assets, such as cryptocurrency, are becoming a larger component of investors’ portfolios. More and more people are owning some form of cryptocurrency....more

Four Provisions People Often Forget to Include in Their Estate Plan

Chambliss, Bahner & Stophel, P.C. on 9/27/2022

Even if you've created an estate plan, are you sure you included everything you need to? There are certain provisions that people often forget to put in a will or estate plan that can have a big impact on a family....more

Handle Your Estate Plan Like Royalty

Lathrop GPM on 9/23/2022

The services following the death of Her Majesty Queen Elizabeth II might have many of us thinking about our own estate planning. One striking piece of information about Her Majesty was that she had planned out many...more

Court Affirmed Order Denying A Family Allowance

Winstead PC on 6/14/2022

In In re Estate of Wetzel, a widow and independent administrator of her husband’s estate appealed a trial court’s order denying her requested family allowance. No. 05-20-01104-CV, 2022 Tex. App. LEXIS 2618 (Tex. App.—Dallas...more

Planning for the Future: Estate and Tax Planning with Digital Assets

Holland & Knight LLP on 6/10/2022

Cryptocurrencies are becoming a larger component of investors' portfolios, especially for millennials and Generation Z, who collectively make up 94 percent of cryptocurrency buyers. While it may seemingly be too early for...more

Tangible vs. Intangible Assets in Estate Administration

Stark & Stark on 6/10/2022

Under a Last Will and Testament, a decedent disposes of both their tangible personal property as well as their intangible personal property. Questions might arise in the context of administering an Estate, however, as to...more

Executor Mishandling the Estate? Watch for These Warning Signs:

Hendershot Cowart P.C. on 6/6/2022

When it comes to handling your loved one’s estate, the executor has a series of important duties and responsibilities. If you suspect an executor is mishandling their responsibilities or mismanaging estate assets, you can...more

Estate Planning Pitfall: You’ve Overlooked Digital Assets in Your Estate Plan

Adler Pollock & Sheehan P.C. on 4/29/2022

Traditionally, an estate plan addresses the tangible assets you own, such as cash and securities, investment real estate, vehicles, and your house. But this is 2022. Increasingly, people are living in a digital world, where...more

Protecting Your Inheritance with a Prenuptial Agreement

Lowndes on 4/5/2022

When you're planning a wedding, discussing a prenuptial agreement with your soon-to-be spouse may not seem exciting or may even feel uncomfortable. Yet, no one knows what the future holds, and a prenuptial agreement can...more

Estate Planning Pitfall: You Don’t Have a Residuary Clause in Your Will

Adler Pollock & Sheehan P.C. on 12/1/2021

You may spell out specific bequests in your will, such as giving your grandchild your prized collectibles or dividing up jewelry among nieces, nephews and other family members. But what about the rest of the “stuff” that’s...more

How Can the Same Right Create 2 Separate Property Interests?

Holland & Knight LLP on 7/26/2021

The Internal Revenue Service (IRS) can file a lien and levy on any and all of a taxpayer's property (and rights to property) regardless of how the property is held or titled. 26 U.S.C. § 6321. Whether the item is a taxpayer's...more

Beneficiary Designated Property: A Trap for the Unwary

Pullman & Comley, LLC on 7/19/2021

Financial institutions and brokerage firms occasionally recommend that client accounts be structured as joint or beneficiary-designated accounts without full consideration of the impact on the client’s estate plan....more

WILLS, TRUSTS & ESTATES: PLAIN AND SIMPLE – Changing Your Residence For State Tax Purposes – More To It Than You May Think

Rivkin Radler LLP on 5/28/2021

Oftentimes, in the summer, we return to the topic of changing your residence for state tax purposes. There are five factors which the tax authorities will look to in determining whether someone has changed their residency. ...more

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Estate Planning › Personal Property

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