News & Analysis as of

Health Alert (Australia) - November 2, 2015

In This Issue: -Judgments; Legislation; and Reports -Excerpt from Judgments Australian Capital Territory 29 October 2015 - In the matter of ER (Mental Health and Guardianship and...more

Wealth Management Update - October 2015

October Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The October § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Wealth Management Update - September 2015

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Staffing Your Estate Plan

A good estate plan can significantly reduce taxes, streamline transfers of assets after your death, sidestep costly public probate proceedings and minimize family squabbles over inheritance. But if you don’t have the...more

New Duty of Consistency and Basis Reporting Requirement

Under IRC §1014(a), the income tax basis of property acquired from a decedent is generally its fair market value on the date of death, or alternate valuation date if the executor makes an election under IRC §2032. Under Treas...more

IRS Extends Due Date for New Basis Reporting Rules

On July 31, 2015, the laws addressing the basis of property acquired from a decedent were revised. Among other things, the new laws require an executor to provide to the IRS and to each estate beneficiary a statement...more

New Law Steps Up Reporting Requirements for Executors

The laws addressing the basis of property acquired from a decedent were revised on July 31, 2015. Generally, property acquired from a decedent receives a basis equal to its fair market value at the decedent’s date of death,...more

How Do an Estate's Debts Get Paid?

An executor is the person responsible for managing the administration of a deceased person's estate. One of the executor's main jobs is to pay people or institutions to whom the estate owes money -- the estate's creditors....more

T&E Litigation Newsletter - January 2015

As 2014 came to a close, Massachusetts state and federal courts issued decisions concerning a number of issues of interest to estate planning attorneys and probate litigation attorneys, including testamentary capacity,...more

Planning for Digital Assets

The term “digital assets” has become an umbrella term for all manner of assets, including airline rewards, hotel points, e-mail accounts, domain names, online bank accounts, social networking accounts (e.g., Facebook), data...more

T&E Litigation Newsletter - September 2014 #1

In United States of America v. Estate of Robert Reitano, Civil Action No. 12-11944-RWZ, 2014 U.S. Dist. LEXIS 123200 (D. Mass. Sept. 4, 2014), the federal district court issued a warning shot to estate fiduciaries who fail to...more

Status Updates - August 2014 #10

..Death in the digital age. When someone dies, his or her heirs or executor will have broad rights to access the deceased person’s letters, documents and other physical assets. Delaware has just become the first state to...more

Knowledge Of Executor’s Attorney Imputed To Executor For Claims Act Liability

Two individuals were appointed as co-executors of an estate. The decedent had not filed income taxes for a number of years. The attorneys prepared tax returns for the missing years, and the IRS assessed taxes against the...more

Estate Planning Pitfall - You’ve chosen your executor hastily

Choosing the right executor — sometimes known as a “personal representative” — is critical to the smooth administration of an estate. Yet many people treat this decision as an afterthought. Given an executor’s many...more

Orphans' Court Update - The Fiduciary Exception to the Attorney Client Privilege

The Attorney Client Privilege is sacrosanct. It is the one privilege that Courts consistently uphold. So, it may surprise you to learn that there is a long-standing fiduciary exception to the attorney client privilege....more

Can a Corporation be Appointed a Receiver?

I was in court last week and the judge appointed a corporation as the receiver in a case....more

Alter Ego and Joint Partner Trusts: Estate Planning Beyond a Will

For many, estate planning begins and ends with the preparation and execution of a legally valid Will. Certainly, a valid Will, together with an Enduring Power of Attorney and a Personal Directive, allows an individual to...more

Proof of Authority: How an Out of State Executor Conducts Estate Business in Arizona

As Arizona probate attorneys we receive many phone calls from family members, personal representatives, and beneficiaries who do not live in the State of Arizona, but a deceased loved one died here. We are able and willing to...more

Suit To Modify Trusts Did Not Violate No Contest Clause

Texas courts narrowly construe no-contest clauses. In Di Portanova v. Monroe, grandparents set up eight trusts for a grandchild that had a mental disability. No. 01-20-01019-CV, 2012 Tex. App. LEXIS 9859 (Tex. App.—Houston...more

Tax Liens, Tenancy By Entireties, And The Federal Claims Statute Combine To Produce Fiduciary Liability

A particular mixture of a federal tax lien, a transfer of tenancy by entireties property during lifetime, and the federal claims statute resulted in personal liability to the executors of the estate of a surviving spouse for...more

Estate Planning in the Digital Age

At first, the digital age crept upon us slowly. Businesses looked at the internet skeptically, not sure how to use it. Consumers waded in bit by bit, at first dipping the proverbial toe in the water and then taking it step by...more

Wealth Management Update - June 2013

The June § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2%, which is a slight decrease from April's rate of 1.4% but remains the same as May's rate of 1.2%. The applicable federal...more

Estate Administration In A Paperless World

While our current digital, paperless world has made life more efficient for most, when someone dies, it can be difficult for the survivors to obtain the keys to unlock all of the digital information that is left behind. As a...more

Planning Your Estate

The basic goals of estate planning are to dispose of your property in accordance with your wishes and to avoid unnecessary taxes and expenses....more

Health Law: Family Feud Redux - The Release of Information to Family Members - HIPAA 164.510(B) & the New Standard

It has always been difficult to make determinations regarding what information can be provided to a family member once a patient or long-term care resident has passed away....more

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