News & Analysis as of

Executors Estate Planning

If It’s Not In The Will, Does It Matter What The Testator Wants?

by Bryan Cave on

If you want someone to get your money or property when you die, why don’t you just say so? The case reporters are thick with stories of testators who left money or property to one person with the supposed ‘understanding’ or...more

Would You Take on a Job if the IRS Had Discretion to Decide Whether You Got Paid?

by Charles (Chuck) Rubin on

Raelinn Spiekhout was the personal representative of the estate of Deborah Scott. The estate was subject to claims of over $1.8 million dollars, including IRS claims for $591,406.05. The principal asset of the estate was real...more

Need Another Reason To Avoid Mixing Family & Finances?

by Bryan Cave on

You have a big heart and a little bit of money. You want to help out a cash-strapped family member, and – “because you’re family” – you don’t put down how much you’ll loan or how it’ll be paid back. ...more

Estate planning during divorce: It’s never too early to start

by Thompson Coburn LLP on

Estate plans prepared for married couples will vary in complexity and detail but generally follow the same theme: The revocable trust or will typically provides that upon the death of the first spouse, the surviving spouse...more

Privacy Perils: The Untimely Death of Digital Data

by Bass, Berry & Sims PLC on

Many people have thoughtfully gathered information on the location of their bank accounts, deeds, lock boxes, safe combination, car title (and keys), investment accounts, check books, and other assets to make handling their...more

Fiduciary Imprudence: When the Sale of an Asset Results in a Surcharge

by Farrell Fritz, P.C. on

Although one of the many duties and responsibilities of an executor is to marshal and appraise estate assets, and, depending upon the dispositive terms of the governing instrument, liquidate them for purposes of distribution,...more

Executor’s Duties Before Receiving Letters

by Farrell Fritz, P.C. on

A nominated executor is obliged to secure estate assets even before the issuance of letters testamentary, or preliminary letters testamentary (see Matter of Schultz, 104 AD3d 1146 [4th Dept. 2013]). Courts have recognized...more

What Happens to your "Social Media" and other "Digital" Life when you Die?

by Farrell Fritz, P.C. on

Over the holidays, it’s likely that you or a loved one received some type of computer or device that connects to internet websites, e-mail and applications. Or that pictures were taken and stored on such a device, or that...more

States Pass "Digital Assets" Legislation

by White & Case LLP on

Financial transactions are increasingly occurring online. Many of us pay bills electronically, or have them automatically charged to credit cards or debited from checking accounts. Many of us also receive asset and credit...more

Wealth Management Update - October 2016

by Proskauer Rose LLP on

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

How can surviving family members deal with online accounts and other digital assets?

We, as a society, are gradually moving away from paper bank statements, jars with money in them, and instructions to loved ones scribbled on notepads. With the growth of our online presence, our lives can be governed almost...more

You have been appointed as Executor/Executrix of a loved ones estate.....should you hire an attorney?

Administering an estate, especially one with more than just your basic assets, such as a home, and a couple joint bank accounts, can be very complicated. On a basic level, an executor must produce an inventory of all assets...more

What Is Required of an Executor?

Being the executor of an estate is not a task to take lightly. An executor is the person responsible for managing the administration of a deceased individual's estate. Although the time and effort involved will vary with the...more

Court Affirms Power Of Attorney Holder’s Right To Revoke Gift

by Winstead PC on

In Wise v. Mitchell, a power of attorney holder, Mitchell, filed a revocation of a deed that the principal issued to Wise. No. 05-15-00610-CV, 2016 Tex. App. LEXIS 6502 (Tex. App.—Dallas June 20, 2016, no pet. history). After...more

Court Reverses A Probate Order Requiring An Executor To Distribute Real Property Free Of Any Liens

by Winstead PC on

In In re Estate of Heider, a probate court ordered that an executor should distribute real property to a beneficiary free of liens. No. 05-14-00436-CV, 2016 Tex. App. LEXIS 5978 (Tex. App.—Dallas June 6, 2016, no pet....more

Court Reverses Decision On The Fair Market Value Of A Residence Due To The Surviving Spouse’s Interest

by Winstead PC on

In Estate of Sloan, a wife died leaving her home, and her husband was the executor of her estate. No. 02-15-00198-CV, 2016 Tex. App. LEXIS 6465 (Tex. App.—Fort Worth June 16, 2016, no pet. history). The wife’s will left all...more

T&E Litigation Newsletter- May 2016

by Goulston & Storrs PC on

In the past month, there were three decisions of note. First, in the case of Caffrey v. U.S. Trust, Case No. 15-P-920, 2016 Mass. App. Unpub. LEXIS 454 (Apr. 27, 2016), the Appeals Court was confronted with the question...more

Who Gets the Little Red Corvette? We’ll Never Know. The Importance of Having a Will.

by Cole Schotz on

Prince was not the first famous person to die without a Will. Others who died intestate include: Abraham Lincoln, Ulysses S. Grant, Howard Hughes, Martin Luther King, Jr., Sonny Bono and Pablo Picasso. Dying intestate is...more

Prince: Is His Legacy Really Untold?

by Bryan Cave on

As we’ve all seen in the news, musician Prince passed away on April 21, 2016 at the age of 57. According to news sources, on April 26, just five days later, one of Prince’s six siblings, his sister Tyka Nelson, filed...more

Court Holds That Will Did Not Revoke Inter Vivos Trust

by Winstead PC on

In Gordon v. Gordon, a man and his wife executed a revocable trust agreement and began to fund the trust. No. 11-14-00086-CV, 2016 Tex. App. LEXIS 3357 (Tex. App.—Eastland March 31, 2016, no pet. history). The couple later...more

Court Affirmed Holding That Trust Owned Real Estate And Was Entitled To Attorney’s Fees

by Winstead PC on

In Courtade v. Estrada, Estrada created an inter vivos irrevocable trust and deeded real estate into the trust. No. 02-14-00295-CV, 2016 Tex. App. LEXIS 3105 (Tex. App.—Fort Worth March 24, 2016, no pet. history). Two days...more

New Basis Reporting Requirements for Executors and Beneficiaries

by Goulston & Storrs PC on

Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more

Treasury Green Book Proposals — Definition of Executor

by Bryan Cave on

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

Privacy + Estate Planning = Handling Your Digital Assets After You Die

by Snell & Wilmer on

The recently-proposed Revised Uniform Fiduciary Access to Digital Assets Act (“Revised UFADAA”) is a potential solution to a problem that most of us eventually will face: how will our digital assets be accessed and used (or...more

Staffing Your Estate Plan

by Burns & Levinson LLP on

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

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