Inheritance

News & Analysis as of

Business Succession Planning in the Current Tax Environment

Business succession planning in the current tax environment may require an adjustment in thinking from traditional planning. Traditional planning usually attempts to transfer ownership of the business to the next owner (often...more

The Effect of Obergefell v. Hodges for Same-Sex Couples

issued on the second-to-last decision day of the term, and provides that same-sex couples have had a constitutional right to marry since at least the passage of the Fourteenth Amendment. This ruling may come as a surprise to...more

A Nationwide Right: Same-Sex Marriage Legalized in a Monumental Decision and its Impact on Estate Planning

June 26, 2015. A date that will undoubtedly be added to our history books and remembered for generations. This is because on this day, the Supreme Court of the United States guaranteed the right to same-sex marriage...more

Life After Death: No Longer Inconceivable

Recent legislation provides a framework for inheritance rights of children conceived after the death of one or both parents in very specific circumstances....more

Deceased Employee's ADA Claim Becomes Property of Estate

What happens when a plaintiff pursuing a disability discrimination claim under the Americans with Disabilities Act dies during administrative or judicial review? Are the claims of such a personal nature that they expire along...more

Titling Property & Same-Sex Couples in Kentucky

With the U.S. Supreme Court poised to hear the case that could decide the fate of same-sex marriage bans once and for all, legal ground in that area is now uncertain territory. Currently, however, Kentucky does not recognize...more

State of the Union Surprise: President Targets Inherited Assets in Middle-Class Tax Reform

After the American Taxpayer Relief Act of 2012, many in the estate planning community thought that tax law dealing with estates and trusts was settled for some time. President Obama’s earlier budget proposals calling for a...more

Protecting Gifts or Inheritances in Divorces

On numerous occasions, we have been asked how inheritances and gifts are treated in divorces in Pennsylvania. The first thing you need to understand is how marital property is divided in a divorce....more

Inherited IRAs – The Golden Egg Loses Some of Its Sheen

The named beneficiary of an Individual Retirement Account (IRA) or Roth IRA inherits a golden egg —an asset with uniquely valuable characteristics. In June, however, the United States Supreme Court in Clark v. Rameker issued...more

Expect to inherit? Got debts? Consider bankruptcy!

If you expect to inherit something of significant value, and you also have significant debts, bankruptcy might be a way to preserve that inheritance instead of having much or all of it go to your creditors. Let's take a look...more

An Inherited IRA And Bankruptcy

In Clark v. Rameker, a case decided by the U.S. Supreme Court on June 12, 2014, the Court ruled that an inherited IRA did not constitute “retirement funds” under the Federal Bankruptcy Code and, therefore, those funds were...more

Supreme Court Decides Retirement-Fund Bankruptcy Exemption Case: Clark v. Rameker

On June 12, 2014, the United States Supreme Court decided Clark v. Rameker, No. 13-299, holding that funds in an individual retirement account (IRA) that a bankruptcy debtor obtained through inheritance are not "retirement...more

Debtor’s Estate Set To Expand Or Contract Based On Supreme Court Ruling In Clark v. Rameker

Before the Supreme Court this term is the question of whether a beneficiary individual retirement account (an “Inherited IRA”) is exempt from a debtor’s bankruptcy estate under 11 U.S.C. § 522(b)(3)(C) and (d)(12)2 of the...more

High Court to Rule on Retirement Fund Exemption

Ruth Heffron established an IRA naming her daughter, Heidi Heffron-Clark, as the sole beneficiary. Ruth died in 2001 and the account, valued at roughly $300,000, passed to Heidi. After her mother’s death, Heidi then...more

Insight on Estate Planning - February/March 2014

In This Issue: - The BDIT: A trust with a twist - Thanks, Grandma and Grandpa! 3 estate-planning-friendly strategies to pay for a grandchild’s college education - Power of attorney abuse: What can you do...more

Here Is What Is Happening In Pennsylvania’s Legislature Regarding Trusts And Estates

Bill Ries has prepared a status report for the Pennsylvania Legislature’s current Trust & Estate matters. These tables summarize a number of bills that affect decedents’ estates laws and were introduced in the 2013-14...more

New York Man Pleads Guilty to Hiding Inheritance in Swiss Account

Tax Analysts Tax Notes is reporting that HENRY SEGGERMAN pled guilty today in Manhattan federal court to charges related to his participation in a scheme with family members to hide in secret Swiss bank accounts, and not...more

So, You inherited an unreported offshore account, now what!

There may have been a time when inheriting an unreported offshore financial account was not problematic; but not today. The executor/trustee of the estate of the decedent has fiduciary responsibility to IRS and faces personal...more

Insight on Estate Planning - August/September 2013: Is your estate plan bulletproof? Techniques for avoiding litigation over your...

An inherent problem with wills and other estate planning documents such as trusts is that, when the time comes to put them into action, they can be objects of dispute. Fortunately, there are strategies a person can implement...more

Insight on Estate Planning - June/July 2013: Estate planning for adopted children and stepchildren

For those who have adopted children or unadopted stepchildren, estate planning is critical to ensure that their property is distributed the way they desire. For those who are unmarried and in a long-term relationship with...more

Non-Tax Considerations in Estate Planning

In estate planning, we often focus heavily upon (a) reducing estate taxes and (b) avoiding probate. But equally important are the considerations regarding our family who survive us, and the legacy we wish to leave behind....more

Tax Law Blog: Disclaiming an Inheritance

Most of the time, people are pleased to accept an inheritance. However, there are many reasons to not want the inheritance. For example, in small estates, you may receive a home that comes subject to a mortgage, and you...more

Private Client - Practical Law Multi-Jurisdictional Guide 2012/13 Country Q&A: Japan

Originally published in Private Client Multi-Jurisdictional Guide 2012/13. In This Issue: Taxation; Wills and Estate Administration; Succession Regimes; Intestacy; Trusts; Ownership and Familial Relationships;...more

The Most Valuable Inheritance

One of the most valuable things in my possession is a collection of several CD’s which I had made from some old cassettes recorded by my maternal grandfather, Sam. He was an immigrant who came to America from the Ukraine in...more

The Kids Are Fine, But Who Are the Parents?

Many estate plans and laws of descent involve "descendants" or "issue." But who qualifies legally for that status is often unclear, particularly now that biology has raced ahead of laws. Adoption (including of adults), as...more

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