News & Analysis as of

Inheritance

The Importance of Keeping Beneficiary Designations Up-To-Date

by Pessin Katz Law, P.A. on

The bulk of inheritances left to loved ones are usually not held in bank accounts, cars, and other tangible assets. Rather, they are tied up in retirement accounts (such as an IRA, SEP, 401(k) or 403(b)), life insurance...more

People Considering a Will Contest Must Move Quickly

by Reminger Co., LPA on

The loss of a loved one is a devastating event, and can be a chaotic and confusing time for those left mourning. The making of phone calls to family and friends, the preparation of funeral arrangements, and the handling of...more

Texas Supreme Court Will Decide Whether Texas Recognizes A Tortious Interference With Inheritance Claim

by Winstead PC on

In Anderson v. Archer, the trial court’s judgment awarded the plaintiffs $2.5 million in damages based on a tortious interference with inheritance claim. No. 03-13-00790-CV, 2016 Tex. App. LEXIS 2165 (Tex. App.—Austin March...more

How Does Remarriage Impact Wills and Inheritances?

Divorce and remarriage are common in the United States, and most legal professionals place these issues squarely within the family law realm. However, people who remarry should also carefully revisit their estate plan...more

Texas Supreme Court Refuses To Rule On Whether Texas Recognizes Tortious Interference With Inheritance Rights And Affirms A...

by Winstead PC on

In Jackson Walker LLPO v. Kinsel, Lesey and E.A. Kinsel owned a ranch, and when E.A. died, he divided his half between his children and Lesey. Jackson Walker, LLPO v. Kinsel, No. 07-13-00130-CV, 2015 Tex. App. LEXIS 3586...more

Basis In Inherited Property

A beneficiary of an estate will often receive property other than cash as a part of an inheritance. It is common for the beneficiary to be unfamiliar with the circumstances under which the decedent obtained the property or...more

Court Holds That Family Member Did Not Owe Fiduciary Duties To Other Family Member

by Winstead PC on

In Walker v. Walker, a son sued his father and brother regarding the ownership of a beach house. No. 14-16-00357-CV, 2017 Tex. App. LEXIS 2742 (Tex. App.—Houston [14th Dist.] March 30, 2017, no pet. history). ...more

Speculation, Estate Planning, and Legal Malpractice

by Farrell Fritz, P.C. on

In some will contests, lawyers will speculate that the decedent may have misled people as to his true estate plan, either out of weakness, to keep the peace, to measure reactions, to avoid uncomfortable conversations, and...more

Accidental Disinheritance: Update Wills, Estate Plans Annually

by Lewitt Hackman on

So you have an estate plan? Good for you. You funded it? Even better. But have you updated it and your will in the last year? If you haven’t, your loved ones or favorite charities may be in for an unpleasant surprise. Your...more

Understanding Disinheritance: The Structure of an Ohio Post Mortem Dispute

by Reminger Co., LPA on

Great wealth, in the trillions of dollars, will be transferred from one generation to the next as our population ages. While most estates proceed as intended, there will always be greed and dysfunction among a small...more

IRS Issues Guidance Regarding Estate Tax Lien Discharge Process

by Charles (Chuck) Rubin on

When an individual dies, an estate tax lien attaches automatically to all of the property included in the gross estate. It arises prior to tax assessment, and is not recorded....more

Best Practices for Managing Wills Between Family Members

by JAMS on

A mother dies, leaving her daughter 75 percent of her estate. Her son, who thought he would receive 50 percent, contests the will. The daughter claims that their mother must have changed her will to compensate the daughter...more

New Reporting Regime: Estates Who Have to File Federal Estate Tax Returns Need to be Aware of New Basis Consistency Law

by Bowditch & Dewey on

On July 31, 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 introduced new tax law that affects executors who are required to file a federal estate tax return and beneficiaries...more

Oral Contracts to Make Wills

by LeClairRyan on

The vast majority of people have no idea that Virginia law recognizes oral contracts to make a will. As a result, people often miss out on asserting a claim to an inheritance because they didn’t know that they had one to...more

T&E Litigation Newsletter - February 2017

by Goulston & Storrs PC on

Several recent decisions serve as a good reminder that it is not only the Probate and Family Court that addresses important T&E issues in Massachusetts. In the consolidated matters of Hanna et al. v. Williams et al.,...more

Registration Duty – All clear ?

by Hogan Lovells on

Yesterday, the director of the Luxembourg indirect tax administration (administration de l'enregistrement et des domaines) issued circular n° 782 dated 2 January 2017 (the "Circular"). The Circular recalls the main changes...more

Texas Supreme Court Will Determine Whether Texas Recognizes A Tortious Interference With Inheritance Claim

by Winstead PC on

Today, the Texas Supreme Court granted a petition for review in Jackson Walker, LLPO v. Kinsel, No. 07-13-00130-CV, 2015 Tex. App. LEXIS 3586 (Tex. App.—Amarillo April 10, 2015, pet. granted). The Court’s staff attorney...more

T&E Litigation Newsletter - November 2016

by Goulston & Storrs PC on

There has not been much case law of particular relevance in the T&E area since our last newsletter, but three recent federal court decisions—one from the First Circuit Court of Appeals, and two from the United States District...more

Successfully Selling Your Business: 4 Tips – No Matter the Buyer

by Gray Reed & McGraw on

Among the growing number of business owners looking to sell their business, JR and Sue Ellen Pawlenty are in the market to sell their company Pawlenty Energy. Recently Tilting the Scales highlighted Successfully Selling Your...more

New Treasury Proposed Regulations: Bad for family farms

by Nexsen Pruet, PLLC on

In transferring the ownership of family farms to the next generation, it is common to take advantage of certain valuation discounts in making transfers. The Department of Treasury recently released proposed regulations under...more

Holding Assets in Trust for the Next Generation

by McNair Law Firm, P.A. on

Over the past few years, we have seen a dramatic increase in the number of clients interested in holding assets in trust for their children. This is a trend we are noticing across the board, regardless of the size of the...more

4 Things Beneficiaries Who Receive IRS Form 8971’s Schedule A Must Know

When someone inherits assets, he or she is supposed to have a tax basis in the inherited asset for income tax purposes equal to the “fair market value” of the inherited asset at the date of death. The IRS is concerned that it...more

A New Procedure for Appointing Commissioners to Partition Property in Tennessee

by Butler Snow LLP on

Generally, any person that has an ownership interest in property in which one or more other persons also have an interest may bring an action to divide the property or to sell the property and have the proceeds therefrom...more

Court Discusses Slayer Rule in Texas And Affirms Judgment For Bank That Froze Account

by Winstead PC on

Preface to Case: The Texas Constitution states that “[n]o conviction shall work corruption of blood, or forfeiture of estate.” Tex. Const. Art. I § 21 (emphasis added). The Texas Estates Code also states as much. Tex. Est....more

Court Increases Father’s Child Support Payment Due to Inheritance

In the 2015 Pennsylvania Superior Court Opinion E.R.L. v. C.K.L., the Court found that Father’s significant inheritance was a sufficient reason to increase his child support payment for the parties’ three children....more

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