Surviving Spouse

News & Analysis as of

Pensions Ombudsman Round-Up - July 2016 (UK)

The latest edition of DLA Piper's Pensions Ombudsman Round-Up newsletter reports on some recent determinations made by the Pensions Ombudsman (PO) and Deputy Pensions Ombudsman (DPO), and provides statistics on the outcomes...more

Why Every Parent in Alberta Should Have a Will

As a young, healthy parent, you may believe that having a Will is the last thing on a long priority list. However, while a Will is vital for everyone, those with children should be particularly mindful of the primary...more

Wealth Management Update - July 2016

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

Beware: Your Estate Plan May Contain an Unnecessary Bypass Trust

A once-popular estate planning tool included in many Last Wills and Revocable Trusts may now cost families more in taxes than it saves. Changes in the federal estate tax have made the "bypass trust" which was often included...more

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

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

Portability is a thoroughly modern estate tax break

Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies estate planning by allowing a surviving spouse to use the...more

Wealth Management Update - June 2016

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

Maryland Employers May Now Grant a Hiring and Promotion Preference to Veterans

Maryland joins the growing list of states (23 states in the past two years) that have enacted laws giving preference in hiring to honorably discharged veterans. Private employers have been hesitant to favor veterans because...more

Life Insurance and Estate Planning

Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....more

The Future of Credit Shelter Trusts

When the President signed the American Taxpayer Relief Act of 2012, some observers thought that certain provisions would sound the death knell for a popular legal tax shelter strategy known as Credit Shelter Trusts (CST)....more

2016 Estate and Gift Update

The federal government imposes a gift tax for gifts made during one’s lifetime. Likewise, the estate tax is levied on transfers made at one’s death. ...more

California Court Recognizes Same-Sex Marriage a Week Prior to Windsor

Earlier this month, the U.S. District Court for the Northern District of California recognized the retroactive application of United States v. Windsor. In Schuett v. FedEx Corporation, plaintiff and her long-time...more

New Rules Will Make It Harder to Qualify for Long-Term Care Help From the VA

The Veteran's Administration (VA) offers a pension benefit to low-income veterans (or their spouses) who are in nursing homes or who need help at home with everyday tasks like dressing or bathing. The pension, called Aid and...more

A Tale of Two Distributions: Equitable Versus Estate in the Wake of the Kardashian/Odom Divorce

The current domestic law situation between Khloe Kardashian and Lamar Odom, although unique, is not uncommon. In December 2013, Khloe filed for divorce against Lamar, but for whatever reason, never finalized the paperwork...more

Court Finds That Plan Administrator Should Comply With Qualified Domestic Relations Order Issued After Retirement Plan...

A recent opinion from the Second Circuit puts retirement plan administrators on notice that adjustments to benefits may be necessary to account for retroactively effective qualified domestic relations orders (QDROs). In...more

HUD Reverses Course (Again) on Non-Borrowing Spouses

The Department of Housing and Urban Development (HUD) continues to grapple with how mortgagees and servicers of Home Equity Conversion Mortgages (HECMs), commonly known as reverse mortgages, should proceed where a spouse that...more

High Net Worth Family Tax Report, Vol. 10, No. 2

Borrowing Against Art Collections - Your art collection may not be as illiquid as you think. It is possible to raise cash by borrowing against works of art. Although some banks do not offer art-secured loans because of...more

Florida Court of Appeals Reverses Foreclosure of Reverse Mortgage by Expanding the Definition of “Borrower” to Include Surviving...

Home equity conversion mortgages, commonly known as “reverse mortgages” are popular loan products in Florida. In order to foreclose on a reverse mortgage, the lender generally must allege that all conditions necessary to...more

Estate Planning for Same-Sex Couples After Obergefell

Many areas of the law are left unanswered by Supreme Court's decision in Obergefell , but the fundamental question of whether same-sex individuals can marry has now been answered. There have traditionally been many obstacles...more

BAG: „Spätehenklauseln“ in betrieblichen Pensionsregelungen sind unwirksam

Sog. „Spätehenklauseln“, nach denen der Ehegatte den versorgungsberechtigten Mitarbeiter vor dessen 60. Lebensjahr geehelicht haben muss, um einen Anspruch auf die Witwen- bzw. Witwerrente zu erwerben, stellen eine...more

The Obergefell Decision and Property Considerations for Married Same-Sex Couples

In Obergefell v. Hodges, the United States Supreme Court, in a 5-4 opinion, determined that prohibitions on same-sex marriage are an unconstitutional infringement of Fourteenth Amendment rights. This decision throws the doors...more

U.S. Supreme Court Holds Same-Sex Marriage To Be a Fundamental Right

The United States Supreme Court issued its opinion in Obergefell v. Hodges, 576 U.S. ___ (2015) on June 26, 2015. In a 5-4 decision, the Supreme Court held that the Fourteenth Amendment requires a State to license a marriage...more

Update on Estate and Gift Tax Proposals

Congressional Proposals: H.R. 1105, Death Tax Repeal Act of 2015, was passed by the House, as amended, on Apr. 16, 2015. The bill amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes...more

Alabama Homestead and Personal Property Exemptions Increased

On June 11, 2016, Governor Bentley (Alabama) signed into law ACT No. 2015-484 which became effective that same day. The law increases the personal property exemption available to individual debtors and surviving spouses to...more

Supreme Court Approves Same-Sex Marriage: Tax and Legal Implications for Same-Sex Spouses

On June 26, 2015, the Supreme Court handed down its decision in the landmark case of Obergefell v. Hodges. The Court held that the Fourteenth Amendment to the United States Constitution requires all states to license a...more

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