Trusts Estate Planning

News & Analysis as of

NPRA Redux: Proposed NPCL Amendments Approved by Senate and Assembly

The New York State Assembly and Senate have passed a bill that, if signed by the Governor, would amend the Not-for-Profit Corporation Law (the “NPCL”) and the Estates, Powers and Trusts Law (the “EPTL”) to clarify and refine...more

Will Your Estate Plan Preserve the Family Vacation Home?

Now that sunshine and blue skies are upon us, people are opening their summer homes for the season. Happy memories of family vacations and gatherings often motivate parents to seek out ways to preserve their second home for...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

The Unintended Consequences of Not Having an Estate Plan

Nobody likes to think about death, but failing to plan for it can cause unintended consequences for loved ones. Prompted by the death of Prince, a client recently came to see me. He had read in the news that heirs to...more

How Non-Probate Assets Can Affect Your Estate Plan: A Few Cautionary Tales

When you think about the control of your possessions and assets after your death, you probably think of a Will and probate. A Will is a written, legally enforceable declaration that states how you wish your assets to be...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

Trial & Heirs: 5 Estate Planning Stumbling Blocks

Last month, Prince died at the ripe young age of 57. He had no will, as reported by his only full sibling (a sister). She filed for probate of his estate in Minnesota, where he owned a home in Paisley Park. Under Minnesota...more

Are You Still Partying Like It’s 1999?

Most of us prefer to do those things that are fun and tend to procrastinate as to things that are the more mundane and that are not so interesting or exciting. Does that describe you?...more

Planning for the $5-$10 Million Couple: Portability or Credit Shelter?

In 2009, each individual had a $3.5 million estate tax exemption. If a married individual had assets over $3.5 million, without careful planning, those assets in excess of $3.5 million would fall subject to a 45% estate tax....more

Four Lessons Learned from Prince’s Estate (So Far)

Several of the events surrounding the initial administration of Prince’s estate provide lessons applicable to all estate plans, not just celebrity estate plans. If You Don’t Have an Estate Plan, the State Will Write...more

Recent Changes in Testamentary Capacity Rules

Estate planners and litigators face new challenges in light of recent developments in case law and statutory changes affecting the law of testamentary capacity. Gone are the simple rules that estate planners have used for...more

Choosing Wisely – Selecting a Trustee

Many people use a revocable trust as part of their estate plan because of its probate avoidance and privacy benefits after death. In addition, many people, whether using a will or a revocable trust, want their beneficiary to...more

Trusts and Estates Group News: Estate Planning Enters the Digital Age

One reality of modern life is our increasing reliance on digital information and services. It’s difficult to take and then order prints of photographs, accumulate travel rewards, book travel, sort through financial records,...more

Recent Changes in Estate Planning Laws May be Cause for Review of Your Estate Plan

Recent change in tax laws have many people rethinking their estate plans. Also, changes in the normal course of life make it a good idea for persons with estates that range from small to large to review wills, trusts, powers...more

Prince: Is His Legacy Really Untold?

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

Living Like a Prince, but not Dying Like One

The media seems to be concerned with two primary subjects lately, and both topics continue to trounce each other in turn on social networks for attention: 1. The presidential elections 2. The death of Prince,...more

Prince: The Lost Legacy of an Estate Plan Untold

You may not have produced over 30 albums, accrued over $300 million and an equivalent amount of fans as Prince, but, like the recent pop star, you too have a legacy that could impact many individuals around you. The term...more

Estate Planning During Divorce (Part 2) [Video]

The term divorce provokes a number of commonly known thoughts and reactions (i.e. a division of assets, a new - residence, a custody agreement concerning children, and so on). Less obvious is the effect that a divorce may...more

Ten Tips for Preventing Feuds from Wrecking Your Family Business

Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more

Why the SBA doesn’t like your joint trust: A common estate planning trap for owners of certified small businesses with government...

It is common for business owners to have different attorneys for their estate planning needs and their business law needs – sometimes, the two attorneys don’t even work for the same law firm. This article will review the...more

Family Planning

Well thought out and prepared estate planning is important for many reasons. Some reasons are obvious, such as tax planning and making sure your assets go where you want them to go; others are not. These less obvious...more

The Rise of Litigation Involving Trust Protectors

Disputes involving trust protectors are increasing in number and will likely only further increase in number in the coming years. This blog post discusses what a trust protector is, whether trust protectors owe fiduciary...more

Insight on Estate Planning - April/May 2016

Have you addressed elderly parents in your estate plan? Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But some members of the family can be...more

Parties Settle Closely Watched Tax Court Cases Involving Defined Value Clause

The IRS and executors have settled two cases in the United States Tax Court involving members of the Woelbing family, who own Carma Laboratories, Inc., of Franklin, Wisconsin, the maker of Carmex skin care products, and a...more

Estate Planning For Real Property

Often the most difficult asset for which to plan in an estate plan is non-commercial real property such as a family farm, a hunting cabin or other recreational property. This is especially true when the property makes up a...more

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