Wills, Trusts, & Estate Planning Updates

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PBA Amendments in Response to Carrigan Case Become Law

Following the recent provincial election, Ontario’s Liberal government re-introduced the budget bill which had been defeated during the last session of the legislature. With the Liberals’ new majority in the legislature, the...more

Shorts on Long Term Care - Summer 2014

In this issue: - Nursing Facility Survey Trends: Directed Plans of Correction, Privacy Violations and FTag 520 Quality Assurance Committee Citations - COBRA Meets ACA – Time to Update COBRA Notices -...more

51 Flavors: A Survey of Small Estate Procedures Across the Country

Properly navigating a probate administration in any one state can be challenging enough, but often the client’s estate—and the attorney’s practice—is not so neatly confined within one state’s boundaries. Fortunately, for...more

Wealth Management Update - August 2014

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

McNees Insights: Estate Planning - Summer 2014

In This Issue: - Transitioning The Family Business to the Next Generation - Charitable Trusts and Estate Planning - Recent Tax Developments - Excerpt from Transitioning The Family Business to the...more

Is Attorney-Client Privilege Affected By Who Pays Counsel Fees?

After receiving great interest from our “Fiduciary Exception to the Attorney-Client Privilege” article, we provide this follow-up article to address a possible “exception to the exception” that may still protect documents...more

This is Why You Need a Will

Let’s talk title disputes, especially ones between those with record title and those claiming title by possession: - They are complicated (There were 229 defendants in today’s case) - They happen when there is a lot...more

Recent Tax Developments

The following is a summary of the most important tax developments that have occurred in the past several months that may affect you, your family, your investments, and your livelihood. Please call us for more information...more

Designating Your Same-Sex Spouse as the Sole Beneficiary in Your Will

Estate planning can be a very stressful time for all married couples, especially when children and other relatives need to be considered. However, under normal circumstances, one need not be overly concerned with the...more

Status Updates - July 2014 #9

..According to a current study by Bank of America, Americans are very closely attached to their smartphones. Of those surveyed, 85 percent said they check their phone at least a few times a day and 35 percent say they check...more

Charitable Trusts and Estate Planning

There are a number of ways in which clients can incorporate their desire to benefit charities into an estate plan. At the most basic level, the Internal Revenue Code (the “Code”) generally provides for a federal estate tax...more

Estate Planning Is Not Just for the Rich and Famous

It can be hard to get folks to think about estate planning—especially the younger ones in the beginning stages of their careers. They believe that there will be many changes in their life before end-of-life planning becomes...more

Reporting Foreign Account Gifts

One of the areas of inquiry that is certain to receive increased attention by the IRS and Department of Justice (DOJ) is the claim that the funds in offshore accounts were the result of a “gift”. The proper documentation of...more

Transitioning the Family Business to the Next Generation

The transition of a family owned business involves a variety of legal and tax issues. While most business owners plan to avoid taxes and develop creditor protection strategies, business owners also should be focused on...more

Federal Practice & Bankruptcy: SCOTUS on Bankruptcy: Jurisdiction and Inherited IRAs Clarified

In a rare burst of bankruptcy enthusiasm, the US Supreme Court in June issued two decisions on matters important to the administration of bankruptcy cases. In re Bellingham, decided June 9, addressed a seemingly...more

Uniform Fiduciary Access to Digital Assets Act (UFADAA)

On July 16, 2014, the Uniform Fiduciary Access to Digital Assets Act (UFADAA) was passed by the Uniform Law Commission. My colleague Gene Hennig and I originally proposed this uniform law in May of 2011, and I’m very happy...more

Fourth Circuit Rejects Widow’s Claim for Equitable Relief

The Fourth Circuit recently rejected fiduciary breach and equitable estoppel claims for life insurance coverage by Leslie Moon, the widow of a deceased employee, who claimed that the employer’s actions resulted in Mr. Moon’s...more

Five Estate Planning Tips to Prepare For Your Upcoming Trip

After surviving this past winter’s polar vortex, it is hard to believe that summer is flying by and that vacation season is in full swing. Summer vacation, or any trip, is a great opportunity to relax and recharge by spending...more

CERCLA Contribution and Trust Funds: A Matter for State Law

The Second Circuit Court of Appeals in New York recently held that the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), commonly known as Superfund, does not require contribution from...more

Are Inherited IRAs Exempt Property in California Bankruptcy?

The law says that retirement funds are exempt property in bankruptcy, but the Supreme Court has held that this exemption doesn’t apply to inherited IRAs. End of story? Not quite....more

For Love or Charity – A Charitable Bailout Using Charitable Remainder Trusts for the Sale of a C Corporation

I have personally observed in my professional travels that many taxpayers are reluctant charitable donors. However, we you remind a business owner that they only have three choices when it comes to taxes (1) Pay yourself;...more

How to Fight a STOLI Scheme: Court Rulings Offer Clues

Two recent court decisions provide potential road maps for insurers in the fight against Stranger-Originated Life Insurance (STOLI) schemes. Ohio Nat’l Life Assurance Corp. v. Davis involved a STOLI scheme so obvious that...more

New Statutory Elective Share for Surviving Spouses in Rhode Island

A surviving spouse’s rights and interests to assets of a deceased spouse have been clarified and expanded by a new spousal “elective share” statute in Rhode Island (R.I.G.L. § 33-28-1 et. seq.). ...more

“Ladybird Deed” Language Removed from Michigan Tax Guidelines

Many people have heard of a "Ladybird Deed," but few understand how Ladybird Deeds work. In essence, this type of deed allows property to pass automatically upon an individual's death without the need of probate, offering a...more

False Foreign Gift Claims and Wire Fraud

A scheme that some dual national taxpayers have used involves claiming exemption from foreign jurisdiction taxation because they are U.S. taxpayers and then not reporting the offshore account or its income as required by U.S....more

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