Wills, Trusts, & Estate Planning

Today’s Take: Don’t Mess With Elders

by Rodney Lee | Ervin Cohen & Jessup LLP on 5/21/2013

It is an unfortunate reality that as people get older, they become more and more susceptible to influence, abuse, and neglect. In fact, California has recognized that its elders are a disadvantaged class, that the cases of...more

It's not just any old business...it's your LEGACY!

by Sabrina Winters, Attorney at Law, PLLC on 5/21/2013

Estate Planning is so much more than the distribution of “things” and “money”. Estate Planning, if you truly look to the underlying motivation of why we even create an Estate Plan, is really about our values, our beliefs,...more

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

by Orrick - Structured Finance Group on 5/20/2013

On May 13, Justice Kornreich of the Supreme Court of the State of New York denied DB Structured Products, Inc.’s (DBSP) motion to dismiss an RMBS putback action brought against it by the trustee for the relevant RMBS trust. ...more

Changes to BVI Trust Legislation – Fine-tuning the Law to Promote Flexibility

by Margarita Hadjitofi, Henry Mander, Emily Yiolitis | Harney Westwood & Riegels on 5/20/2013

The British Virgin Islands is a well respected and sophisticated jurisdiction for the establishment of trusts. The general principles of BVI trust law are derived from those of English law and they have been supplemented by...more

Florida Medical Record Disclosure Law Preempted by HIPAA

by Jennifer S. Geetter, James Saling, Heather Egan Sussman | McDermott Will & Emery on 5/20/2013

The U.S. Court of Appeals for the 11th Circuit recently ruled that a Florida law requiring nursing homes to disclose patient records of deceased patients was preempted by the Health Insurance Portability and Accountability...more

The Health Care and Education Reconciliation Act’s Tax on Net Investment Income

by William McNairy, Sara Vizithum, Sue Young | Brooks Pierce on 5/20/2013

One of the provisions included in the health care reform legislation enacted in 2010 will subject certain individuals to a 3.8% tax on net investment income (or "unearned income"). The new law is effective in 2013 and imposes...more

FBAR Penalties and Estate Administration

by Sanford Millar on 5/20/2013

The death or disability of a taxpayer who has failed to timely file a Report of Foreign Bank or Financial Account (FBAR) can present difficult problems for fiduciaries like trustees, estate executors and conservators. The...more

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

by Loeb & Loeb LLP on 5/18/2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...more

If You Will®: Short Takes on Estates, Taxes and Trusts - May 2013

by Burns & Levinson LLP on 5/17/2013

"IF YOU WILL®: Short Takes on Estates, Taxes and Trusts” is a quarterly glance through an informal lens at selected news items, court decisions, legislative changes and/or important issues pertinent to estate planning. It is...more

Eliminate fighting over personal property

by Sabrina Winters, Attorney at Law, PLLC on 5/17/2013

It is quite often the personal property that causes the most heartache and disruption in families after a death. Although, money doesn’t usually have any sentimental attachment, it can cause issues of its own on an entirely...more

Following in Ohio’s Footsteps: The Expansion of Asbestos Transparency Legislation

by Rachel Reynolds | Sedgwick LLP on 5/16/2013

Asbestos personal injury trusts proliferated after many of the early primary asbestos product manufacturers reorganized under bankruptcy law. It is estimated that nearly 100 companies have declared bankruptcy in the face of...more

IRS Releases "Dirty Dozen" Tax Scams for 2013

by Ronald Adams on 5/16/2013

Some of this year's top scams are directed at innocent taxpayers, while others are committed by taxpayers in a futile and costly attempt to avoid taxes. For each of the last several years, the Internal Revenue Service has...more

Sanctions Are Issued Where Court Determines That Special Motion To Strike Was Filed For Improper Purpose

by David J. McMahon | Barger & Wolen on 5/15/2013

In Kleveland v. Siegel & Wolensky LLP, 2013 DAR 4961(2013) the California Courts of Appeal for the Fourth Appellate District affirmed the denial of a special motion to strike and the award of costs and attorney fees as...more

Tax Changes Loom in the President’s 2014 Budget Proposal

by Les Williams | Niles, Barton & Wilmer, LLP on 5/15/2013

The White House recently released its Fiscal Year 2014 budget proposal, and there are many suggested changes that will impact individuals, businesses, and estates. Several of these proposals—particularly on the estate and...more

Estate Planning: Lessons Learned From Angelina Jolie

by Evan Guthrie Law Firm on 5/15/2013

Estate Planning: Lessons Learned From Angelina Jolie Angelina Jolie disclosed that she had a double mastectomy and that she would have her ovaries removed to help prevent breast and ovarian cancer that she may be...more

The Fallout from the American Taxpayer Relief Act – What a Relief?

by Les Williams | Niles, Barton & Wilmer, LLP on 5/15/2013

Because the media cycle moves so quickly these days, you may have already forgotten about the frantic last few days of 2012, during which Congress and the White House worked feverishly to save us all from going off the...more

Court Reverses The Appointment Of A Receiver Over Trust Property

by David Johnson | Winstead PC on 5/15/2013

Courts generally review receiverships very closely, and a party requesting one should follow all required procedures. In Elliott v. Weatherman, parents created an irrevocable living trust and designated their three adult...more

Gray Divorce: Retirement Accounts and Estate Planning

by Andrea Dunbar | Burns & Levinson LLP on 5/14/2013

DIVIDING RETIREMENT ACCOUNTS - There are important differences associated with dividing retirement plans that are already in pay status and those that are not. Some people divorcing later in life are already retired,...more

Obama Revenue Raising Proposals

by Vance E. Antonacci | McNees Wallace & Nurick LLC on 5/13/2013

The Obama Administration recently released its budget proposal for the federal government’s upcoming fiscal year of October 1, 2013 to September 30, 2014. The budget proposal contains a variety of changes to the tax laws...more

IRS Announces Information Sharing Agreement With Australia And The UK To Combat Tax Evasion

by David Gair | Looper Reed & McGraw, P.C. on 5/13/2013

The IRS continues to aggressively pursue offshore tax evasion. Another example of which is plan to share tax information with Australia and the United Kingdom....more

Whose Standing Is It, Anyway?

by Andrea Smith | Carr, McClellan, Ingersoll, Thompson & Horn -... on 5/13/2013

Does the trustee of a revocable trust ever have a duty to account to the remainder beneficiaries of the trust? The Supreme Court of California says yes, but not until after the death of the settlor. In a recent decision, In...more

2013 Estate Planning – Still Not The Time To Be Complacent

by Gary Phillips | Cole Schotz on 5/13/2013

The end of 2012 saw an unprecedented surge of activity for estate planning attorneys and advisors counseling clients to implement estate plans before the 2013 changes in the law, which would have reduced gift and estate tax...more

Court Issues Opinion Holding That Parties Can Enforce Arbitration Clauses In Trust Documents

by David Johnson | Winstead PC on 5/13/2013

Parties may want to resolve trust disputes in arbitration. There are perceived cost savings associated with arbitration, and arbitration can be quicker than normal litigation. But one of the main benefits is that the...more

SEC Settles Suit for Misleading Advisory Contract Approval Disclosure

by David Freese, Sean Graber, Daniel Levin, Richard F. Morris, John O'Brien, Zachary E. Vonnegut-Gabovitch | Morgan Lewis on 5/10/2013

Settlement with mutual fund directors and service providers serves as a reminder of responsibilities for disclosures relating to the approval of investment advisory contracts and provides insight into SEC enforcement...more

Planning And Paying For Long-Term Care (Part 6 In A Series: Medicaid/Medical Assistance)

by Scott Alan Mitchell | McNees Wallace & Nurick LLC on 5/10/2013

In Part 5, I discussed the issue of “excess” assets and the “spend-down” process in Medical Assistance. Apart from a couple’s exempt assets (house, one car, household furnishings, etc.), the remaining assets are “countable”...more

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