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Family Law Finance & Banking

Read Family Law updates, news, and legal commentary from leading lawyers and law firms:

Legislative Update: New Vulnerable Persons and POA Statutes

by Winstead PC on

On October 26, 2017, David F. Johnson presented “Legislative Update Impacting Fiduciaries,” to the Texas Bankers Association’s Advanced Trust & Portfolio Management Forum in San Antonio, Texas. This presentation discussed new...more

Does a removed trustee have a duty to see to it that the fiduciary reins are assumed by a qualified successor?

by Charles E. Rounds, Jr. on

A removed trustee retains myriad residual fiduciary duties and liabilities. The most obvious is the duty not to betray the confidences of the entrustment going forward. Less self-evident is the removed trustee’s residual...more

Trust Protectors, Trust Directors, and the Uniform Directed Trust Act

by Charles E. Rounds, Jr. on

The Uniform Directed Trust Act (the “Act”), approved July 19, 2017 by the National Conference of Commissioners on Uniform State Laws, purports to govern irrevocable directed trusts. For purposes of the Act a directed trust is...more

Dividing IRAs in the Context of a Divorce – No Good Deed Goes Unpunished

by McNair Law Firm, P.A. on

The recent United States Tax Court case of Jeremy Ray Summers v. Commission, T.C. Memo 2017-125, is an example of the old adage that “no good deed goes unpunished.” The case also highlights how sometimes form triumphs over...more

Appellate Court Notes

by Pullman & Comley, LLC on

Appellate Court Advance Release Opinions: - AC38945 - Shook v. Bartholomew - AC38945 - Shook v. Eastern Connecticut Health Network, Inc. Defendants could not appeal plaintiff’s verdict in this motor vehicle accident...more

Bitcoin Redux With An Ethereal Twist

by Fox Rothschild LLP on

We last wrote about Bitcoins in late March, 2014. The principal concern we expressed at that time was that these cryptocurrencies might form a refuge from financial disclosure in the typical divorce setting. The specifics of...more

The Supreme Court - May 15, 2017

by Dorsey & Whitney LLP on

Midland Funding, LLC v. Johnson, No. 16-348: Respondent Aleida Johnson filed for Chapter 13 bankruptcy in the Southern District of Alabama. Petitioner Midland Funding then filed a “proof of claim” in the Bankruptcy Court,...more

Wealth Management Update - May 2017

by Proskauer Rose LLP on

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

2016 Guidance from the North Carolina Court of Appeals on Attorney-Client Privilege Issues

by Ward and Smith, P.A. on

In civil litigation, parties frequently communicate with consultants, tax advisors, friends, family, and others concerning the subject matter of the litigation, and such communications raise issues regarding the possible...more

When the Wall of Secrecy Collapses

by Foodman CPAs & Advisors on

Foreign Accounts, Shell Companies, Blind Trusts, Asset Protection Trusts, Offshore Trusts, Global Citizenship and US Residency are just a few of the Terms highlighted in the mega divorce proceedings of a Palm Beach County...more

2016 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Wealth Management Update - September 2016

by Proskauer Rose LLP on

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

Wealth Management Update - July 2016

by Proskauer Rose LLP on

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

Buy-Sell Agreements in a Divorce (Part 1)

by Ervin Cohen & Jessup LLP on

My prior articles have discussed how to monetize one spouse’s equity interest in a privately held company that has no other owners. However, many businesses are started by two or three partners contributing their ideas,...more

War of the Rosas – Creative Tax Strategies to Balance the Financial Results in Divorce Planning

by Gerald Nowotny on

The War of the Roses is a movie classic above the trials and tribulations of marriage and divorce that sends shivers equally down the spine of about those married and unmarried. Several quotes from the movie include the...more

Protect Yourself by Learning About Your Family’s Finances

by Miles & Stockbridge P.C. on

All too often, clients enter the divorce process with little or no knowledge about the family’s bank and investment accounts, stocks, retirement assets, ownership of real property, and debt. If you recognize that you and your...more

Supreme Court's Four-to-Four Decision in Hawkins v. Community Bank of Raymore Leaves Open Question About Application of Equal...

by Baker Donelson on

In its first evenly split vote since the death of Justice Scalia, the U.S. Supreme Court last week affirmed an Eighth Circuit Court of Appeals ruling in Hawkins v. Community Bank of Raymore that spouses who guarantee...more

Court Upholds Foreclosure on Taxpayer’s Primary Residence in Satisfaction of Federal Tax Lien

by Miles & Stockbridge P.C. on

In United States v. Smith, 117 AFTR 2d 2016-XXXX (February 8, 2016), the U.S. District Court for the Western District of Washington allowed the Federal government to foreclose on the taxpayers’ primary residence in...more

U.S. Supreme Court unable to decide whether ECOA protects spousal guarantors

by Thompson Coburn LLP on

As we previously wrote, federal and state courts throughout the country have been divided on whether the Equal Credit Opportunity Act (ECOA) protects the spouse of a borrower when the lender requires the spouse to guaranty a...more

When One Spouse Files for Bankruptcy, But Not the Other

by Best Best & Krieger LLP on

When a Chapter 7, 11, or 13 case is filed, a new entity is created called the bankruptcy estate. A bankruptcy estate is comprised of all of the debtor’s non-exempt legal or equitable interests in property as of the time of...more

Avoid a soap opera with updated Beneficiary forms

by Ary Rosenbaum on

Yes, I will admit it: I love soap operas. My favorite show of all-time is Dallas and when I was a senior in high school and I was at home around 12:30 pm, I watched in succession: Young and The Restless, Bold and The...more

IRS Provides Additional Guidance on Treatment of Same-Sex Marriages under Benefit Plans

In IRS Notice 2015-86, the Internal Revenue Service (IRS) provided guidance to sponsors and administrators of employee benefit plans regarding the application of the U.S. Supreme Court’s decision in Obergefell v. Hodges to...more

IRS Notice 2015-86 — The Limited Effect of Obergefell

Last week, the Internal Revenue Service (IRS) issued Notice 2015-86, providing guidance on the application of the U.S. Supreme Court’s decision in Obergefell v. Hodges to qualified retirement plans and health and welfare...more

IRS Eases Administrative Oversight of Able Accounts

by Cole Schotz on

As discussed in earlier blog posts, the Achieving a Better Life Experience (ABLE) Act was signed into law in December 2014. Under the ABLE Act, a so-called ABLE account can be established for a disabled individual. The...more

Wealth Management Update - November 2015

by Proskauer Rose LLP on

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

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