News & Analysis as of

Wills, Trusts, & Estate Planning Updates

Read Wills, Trusts, & Estate Planning updates, articles, and legal commentary from leading lawyers and law firms:

IRS Announces Key Estate and Gift Tax Exemptions for 2018

On October 19, IRS issued Revenue Procedure 2017-58, announcing inflation adjustments for 2018 for dozens of important figures across the Internal Revenue Code, including the following two key numbers regarding the estate...more

What you should know about estate and gift tax 2018 inflation adjustments

by Thompson Coburn LLP on

The IRS has announced the 2018 inflation adjustments for many tax provisions, including exemptions for estate, gift and generation-skipping transfer taxes and the annual exclusion amount for gifts. The 2018 estate and gift...more

Estate Planning & Family Law: How To Protect Your Assets For Future Generations

Norma Stanley and Derren Ciaglia explain the similarities of estate planning and family law, and give some examples of how to protect your assets in complicated planning matters....more

IRS Announces 2018 Estate and Gift Tax Numbers

As it does every year at this time, the Internal Revenue Service has announced updated numbers for 2018 relating to estate and gift taxes (as well as numbers on income tax and retirement plan rules). For 2018 the annual gift...more

Private Wealth Updates - Fall 2017

by Arnall Golden Gregory LLP on

The gift tax annual exclusion will increase from $14,000 to $15,000 next year, allowing donors to give up to $15,000 ($30,000 combined for married couples) per donee each year without incurring gift tax or using lifetime gift...more

Unified Credit for Estates & Annual Exclusions for Gifts Increased for 2018

by Tucker Arensberg, P.C. on

The IRS announced that the Unified Credit for Estates and Annual Exclusion for Gifts will be higher in 2018. Unified Credit Against Estate Tax. For an estate of any decedent dying in calendar year 2018, the basic...more

IRS Withdraws Proposed Code §2704 Regulations On Lapsing Rights And Restrictions

by Cole Schotz on

The IRS has withdrawn the controversial proposed regulations under Code §2704 that would have significantly affected the use of discounts in US estate planning. Code §2704 provides that certain “applicable restrictions” on...more

Estate Planning for Empty Nesters

by Bowditch & Dewey on

Your youngest child is finally off to college. The spare bedroom is now a cozy den. The weekly grocery bill has been cut in half. Even the dog is enjoying the peace and quiet. What to do with your newfound freedom? Before you...more

Do You Have a Foreign Trust?

The answer in the litigation context may not be black and white because it requires a careful, analytical walk through the applicable sections of the Internal Revenue Code, the appropriate regulations and the nonexclusive...more

Determining Whether There Has Been Undue Influence

The presumption of undue influence when the evidence demonstrates that a person in a confidential relationship with a grantor or testator of weakened intellect receives a substantial portion of the grantor/testator’s property...more

How John Steinbeck’s Estate Planning Missteps Led to Family Feud and $13 Million Jury Award

When celebrated author John Steinbeck died in the late 1960s, he left a considerable literary legacy that included the classic American novels The Grapes of Wrath, East of Eden, and the novella Of Mice and Men. He also...more

Alan Thicke Estate Dispute Highlights Pre-litigation Threats

by LeClairRyan on

Actor Alan Thicke – best known for his role on the TV show Growing Pains – passed away at the end of 2016, leaving behind a dispute between two of his sons and his third wife. ...more

The UK Trust Register

by McDermott Will & Emery on

On 26 June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force, introducing new requirements for trustees. The Regulations...more

Mom Always Knew Best

"Amy, I really need to talk to you about something important." My mom said this to me weeks after we found out that her cancer, which she battled for over five years, had returned. My mom and I were very close and talked...more

Texas Supreme Court Will Hear Oral Argument On Whether Texas Recognizes A Claim For Tortious Interference With Inheritance Rights

by Winstead PC on

On October 11, 2017, the Texas Supreme Court will hear oral arguments in Anderson v. Archer, No. 03-13-00790-CV, 2016 Tex. App. LEXIS 2165 (Tex. App.—Austin March 2, 2016, pet. filed). In Anderson, the trial court’s judgment...more

Court Addresses Breach Of Fiduciary Duty and Partition Issues In Trust Dispute

by Winstead PC on

In Koda v. Rossi, a mother created a trust that provided that her son was to serve as trustee and that she, he, and a daughter were the beneficiaries. No. 11-15-0150-CV, 2017 Tex. App. LEXIS 8194 (Tex. App.—Eastland August...more

Estate Planning Pitfall - You chose your executor too hastily

Haste makes waste. Or, in the case of estate planning, it can lead to other problems and, possibly, financial loss. Notably, if you don’t take enough time to choose the executor for your estate, the “wrong call” can cost your...more

The Story Of The $4 Billion Surcharge Case Against JPMorgan

A Dallas jury last month issued a verdict of more than $5 billion against JPMorgan Chase for various breaches of fiduciary duties – by any measure an enormous damages award in a probate case and reportedly the largest in...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Your Foreclosure Hearing Just Got More Crowded

by Ward and Smith, P.A. on

On August 30, 2017, an amendment to North Carolina’s foreclosure statutes took immediate effect. The amended statute, Section 45-10, concerns substitute trustees under a deed of trust. As amended, Section 45-10 now prohibits...more

Anti-SLAPP Case Features Arm Wrestling Siblings and a Prep School

by Downey Brand LLP on

California’s anti-SLAPP statute has generated another published case for trust and estate lawyers to ponder. Last week, in Urick v. Urick (2017) ___ Cal.App.5th ___, the California Court of Appeal confirmed that anti-SLAPP...more

ABLE accounts benefit disabled family members

For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security Income, estate planning can be a challenge. One potential tool is to open a...more

Tips for Harmonious Joint Family Ownership of Vacation Properties

by Davis Wright Tremaine LLP on

With proper planning, owning vacation property with other family members can be a pleasant and even bonding experience. The key is to determine, as early as possible, what the parties expect and desire from the property...more

TIGTA Determines Improvements Are Needed In Estate And Gift Examination Processes

by Fox Rothschild LLP on

TIGTA recently released a report discusses their audit of the IRS’s estate and gift tax examination procedures. TIGTA made eight recommendations of changes to the estate and gift tax examination process. The bulk of TIGTA’s...more

Releases: End of the Road or Just a New Beginning?

by Farrell Fritz, P.C. on

The fiduciary who thinks a receipt and release is the answer to all future claims for an accounting and liability may have a surprise in store. Over the past several months, Surrogates have explored the issue of receipts and...more

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