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Wills, Trusts, & Estate Planning Updates

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

New for NC: Uniform Power of Attorney Act

by Nexsen Pruet, PLLC on

As you may be aware, North Carolina adopted the Uniform Power of Attorney Act effective January 1, 2018. The new POA Act effectively rewrites the entire POA statute as it applies to General Powers of Attorneys. The new POA...more

Tax Cuts and Jobs Act Effect on ABLE Accounts and 529 Funds

by Bowditch & Dewey on

Based on changes implemented by the Tax Cuts and Jobs Act, this is an update on a previous post written by Eileen Y. Lee Breger in May 2017, “Families Can Use a Tax-Advantaged ABLE Account to Save for Disability...more

More Planning Tips for Individuals Under New Tax Act

by Ruder Ware on

As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. The Act (officially,...more

2018 Federal and Maryland Legislation Changes Regarding Estate and Gift Tax

by Pessin Katz Law, P.A. on

An abundance of tax legislation was signed into law in the final days of 2017. In terms of estate and gift tax, here is what individuals need to keep in mind: Under the new law, which took effect on January 1, 2018, the...more

Estate Planning is Still Important Even with the Passage of the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the Act) signed into law by President Trump on December 22, 2017 made sweeping changes that affect individuals, businesses, trusts and estates. This alert focuses on the impact of the Act on...more

Undue Influence in Virginia: Does the Undue Influencer Have to Be a Beneficiary?

by LeClairRyan on

Without question, one of the most common estate disputes we see centers around allegations that one person unduly influenced another person to write (or re-write) a will or trust. The typical situation involves an elderly...more

Watch the Calendar When Considering Claims in Connection With a Family-Owned Business

by Murtha Cullina on

Shareholders of family-owned businesses sometimes assert claims of misconduct against their co-owner relatives. These claims can take the form of oral complaints or written claim letters. ...more

Defined Contribution Plans in the US and the UK: Lessons From Across the Pond

Eversheds Sutherland is pleased to announce that it has published a paper—“DC Plans in the US and the UK: Lessons From Across the Pond”—which addresses the differences between defined contribution (DC) plans in the US and the...more

US “TCJ Act” Tightening of CFC Rules Eliminates Common Approach To Post-Death Avoidance Of US Beneficiary Taxation

by Bryan Cave on

On December 22, 2017, President Trump signed into law H.R. 1 (Pub. L. No. 115-97), known as the Tax Cuts and Jobs Act (the “Act”). The Act is the first major overhaul of the Internal Revenue Code (the “Code”) in more than 30...more

Dramatic Change to Federal Estate, Gift and Generation-Skipping Tax Exemptions

• Each individual’s exemptions from federal estate, gift and GST taxes have roughly doubled to approximately $11,200,000 • The increased exemptions are available only temporarily, through 2025 • We recommend that you...more

Estate Planning Pitfall: You haven’t planned for long-term care

The current costs of long-term care would give anyone pause. If one doesn’t properly plan for these costs, an entire life’s fortune can be wiped out in a relatively short period of time. This brief article details planning...more

Personal Impacts of Tax Reform: Should You Adjust Your Wealth & Succession Plan?

While there are many ways that the 2017 Tax Act impacts businesses, business owners and high net worth individuals may also be affected individually as a result of the changes. Although the income tax changes under the 2017...more

All in the family: Transferring your vacation home

Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If one plunges ahead...more

Mandatory register of ultimate beneficial owners in the Czech Republic as of 1 January 2018

by White & Case LLP on

Effective as of 1 January 2018, Czech law requires that "ultimate beneficial owners" of companies and trust funds be recorded in a central register, in the interest of bringing increased transparency to the ownership...more

Estate planning for your business: Use an ESOP to properly address your closely held company

If a substantial portion of one’s net worth is tied up in his or her closely held business, it’s critical to have an exit strategy. This article explains why an employee stock ownership plan is one tool that offers a...more

The Impact of Tax Reform on Estate Planning

Tax Act of 2017: Transfer Tax Provisions - The Tax Cuts and Jobs Act of 2017 (the “Tax Act of 2017”) was signed by the President on December 22, 2017. The transfer tax provisions of the Tax Act of 2017 (i.e. the estate,...more

Should You Revise Your Power Of Attorney?

Powers of attorney serve an essential role in estate planning, giving North Carolinians control over who will manage their affairs during periods of lifetime incapacity. Changes to North Carolina’s Power of Attorney statute,...more

2018 Brings Changes To North Carolina’s Power Of Attorney Act

At the end of last year, North Carolina Session Law 2017-153 (Senate Bill 569) was signed into law. The law adopted the NC Uniform Power of Attorney Act, which makes substantial changes to North Carolina’s power of attorney...more

Hobby Lobby Case Highlights Limitations on Charitable Deductions Claimed by Irrevocable Trusts

Green vs. U.S., No. 16-6371 (10th Cir., Jan. 12, 2018) - Practitioners and donors often forget a pesky donation limitation that applies only to irrevocable trusts: the deduction for a real property donation is limited to...more

How the New Tax Law May Impact Your Estate Plan

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “2017 Act”) which, among other items, made several changes to the federal wealth transfer tax system with respect to transfers occurring...more

Wrongful Death Claims in North Carolina

by Ward and Smith, P.A. on

Introduction - When someone is injured by the negligence of another, the injured party often has a legal claim against the at-fault party under North Carolina law. Sadly, however, sometimes these incidents result in the...more

Tax Reform: The Impact On Real Estate

by Akerman LLP on

The new tax law commonly referred to as the “Tax Cuts and Jobs Act” (the “Act”) – signed into law on December 22, 2017 – makes far reaching income tax law changes that will impact both commercial and residential real estate....more

Sudden impact: When a spouse unexpectedly dies

It’s almost impossible to fully prepare for a spouse’s sudden death, but it helps to keep one’s finances organized and communicate with a spouse about these matters. This article offers points to address in the event a spouse...more

Insight on Estate Planning - February/March 2018

In This Issue: - Sudden impact: When a spouse unexpectedly dies - New tax law affects estate planning strategies - All in the family: Transferring your vacation home - Estate planning pitfall: You haven’t planned for...more

Major New Tax Law Changes That Affect Individuals

The 2017 tax reform legislation colloquially referred to as the Tax Cuts and Jobs Act (the Act) made some significant changes in the taxation of individuals, and these changes have already begun to generate new planning...more

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