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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:

McGuireWoods LLP State Death Tax Chart (Updated)

by McGuireWoods LLP on

This State Death Tax chart is maintained for the McGuireWoods LLP Website and is updated regularly. Please see full chart below for more information....more

Virginia Amends Provisions Relating to Foreclosure, Notices of Sale for Deceased Owners, and Disposition of Sale Surplus

by Weiner Brodsky Kider PC on

The state of Virginia recently enacted House Bill 755 that amends provisions of Virginia statutes relating to foreclosure, notices of sale when an owner is deceased, and disposition of surplus from sale, effective July 1,...more

Estate Planning Adjustments for Tax Year 2018 & Chained CPI Under New Tax Act

by Williams Mullen on

Many estate planning provisions of the Internal Revenue Code contain brackets, exemptions, exclusions, deductions, or other figures that the Internal Revenue Service adjusts annually for inflation. On December 22, 2017,...more

Abuse Under a Power of Attorney (A Case Study)

The transfer of wealth from the elderly has become the subject of heightened judicial scrutiny over the last several years, and this trend will only grow with the aging of the population. Part of the issues faced by courts...more

Harper Lee’s Will Unsealed

by Holland & Hart LLP on

As The New York Times recently reported, the will of Harper Lee, author of To Kill a Mockingbird, was recently unsealed in connection with a lawsuit seeking access to the document. Ms. Lee died a resident of Monroeville,...more

Federal Estate, Gift and GST Tax Exemption Amounts Spike

by Harris Beach PLLC on

On December 22, 2017, President Trump enacted the Tax Cuts and Jobs Act, (“TCJA”) ushering in significant changes to the federal estate, gift and generation-skipping transfer tax laws. Through December 31, 2017, the federal...more

Unlicensed Lawyers and Undue Influence – Setting Aside Deed Rejected

by Nexsen Pruet, PLLC on

In a recent unpublished opinion, 2018 WL 679484, the South Carolina Court of Appeals addressed the circumstances under which a deed prepared by an unlicensed attorney would be voided in a challenge that also involved claims...more

Families, Fiduciaries and Firearms: Estate Administration and Distribution of Firearms in the State of Washington

by Davis Wright Tremaine LLP on

The ownership of firearms has been a topic of much debate and scrutiny in recent months. As a part of this national conversation, it is important for gun owners (and their fiduciaries) to generally understand the applicable...more

Benefits of Trusts Over 529 Plans and UTMA (Custodial) Accounts for Children and Grandchildren

When parents and grandparents (or other generous benefactors) want to transfer wealth to a minor child, the primary decision they will face is whether to set up a Section 529 Plan, a custodial account under the Uniform...more

Waiver of Right of Election: Correction of Defective Acknowledgment

by Farrell Fritz, P.C. on

With a specific statute (Domestic Relations Law §236(3)) mandating that pre-nuptial agreements must be acknowledged, and with a specific statutory form of acknowledgment (Real Property Law §309-a(1)), it is surprising that...more

Tax Cuts and Jobs Act: Implications for Public Company Executive Compensation Programs

by Snell & Wilmer on

The Tax Cuts and Jobs Act (the “Tax Act”) has significant implications for public company executive compensation plans for tax years beginning after December 31, 2017 and will likely have a considerable impact on the future...more

Wealth Management Update - March 2018

by Proskauer Rose LLP on

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

Decoding the Tax Cuts and Jobs Act – Part VII: Family Matters and Major Events in the Lives of Individuals

by Garvey Schubert Barer on

The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more

Guardianships and Conservatorships Can Help Protect Loved Ones

by Jaburg Wilk on

Categories: Estate Planning, Probate Litigation, Article The decline of a family member’s health can be one of the most difficult emotional challenges that a family will face. If that ailing family member hasn’t adequately...more

Court Held That Estate Beneficiary Did Not Have Standing To Assert Forfeiture Or Breach Claim Against Executrix’s Attorneys, That...

by Winstead PC on

In re Nunu, an estate beneficiary sued the executrix to have her removed due to alleged breaches of fiduciary duty and also sought to have the court refuse to pay her attorneys in representing her in a removal action and/or...more

Estate Planning after The Tax Cuts and Jobs Acts of 2017

by Lathrop Gage on

The Tax Cuts and Jobs Act of 2017 (the “Act”) doubled the amount of property that an individual can transfer without incurring federal estate, gift or generation-skipping transfer tax (“Exemption Amount”) from $5,490,000 in...more

Evaluating The Fitness Of Your Estate Plan For 2018 In Light Of The Tax Cuts And Jobs Act

by Roetzel & Andress on

The recent passage of the federal Tax Cuts and Jobs Act (TCJA) significantly altered federal estate tax laws effective January 1, 2018. The TCJA increased exemption amounts for federal estate, gift, and generation-skipping...more

Executor Can Swing Away at an Omitted Spouse Petition

by Downey Brand LLP on

Born in Fresno, Kirk Kerkorian was an Armenian-American who went on to become a wealthy businessman and philanthropist, known for his role in shaping development in Las Vegas. After Kerkorian died in June 2015 at the age of...more

Doctors Notes for Will Signings: Should You Get One?

by LeClairRyan on

I recommend that before an ill or very elderly person signs a will (or trust), that the estate planning attorney obtain a note from a doctor as to the person’s mental capacity. Doing so will help create a record that will...more

Will the “Real” Representative Please Stand – Litigation in Estate Proceedings

by Nexsen Pruet, PLLC on

Last month, the Supreme Court of South Carolina, in Fisher v. Huckabee, 2018 WL 1076808 (Feb. 28, 2018), addressed the question of who may bring a suit on behalf of a deceased individual if the personal representative has a...more

2018 Estate Tax Changes

by Jaburg Wilk on

Under the new tax law, estate tax has not been repealed. However, there is relief for higher net worth individuals, business owners and people with large estates that have little or no liquidity who previously might have...more

Trusts And The Corporate Lawyer

by Farrell Fritz, P.C. on

Corporate attorneys usually think of trusts as estate planning tools: they are the vehicles through which the owner of a business may pass along to their family a beneficial interest in the business without actually giving...more

Decoding the Tax Cuts and Jobs Act of 2017 for Estate and Wealth Planning

As many of you are already aware, the Tax Cuts and Jobs Act of 2017 (Tax Act) was signed into law on December 22, 2017. The Tax Act makes a wide variety of changes to the Internal Revenue Code covering a broad range of...more

2018 Summary of Changes to Gift, Estate & GST Taxes

The Tax Cuts and Jobs Act of 2017 (Tax Act) substantially increases the exemption amounts for the estate, gift, and generation-skipping transfer (GST) taxes. The Tax Act also retains the income tax basis adjustment on death....more

Estate Tax Changes Past, Present, and Future (Updated)

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

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