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

The Refunding Bond and Release

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What is a Refunding Bond and Release? If you are beneficiary of an Estate, at some point you will be asked to sign a Refunding Bond and Release prior to receiving your bequest from an Estate. The logical question that...more

Kohrman Jackson & Krantz LLP

LGBTQ+ Estate Planning: 5 Actions You Should Take Right Now

Gallup reports that 7.6% of U.S. adults currently identify as lesbian, gay, bisexual, transgender, queer, or another sexual orientation other than heterosexual. While this figure represents a growing trend, individuals...more

DarrowEverett LLP

How Will New Congress Impact Tax and Estate Planning Strategies?

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With the looming elections, tax planners have taken time to consider what the future of Estate and Gift Tax planning might be under the new Congress. Every new Congress considers changes to the Internal Revenue Code of 1986,...more

Hinshaw & Culbertson - Lawyers' Lawyer...

The Ghosts of Clients Past – Financial Elder Abuse Claims Against Estate Planners

In states with Financial Elder Abuse statutes, legal malpractice claims by seniors invoking those statutes are common. These laws are generally understood to address the conversion of property of elderly or dependent adults...more

Lowenstein Sandler LLP

Can’t Kick the Can Any More—How the Expiring Tax Cuts Could Affect You

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On this episode of “Splitting Heirs,” partner Warren K. Racusin, Chair of Lowenstein’s Trusts & Estates practice, invites Beth Shapiro Kaufman, Lowenstein Sandler partner and National Chair of the Private Client Services...more

BCLP

Autumn Budget 2024 - 10 Key Tax Points for Business

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Yesterday, 30 October 2024, the Chancellor announced that the Autumn 2024 budget will raise taxes by £40bn, the biggest raise since 1993. While the Autumn budget arguably does not portray as pessimistic an outlook for...more

Warner Norcross + Judd

Is Your Family’s Planning Actually Ready for an Unexpected Incapacity or Death? Stress Testing Your Estate Planning – Step 1

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Many families are confident that they have made the necessary preparations to transition their wealth, businesses, foundation and family office to the next generation ... someday, when the time is right. We know that some...more

Lathrop GPM

History and Outlook of the Federal Estate Tax

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At the end of 2025, the federal estate and gift tax exemption will dramatically decrease unless Congress affirmatively passes a law saying otherwise. This event is the “sunsetting” of a 2018 federal tax law and is leading...more

Hogan Lovells

UK Budget 2024: Pensions news

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Today's Budget brought some good news: Despite recent speculation, National Insurance contributions (NICs) will not be charged on employers’ pension contributions; and No changes were announced to members’ tax-free lump sums....more

Carey Olsen

Building bridges, not barriers: setting up Cayman trusts to minimise conflicts

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Despite best intentions, it is impossible to entirely negate the risk of conflict arising from a family trust. By their nature, trusts tend to span several decades and "futureproofing" them against societal changes,...more

White and Williams LLP

Simplifying Trustee Compliance with the Corporate Transparency Act

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Under the Corporate Transparency Act (“CTA”), every "reporting company" needs to file a Beneficial Ownership Information (“BOI”) report by January 1, 2025. For entities formed during 2024, this BOI report is due within 90...more

Saul Ewing LLP

The Incomparable IDGT: The Gift That Keeps on Giving

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When creating trusts for estate-reduction purposes, nothing compares to the Intentionally Defective Grantor Trust.  This type of trust is referred to by the acronym “IDGT.” Called by some as an I-D-G-T and others a word that...more

Kohrman Jackson & Krantz LLP

IRS Increases 2025 Federal Estate Tax Exemption and Gift Tax Exclusions: Key Points for Taxpayers

Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and...more

Saul Ewing LLP

What If I Object to an Account Change That Now Does Not Reflect My Parent’s Intentions?

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Account changes by a loved one are often done in secret, and direct evidence of undue influence is rarely available. In cases where manipulation has led to changes in a beneficiary designation that have caused you harm, the...more

Saiber LLC

Your Personal Belongings: What Happens to Your Tangible Personal Property After You Pass

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Assets with significant monetary value like real estate, stocks, and retirement accounts are the key points most people consider when creating an estate plan. But what about your possessions?...more

Kilpatrick

Estate Planning Awareness Month: Highlights in the World of Estate Planning

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As Estate Planning Awareness Month comes to an end, the Private Client attorneys at Kilpatrick would like to share some reminders and updates in the world of estate planning....more

Dechert LLP

2024 Election - Implications on Private Client

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As the 2024 election cycle unfolds, the landscape of U.S. policy is poised for potential shifts that could significantly impact individuals and families. With a Harris administration's focus on increasing tax rates for high...more

Nutter McClennen & Fish LLP

Legacy Matters (Fall 2024)

Welcome to the fall edition of Legacy Matters, Nutter’s private wealth and nonprofit newsletter focusing on estate planning and philanthropy topics. In this issue, we analyze the Final SECURE Act regulations that will become...more

Partridge Snow & Hahn LLP

Recent Supreme Court Decision Upends Business Succession Planning Strategies

In Connelly vs. United States (602 U.S. 257, June 6, 2024), the Supreme Court unanimously ruled that in a redemption of a deceased shareholder’s shares of stock, the corporation’s fair market value should include the proceeds...more

Charles E. Rounds, Jr. - Suffolk University...

When the centerpiece of a trustee’s defense in a breach-of-fiduciary-duty action is an empty file cabinet and a general lack of...

An incident of the trustee’s duty to be generally prudent, to account (or report) to beneficiaries, and to refrain from breaches of the duty of undivided loyalty, such as engaging in unauthorized self-dealing, is the...more

Gray Reed

Misspelled Name Leads to Land Title Chaos

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Carson et al v. Winter Gordon, Junior is a reason you should not name your son after yourself. But if you insist, at least spell his name correctly. ...more

Morgan Lewis

IRS Announces Increased Gift and Estate Tax Exemption Amounts for 2025

Morgan Lewis on

The US Internal Revenue Service (IRS) has announced that the annual gift tax exclusion is increasing in 2025 due to inflation. The exclusion will be $19,000 per recipient for 2025—the highest exclusion amount ever....more

Schwabe, Williamson & Wyatt PC

Are You Prepared for Potential Adjustments to the Federal Estate Tax?‎

The federal estate and gift tax exemption is the highest it has ever been. Under current law, you may transfer almost $14 million to anyone you wish without having to pay a dime of federal gift or estate tax. Absent any...more

Bowditch & Dewey

Why Shannen Doherty's Divorce Made Headlines: Understanding Separation Agreements and Their Legal Impact Upon Death

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You may be surprised to learn that over 90% of divorce cases settle out of court, so why did the separation agreement (an agreement signed by divorcing parties) between Shannen Doherty and Kurt Iswarienko recently receive so...more

Husch Blackwell LLP

Maximizing Your Wealth Transfer Potential: Updates to Gift, Estate, and GST Tax Exemptions for 2025

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When it comes to passing wealth to the next generation, one of the most powerful tools in our toolbox is the use of your lifetime gift, estate, and generation-skipping transfer tax (GST) exemption amounts. While the...more

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