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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:

More Scrutiny of Donor Advised Funds

by Bryan Cave on

Notice 2017-73, released on December 4, 2017, describes potential approaches that may be taken to address issues raised regarding the use of donor advised funds (“DAF”). The Treasury and IRS are considering developing...more

Estate Planning Pitfall - You’re retiring to a foreign country

If plans call to relocate to another country after retirement, be aware that they may be tarnished if a person doesn’t look into all potential estate tax and income tax implications first. This brief article explores three...more

Proposed Federal Estate & Gift Tax Reform – What You Need To Know Now

by Tonkon Torp LLP on

The U.S. House of Representatives and the U.S. Senate have now passed separate versions of the "Tax Cuts and Jobs Act." The proposals that are being discussed in the news as "repeal of the death tax" are much more complex...more

Senate Passes Tax Reform Bill

by Dechert LLP on

The U.S. Senate passed its version of the GOP tax reform bill, the Tax Cuts and Jobs Act (the “Senate Bill”), on Saturday, December 2, 2017. Shortly before approving the Senate Bill, the U.S. Senate adopted a Manager’s...more

Year end is an ideal time to review your estate plan

As of this writing, it’s still anybody’s guess as to whether Congress will enact major tax reform legislation affecting federal gift and estate taxes. This situation casts a large shadow over estate planning at the end of...more

Doctors Who Disobey Health Care Agents in California May Be Liable for Elder Abuse

by Downey Brand LLP on

A recent California appellate case, Stewart v. Superior Court (2017) 16 Cal.App.5th 87, validates the primacy of medical powers of attorney and (as they are more currently known) advance health care directives. Medical...more

The Dangers and Pitfalls of Transfer On Death and Payable On Death Accounts

Many commentators and clients today voice a concern with avoiding probate. While this blog is not intended to address the desire or merit in avoiding probate, we will highlight some of the potential traps for clients who seek...more

Addressing intellectual property requires careful estate planning

Intellectual property (IP), such as copyrights and patents, can hold enormous value. Whether IP rights are a significant source of wealth or only a small fraction of an estate, it’s critical that it be properly addressed in...more

When should you turn down an inheritance?

If a person expects to receive an inheritance from a family member, he or she might choose to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass their estate and go directly to the next...more

Trust and Estate Planning 2017 Year End Update

As we approach the end of the year, we thought you would find it useful to have the following summary of recent developments and updates that may affect your trust and estate planning....more

Why Estate Planning Is Still, And More Important Under New Tax Law

After much wrangling and dealmaking, both houses of Congress have passed bills making substantial changes to federal tax law. Although it's not entirely certain, it seems likely that there will shortly be agreement on a tax...more

Insight on Estate Planning - Year End 2017

In This Issue: - When should you turn down an inheritance? - Addressing intellectual property requires careful estate planning - Year end is an ideal time to review your estate plan - Estate planning pitfall: You’re...more

The Tax Cuts And Jobs Act: Trust & Estate Planning Considerations

by Lewitt Hackman on

This week was supposed to be the week Republicans passed a tax bill. It’s unclear what exactly will happen in the immediate future, or if we’ll have to wait for the New Year to see any type of tax reform. If or when we do get...more

Missing the trust issue: Litigators beware

by Charles E. Rounds, Jr. on

In 2017, South Carolina’s Supreme Court decided The Protestant Episcopal Church in the Diocese of South Carolina [the “Disassociated Diocese”] v. The Protestant Episcopal Church of the United States of America [the...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

North Carolina Adopts New Power of Attorney Statute

by McGuireWoods LLP on

Effective January 1, 2018, North Carolina has a new power of attorney statute: the North Carolina version of the Uniform Power of Attorney Act. This new law brings clarity to many issues concerning powers of attorney and...more

Are Your Social Media Accounts in Trusted Hands if You Die or Become Incapacitated?

by Barley Snyder on

All of us increasingly rely on online accounts and electronic devices. Many of us own assets that exist only in electronic book entry form or are stored on an electronic device, including social media accounts, photographs...more

Disabled Veterans Property Tax Exemption Complicates Revocable Trust Planning

by Fraser Trebilcock on

What does it mean to “own” something? Owning something means different things to different people. Owning something suggests a sense of full control over something. It also implies being able to enjoy the benefits of it...more

Roger Corman’s Sons Claim Their Mother is Abusing Him to Influence His Estate Plan

The two sons of legendary “B-Movie King” Roger Corman have made it clear through multiple lawsuits that they believe their parents are mismanaging trusts set up to benefit their four children. Allegations made in a recent...more

The Tax Bill Cometh

It now seems more likely that a tax bill of some kind will be passed by Congress this year. One prominent DC tax lobbyist told me: "This is happening." Whether or not you agree with all of the provisions now being offered...more

Estate Planning Under the Tax Cuts and Jobs Act

If enacted, the Tax Cuts and Jobs Act could open up significant estate planning opportunities. The House bill doubles the exemptions from estate, gift and generation-skipping transfer taxes, creating new opportunities for...more

The Importance of Medical and Financial Powers of Attorney and Healthcare Directives for Young Adults: a Q&A with PK Law Estate...

by Pessin Katz Law, P.A. on

The Importance of Medical and Financial Powers of Attorney and Healthcare Directives for Young Adults: a Q&A with PK Law Estate Planning Attorney Cheryl Jones. Q: Why do young adults need Financial Powers of Attorney and...more

Recent Cases of Interest to Fiduciaries

by McGuireWoods LLP on

In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: ...more

In Pursuit of Portability

by Stinson Leonard Street on

The concept of portability, permanently enacted as part of the amendments to the estate tax law under the American Taxpayer Relief Act of 2012, allows the deceased spousal unused exclusion amount (DSUEA) of a decedent to be...more

Surrogate’s Court Declines to Order Demise of Fashion Business

by Farrell Fritz, P.C. on

When you want to sue to dissolve a business in New York on behalf of the estate of a deceased shareholder, to which court should you go: Supreme or Surrogate’s Court? ...more

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