Everything You Need to Know About Beneficiary Designations
Recent Trends in Succession & Estate Planning
In In re Trust A & Trust C, a beneficiary sued a trustee for breach of fiduciary duty and sought a constructive trust over assets that were transferred out of the trust. 690 S.W.3d 80 (Tex. 2024)....more
According to some people, the bypass trust (sometimes referred to as a credit shelter trust) has gone the way of the dodo bird in the current estate tax environment. However, this “dinosaur” of a technique for married couples...more
The farmland of North Carolina cradles not only agricultural abundance but also a significant legal challenge: heirs property (also commonly known as "heirs' property" or "heir property"). This designation arises when land...more
This CLE/CPE webinar will provide estate planners insight on recently issued IRS guidance regarding basis adjustments for irrevocable grantor trusts. The panelist will discuss key items and challenges stemming from Revenue...more
In Herbig v. Welch, a dispute arose around whether a trust terminated and whether certain transfers were valid. No. 01-22-00080-CV, 2023 Tex. App. LEXIS 4505 (Tex. App.—Houston [1st Dist.] June 27, 2023, no pet.)....more
Family wineries face certain common issues when it comes to succession planning, and there are steps you can take to help ensure the longevity and success of your brand and business. Step 1 – Develop a Plan - Benjamin...more
As highlighted by a recent Trademark Trial & Appeal Board (TTAB) decision, Clementvision, Inc. v. Robert Clement, expressly including intellectual property rights in an estate plan can prevent complicated issues from arising....more
The services following the death of Her Majesty Queen Elizabeth II might have many of us thinking about our own estate planning. One striking piece of information about Her Majesty was that she had planned out many...more
As cryptocurrencies and noncurrency blockchain tokens grow in popularity, it is important to address crypto assets in your estate planning so as to properly disclose and transfer these assets to your heirs. Due to the unique...more
Each year, the IRS considers inflationary adjustments to the estate and gift tax exemption amount and gift tax annual exclusion amount. As you consider estate planning or making gifts during the new year, here are the numbers...more
Last month, the House Ways & Means Committee (the "Committee") approved draft legislation (the “Legislation”) as part of Congress' ongoing $3.5 trillion budget reconciliation process. The Legislation includes significant tax...more
Presented by Cohen Seglias associate Whitney Patience O'Reilly on October 22, 2020. An often overlooked but important aspect of estate planning is the designation of beneficiaries—both primary and contingent—on life...more
If you have an estate that may be subject to estate tax next year, particularly if the November election results in a greatly reduced federal estate tax exemption in 2021, now is the time to remove assets from your taxable...more
COVID-19 has created uncertainty in many aspects of our daily lives and caused an unprecedented disruption to the economy. Financial markets have been turned upside down, asset values have dropped, and interest rates have...more
For many individuals, this is a difficult financial time. However, for those who have substantial wealth to transfer to younger generations, temporarily reduced asset values and historically low interest rates have created an...more
The recent stock market volatility due to the coronavirus has understandably caused concern. When the market drops, however, it presents a great estate planning opportunity. Then, it’s the perfect time to gift assets to loved...more
Taking advantage of present economic opportunities. Now is the time to take advantage of opportunities to save on transfer taxes....more
First, and most important, we are thinking of all of our clients and friends and hoping everyone is safe and healthy at this challenging time. We have heard the following statement frequently of late: “Never let a crisis...more
Bass, Berry & Sims attorney Chris Lazarini discussed a case in which a brokerage firm filed a complaint for interpleader seeking judicial resolution of a challenge to a deceased client’s assets. Upon the client’s death, the...more
2019 Key Pennsylvania Figures - Pennsylvania Inheritance Tax Rates: Transfers between spouses - 0% (jointly held property between spouses is not subject to tax). Transfers from child 21 or under to parent - 0%. ...more
A revocable living trust is often used to complement a will. Assets transferred to the trust generally don’t have to go through the probate process, which can be time-consuming and expensive. They’re also generally protected...more
The IRS has expanded the scope of IRC Section 2704 by issuing proposed regulations that seek to limit the availability of valuation discounts for transfers of interests in family-controlled entities. In general, the purpose...more
Income Tax Considerations of Estate Planning Are More Important Than Ever - Gifting assets during life will reduce the size of your taxable estate at death and, correspondingly, reduce your estate tax liability. But with...more