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Beneficiaries

Verrill

A Brief Guide to Qualified Disclaimers for Retirement Plan Administrators

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A “qualified disclaimer” is a tax-effective way to refuse a transfer of property that would otherwise occur on someone’s death. From time to time, retirement plan administrators may be contacted by a beneficiary who wants a...more

Farella Braun + Martel LLP

John Wick - What You Need To Know about the Corporate Transparency Act

Welcome to The Verdict: Estate Planning Through Film. In episode two, host Hons Yung is joined by Farella Braun + Martel's Greg LeSaint to discuss the movie John Wick and the Corporate Transparency Act (CTA). Greg breaks...more

Goodell, DeVries, Leech & Dann, LLP

Bennett v. Gentile: Maryland’s Supreme Affirms Strict Privity Rule in Legal Malpractice Cases

Maryland’s Supreme Court declined to overturn the strict privity rule in legal malpractice cases. The rule, which generally bars third parties from suing lawyers, was a key issue in the recent Bennett v. Gentile decision. ...more

Proskauer Rose LLP

Wealth Management Update - September 2024 - 2

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September 2024 AFRs and 7520 Rate - The September 2024 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.8%, a decrease from the August 2024 rate of 5.2%. The September...more

Kohrman Jackson & Krantz LLP

Child Support in Ohio: Key Factors in Child Support Calculations – Part 2

One of the most common questions posed by parents of minor children who are separated – or who are about to separate – is the following: what is child support and how much can I expect to pay or receive in child support from...more

Brooks Pierce

Changing Laws Present Unique Estate Planning Opportunities for Married Couples

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Today’s federal estate and gift tax laws may be remembered as the most generous to wealthy families since the Great Depression. The 2017 Tax Cuts and Jobs Act (TCJA) doubled the federal estate, gift, and generation skipping...more

Mintz - Bankruptcy & Restructuring Viewpoints

Understanding Post-Bankruptcy Liquidation Trusts

A main goal in bankruptcy is to get in and out as quickly as possible to minimize costs.  It is often the case that even though a substantial portion of a debtor’s assets have been liquidated in bankruptcy, some valuable...more

Warner Norcross + Judd

Silent Trusts Have Come to Michigan

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Recently, Michigan added a new section to the trust code, making it possible for trust settlors to create “quiet” or “silent” trusts in Michigan. As the name implies, in a silent trust arrangement, a trustee is not required...more

Winstead PC

Court Reversed Summary Judgment On Whether A Person Was The Current Trustee And On Certain Modification Claims But Affirmed...

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In Crossley v. Crossley, a plaintiff, who was the beneficiary of, or had the power to designate the beneficiary, in two trusts established by his mother, and he filed suit requesting that the court determine whether he or his...more

Foster Swift Collins & Smith

Legal-Ease: What Happens When You Are Sole Beneficiary of a Trust?

Dear Jonathan: My mother, who recently passed away, prepared a trust naming me as her sole beneficiary. She intentionally disinherited my brother due to a falling out they had years ago. Although he knows that he has been...more

Dunlap Bennett & Ludwig PLLC

The Strategy Behind Spousal Lifetime Access Trusts (SLATS)

With continuing uncertainty regarding the federal estate tax laws, the Spousal Lifetime Access Trust (SLAT) is a popular option that helps high net-worth individuals maintain flexibility while maximizing their financial...more

Proskauer Rose LLP

Wealth Management Update - September 2024

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The September 2024 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.8%, a decrease from the August 2024 rate of 5.2%. The September applicable federal rate (“AFR”) for use...more

Husch Blackwell LLP

Planning to Avoid Fiduciary Litigation

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When a loved one dies, the last thing you want to deal with is a lawsuit, or have your heirs inherit a lawsuit. After the death of a maternal or paternal figure that keeps the family together, tensions flare between siblings...more

King & Spalding

Transitional Coverage for Emerging Technologies: CMS’s Latest, But Not Necessarily Greatest, Coverage with Evidence Approach

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On August 7, 2024, the Centers for Medicare & Medicaid Services (“CMS” or the “Agency”) issued a final procedural notice (“Notice”) outlining a new Medicare coverage pathway, aimed at achieving timelier and predictable access...more

Woodruff Sawyer

Trustee Liability in the Murdoch Succession Saga

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Recently, much has been written about Rupert Murdoch’s petition to amend his Nevada irrevocable trust to grant his eldest son, Lachlan, voting control over News Corp and Fox Corporation. While the battle between family...more

Winstead PC

Texas Supreme Court Reverses Order In Trust Dispute Granting A Constructive Trust

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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

Lowenstein Sandler LLP

The Real (Estate) Deal: FinCEN’s New Reporting Requirements for Property Transfers

In response to illicit finance risks identified in the U.S. residential real estate sector, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced the issuance of its long-anticipated...more

Shumaker, Loop & Kendrick, LLP

The Estate Planner, September/October 2024

Moving to another state? Revisit your estate plan - If you recently relocated to a new state — or you’re planning such a move — it’s a good idea to review and update your estate plan. You won’t have to throw out your...more

Lippes Mathias LLP

Disproportionate Inheritance and Objections to Probate

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Did your father give you a nominal bequest but gave his favorite daughter the bulk of the estate? Were you bequeathed the family dog and $10,000, but your mother’s boyfriend of six months was to receive the Lamborghini and...more

King & Spalding

D.C. Circuit Upholds Dismissal of Proposed Class Action Against HHS for Home Health Aid Shortage

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On August 9, 2024, the U.S. Court of Appeals for the District of Columbia upheld a lower court’s decision to dismiss a proposed class action accusing HHS of causing a shortage of home health aides willing to assist Medicare...more

Keating Muething & Klekamp PLL

Using Trust Provisions to Incentivize Beneficiary Behavior

For many individuals new to estate planning, particularly younger couples, there is something almost taboo when you start to discuss a revocable trust: does that mean our children will be trust fund babies?...more

Lerch, Early & Brewer

Ten Reasons Why You Should Prepare a Will

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Creating a last will and testament is the first step in creating an estate plan – a critical planning tool to ensure that your wishes are honored and that your loved ones are cared for after your death....more

Bricker Graydon LLP

Final Warning: Distributions to Beneficiaries Must Begin in 2025

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The retirement plan industry has been wrestling with the changes to required minimum distribution (RMD) provisions made by the SECURE Act and SECURE 2.0. One issue in particular has caused considerable confusion....more

Allen Barron, Inc.

Tax and Estate Planning for Small Business Owners and S Corporations with No Employees

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Many small business owners mistakenly believe business succession planning and estate planning is for those with substantial wealth. This is simply a myth which does not reflect the nature of business or home ownership....more

Downey Brand LLP

No Such Thing as a Free Ride: Section 859 Awards Can Now Go To Whoever Does the Work

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Newcomers to probate litigation are frequently surprised by how differently things work in probate court, as opposed to your more straightforward civil courts. (And how do those newcomers know how civil courts work?  Law &...more

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