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Estate Planning

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -

Mineral Conveyance Thwarted by a Spendthrift Provision

by Gray Reed & McGraw on

In Bradley v. Shaffer, Darrell, a beneficiary of a mineral trust established by his grandparents, purported to convey to Bradley his mineral interests that were subject to the trust and any interest held in trust that he...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

Surrogate’s Court Sets Aside Fraudulent Conveyance Violative of Contract to Make a Testamentary Disposition

by Farrell Fritz, P.C. on

A person who executes a valid agreement to make a testamentary disposition as to a specific item of property is precluded from making an alternative disposition, either during lifetime or upon death. ...more

After a Loved One Passes: Six Important Steps to Know

The days, weeks, and months after the death of a loved one can be emotional and stressful, especially if you are named the executor of your deceased family member or friend’s estate. ...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

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

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

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

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

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

Failure To Plan and Inaction Lead To Increased New Jersey Estate Tax

by Cole Schotz on

The New Jersey Tax Court recently released its opinion in Estate of Ruth Oberg, NJ Tax Court, Docket No 000240 (October 24, 2017), upholding the Division of Taxation’s assessment of additional New Jersey estate tax. The case...more

Personal Planning Strategies - December 2017

by Proskauer Rose LLP on

2018 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...more

The Truth Why You Need A Will

It’s the holiday season…one of the busiest times of the year. So, it’s a pretty safe bet that folks are not spending time right now thinking about what would happen to their financial assets and material possessions after...more

November Trust and Estates Litigation Advisory

by Goulston & Storrs PC on

Since our last newsletter, there has been one significant development in the Probate and Family Court, and one decision of note. First, effective as of November 20, 2017, the Probate and Family Court issued Standing...more

2018 Inflation Adjustments to Transfer Tax Items

by Charles (Chuck) Rubin on

The IRS released its 2018 tax adjustments - the following table summarizes the transfer tax adjustments. Note that some of these adjustments will become moot if the changes in the House and Senate versions of the pending tax...more

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