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Estate Planning › Beneficiaries

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 -
Farella Braun + Martel LLP

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

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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

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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

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

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

Dunlap Bennett & Ludwig PLLC

The Strategy Behind Spousal Lifetime Access Trusts (SLATS)

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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

Proskauer Rose LLP on

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

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

Shumaker, Loop & Kendrick, LLP

The Estate Planner, September/October 2024

Shumaker, Loop & Kendrick, LLP on

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

Keating Muething & Klekamp PLL

Using Trust Provisions to Incentivize Beneficiary Behavior

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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

Allen Barron, Inc.

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

Allen Barron, Inc. on

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

Downey Brand LLP on

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

Bowditch & Dewey

Remember to Adjust Your Estate Plan During or After a Divorce

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Married couples often have wills naming one another as their primary beneficiary. People also often name their spouse as beneficiary of retirement accounts and life insurance policies. Upon commencing a divorce action,...more

Dunlap Bennett & Ludwig PLLC

The Importance Of Estate Planning For Young Adults- Why Estate Planning Is Crucial

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You just landed your first “real” job and are looking forward to the exciting opportunities ahead. Your new job is accompanied by a 401k and opening a savings account. You have a car and you are thinking about buying your...more

Husch Blackwell LLP

Unanimous Supreme Court Determines Company-Owned Life Insurance Increases Fair Market Value

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On June 6, 2024, the Supreme Court held 9-to-0 in Connelly v. United States that company-owned life insurance increases the company’s fair market value for estate tax purposes, and the company’s obligation to redeem a...more

Pillsbury - Propel

Estate Planning for Founders - Part II: Planning with Qualified Small Business Stock

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This is the second of a four-part series focusing on estate planning fundamentals for founders. This article will address an important topic for owners of Qualified Small Business Stock (QSBS) as defined in Section 1202 of...more

Winstead PC

Court Affirmed The Removal Of An Executor For Gross Mismanagement

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In Gordon v. Gordon, a couple created a revocable trust and named a friend, who provided financial advice, as successor trustee. No. 03-22-00454-CV, 2024 Tex. App. LEXIS 3611 (Tex. App.—Austin May 23, 2024, no pet. history)....more

Dunlap Bennett & Ludwig PLLC

Dying In Maryland Without A Will? The New Intestacy Law In Maryland Leaves Surviving Children And Parents To Fend For Themselves

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Dying without a valid will in place is never a good idea. In the absence of your testamentary intent your assets are left to the whims of the current intestacy laws of the state in which you reside. In Maryland, those laws...more

Mandelbaum Barrett PC

New Jersey's Law for Vehicle Transfer on Death

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In 2022, New Jersey enacted a new law to simplify the process for vehicle owners to transfer vehicles at death. N.J.S.A. 39:3-30.1b, which became effective on May 9, 2023, authorizes the owner of a car, camper, or motorcycle...more

UB Greensfelder LLP

The U.S. Supreme Court’s Decision in Connelly Impacts Estate Tax Valuations of Closely Held Businesses

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The Supreme Court’s recent decision in Thomas A. Connelly et al. v. United States has significant implications for certain closely held business owners. The decision is important especially for those with, or planning to buy,...more

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

Whether an equitable power of appointment incident to a trust relationship is “in gross” or “collateral”: The practical...

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Section 17.3, comment f, of the Restatement (Third) of Property (Wills and Other Donative Transfers) explains the difference between a collateral power of appointment and a power of appointment in gross: “In traditional...more

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