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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 -

Estate Planning for Millennials and the “Middle Class”

With all the changes in the new tax laws, some people may be hesitant to move forward with an estate plan. It is important, however, to keep in mind that most clients will not be subject to the federal estate tax and...more

2018 Cost of Living Adjustment of Certain Dollar Amounts Under Colorado Probate Code

The 2018 cost of living adjustment list of certain dollar amounts under the Colorado Probate Code has been published by the Colorado Department of Revenue. It is important for probate practitioners to be aware of these...more

What Canada’s new income-splitting rules mean for partnerships

by DLA Piper on

This is the third instalment in a series of articles examining the draft legislation and explanatory notes on Canada’s new income-splitting rules, issued by the Department of Finance on December 13, 2017 and which are to be...more

Mo’ Money, Mo’ Administration

by Field Law on

March 9th marked the 21st anniversary of the death of Christopher Wallace, or probably better known to you as legendary rap artist Notorious BIG or Biggie. Wallace died at the age of 24 after being shot in Los Angeles. The...more

Texas Supreme Court Holds That Testator Devised Property As A Life Estate

by Winstead PC on

In Knopf v. Gray, the will disposed of the testator’s entire estate, specifically including a tract of land. No. 17-0262, 2018 Tex. LEXIS 249 (Tex. March 23, 2018)....more

Have Your Business Do Onto You As You Would Have Your Business Do Onto Others (*)

by Farrell Fritz, P.C. on

Relationships are Hard- The well-being of a closely held business is based, in no small part, upon a number of relationships, including, for example, its dealings with customers, suppliers, service providers, employees,...more

Standby Guardianship Can Be An Important Part Of Estate Planning

Although Delaware’s Standby Guardianship Act became law nearly a decade ago, many are still unfamiliar with the concept. This type of guardianship serves such an important purpose and is important to understand....more

It’s All About Trust

Trusts are popular estate planning tools people use for a variety of reasons including providing for the long-term management of assets for minor beneficiaries, people with disabilities, or financially irresponsible adults....more

Choosing Guardianship for Seniors – Five Factors for Consideration

A guardianship is a wonderful vehicle to assist seniors and their families in certain difficult situations. Filing a petition for appointment of a guardian over a loved one is a difficult decision that involves discernment...more

Highest Court Affirms Insurance Company’s Interpleader

by Steptoe & Johnson PLLC on

On March 13, 2018, the West Virginia Supreme Court of Appeals held that an insurance company can pay the proceeds of a life insurance policy into the court when there is a dispute as to who is the rightful beneficiary. At...more

Should an Estate or Trust Operate a Decedent’s Family-Owned Business?

by Murtha Cullina on

When a business owner dies, his or her ownership interests often become part of a probate estate or are transferred to one or more trusts in order to continue the operations of the business. But sometimes the decedent’s...more

Trust Beneficiary Permitted to Contest Trust Despite No-Contest Clause

Key Takeaway: In Ginsberg et. al. v. Ginsberg et. al., Judge Leibensperger ruled that a trust beneficiary could assert a trust was procured by fraud despite the presence of a in terrorem or no-contest clause. Judge...more

McGuireWoods LLP State Death Tax Chart (Updated)

by McGuireWoods LLP on

This State Death Tax chart is maintained for the McGuireWoods LLP Website and is updated regularly. Please see full chart below for more information....more

Estate Planning Adjustments for Tax Year 2018 & Chained CPI Under New Tax Act

by Williams Mullen on

Many estate planning provisions of the Internal Revenue Code contain brackets, exemptions, exclusions, deductions, or other figures that the Internal Revenue Service adjusts annually for inflation. On December 22, 2017,...more

Abuse Under a Power of Attorney (A Case Study)

The transfer of wealth from the elderly has become the subject of heightened judicial scrutiny over the last several years, and this trend will only grow with the aging of the population. Part of the issues faced by courts...more

Harper Lee’s Will Unsealed

As The New York Times recently reported, the will of Harper Lee, author of To Kill a Mockingbird, was recently unsealed in connection with a lawsuit seeking access to the document. Ms. Lee died a resident of Monroeville,...more

Federal Estate, Gift and GST Tax Exemption Amounts Spike

by Harris Beach PLLC on

On December 22, 2017, President Trump enacted the Tax Cuts and Jobs Act, (“TCJA”) ushering in significant changes to the federal estate, gift and generation-skipping transfer tax laws. Through December 31, 2017, the federal...more

Families, Fiduciaries and Firearms: Estate Administration and Distribution of Firearms in the State of Washington

by Davis Wright Tremaine LLP on

The ownership of firearms has been a topic of much debate and scrutiny in recent months. As a part of this national conversation, it is important for gun owners (and their fiduciaries) to generally understand the applicable...more

Benefits of Trusts Over 529 Plans and UTMA (Custodial) Accounts for Children and Grandchildren

When parents and grandparents (or other generous benefactors) want to transfer wealth to a minor child, the primary decision they will face is whether to set up a Section 529 Plan, a custodial account under the Uniform...more

Waiver of Right of Election: Correction of Defective Acknowledgment

by Farrell Fritz, P.C. on

With a specific statute (Domestic Relations Law §236(3)) mandating that pre-nuptial agreements must be acknowledged, and with a specific statutory form of acknowledgment (Real Property Law §309-a(1)), it is surprising that...more

Wealth Management Update - March 2018

by Proskauer Rose LLP on

March Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The March § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Estate Planning after The Tax Cuts and Jobs Acts of 2017

by Lathrop Gage on

The Tax Cuts and Jobs Act of 2017 (the “Act”) doubled the amount of property that an individual can transfer without incurring federal estate, gift or generation-skipping transfer tax (“Exemption Amount”) from $5,490,000 in...more

Evaluating The Fitness Of Your Estate Plan For 2018 In Light Of The Tax Cuts And Jobs Act

by Roetzel & Andress on

The recent passage of the federal Tax Cuts and Jobs Act (TCJA) significantly altered federal estate tax laws effective January 1, 2018. The TCJA increased exemption amounts for federal estate, gift, and generation-skipping...more

Doctors Notes for Will Signings: Should You Get One?

by LeClairRyan on

I recommend that before an ill or very elderly person signs a will (or trust), that the estate planning attorney obtain a note from a doctor as to the person’s mental capacity. Doing so will help create a record that will...more

2018 Estate Tax Changes

by Jaburg Wilk on

Under the new tax law, estate tax has not been repealed. However, there is relief for higher net worth individuals, business owners and people with large estates that have little or no liquidity who previously might have...more

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