News & Analysis as of September 18, 2024

Transfer of Assets

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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 -

Passing Assets and Accounts to Your Heirs Is About To Become Much More Difficult

Allen Barron, Inc. on 6/6/2024

If you are in the process of long-term estate planning or updating an existing estate plan, the process for passing assets and accounts to your heirs is about to become much more difficult and expensive. Presently, each...more

Considerations When Choosing Between a Trust vs. Will Estate Plan

Lippes Mathias LLP on 2/6/2024

There are a number of considerations to make when deciding whether to proceed with a Will-based estate plan or a trust-based estate plan. First, as a general matter, there are two ways in which your estate can be distributed...more

Gun Trusts in Estate Planning: No Time To Be Quick on the Trigger

DarrowEverett LLP on 10/18/2023

When considering an estate plan, clients who own firearms should remember that very often, their firearms require special consideration and planning, particularly given the intricacies of federal, state, and local gun laws...more

Transfer-on-Death Designations: A Word of Warning

Goodwin on 3/9/2023

Although transfer-on-death (TOD) and payable-on-death (POD) designations on financial accounts can be an effective tool to avoid the probate process, these account designations have the potential to derail a customer’s estate...more

Minnesota Court of Appeals Upholds Settlor’s Intent, Rejects Beneficiary’s Petition to Modify Trust and Receive Attorney Fees

Lathrop GPM on 1/6/2022

In an opinion released last week, the Minnesota Court of Appeals rejected a petition to modify the terms of a trust to allow for the early distribution of trust assets to the beneficiaries. The court also denied the...more

Insight on Estate Planning - October/November 2019

Adler Pollock & Sheehan P.C. on 10/1/2019

Do you know the differences in estate tax law for couples when both spouses are U.S. citizens vs. when one spouse is a non-U.S. citizen? Or what nonlegal document should accompany a will? We are pleased to present the...more

Court Holds That A “Gun Trust” Can Hold Other Assets

Winstead PC on 3/22/2019

In Estate of Keener, two heirs of a trust settlor filed an application to declare heirship. No. 13-18-00007-CV, 2019 Tex. App. LEXIS 1222 (Tex. App.—Corpus Christi February 21, 2019, no pet. history)....more

Succession Planning for Wineries and Vineyards - As wine families tend their grapes, so too should they tend their business...

Farella Braun + Martel LLP on 2/26/2019

Wineries and vineyards are unique assets to consider when crafting personal financial, estate and business succession plans for clients, both of which are crucial components of wealth management....more

Estate Planning Pitfall - You haven’t transferred ownership of a life insurance policy to a trust

Adler Pollock & Sheehan P.C. on 4/5/2018

After recent tax legislation, including the Tax Cuts and Jobs Act, few tax shelters are left standing. One key exception is life insurance. This brief article details that, if certain requirements are met, the buildup of...more

Insight on Estate Planning - April/May 2018

Adler Pollock & Sheehan P.C. on 4/2/2018

In This Issue: - Estate planning for your business: Use an ESOP to properly address your closely held company - Are your assets protected from creditors? - Preparing a parent for a nursing home - ESTATE PLANNING...more

Addressing intellectual property requires careful estate planning

Adler Pollock & Sheehan P.C. on 12/5/2017

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

Transferring Property To A Trust: It’s Not What You Meant, It’s What You Said

BCLP on 6/21/2017

When we put pen to paper, sometimes the words don’t come out right. If that happens, hopefully there’s an opportunity to explain what we meant. For example, we have seen how scrivenor’s errors can be explained. But, for the...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

Coblentz Patch Duffy & Bass on 10/12/2016

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

Proposed Treasury Regulations To Affect Family Wealth Transfers

Coblentz Patch Duffy & Bass on 8/17/2016

On August 2, 2016 the U.S. Treasury Department issued proposed regulations addressing transfers between family members of interests in family-controlled entities (e.g., corporations, partnerships and LLCs). If enacted, these...more

Trust and Estate: Changes made to the Florida Uniform Transfers to Minors Act

Bond Schoeneck & King PLLC on 8/27/2015

Every spring, the Florida legislature meets in regular session, and seemingly in every session significant changes are made to Florida’s trust and estate laws. Once again in 2015 changes were made to the Florida Uniform...more

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