News & Analysis as of

Spouses Beneficiaries

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

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

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

Lasher Holzapfel Sperry & Ebberson PLLC

Importance of Beneficiary Designations in Estate Planning

As a bit of background, there is a distinction between probate assets and non-probate assets. Probate assets are distributed according to your will during a probate administration whereas non-probate assets are distributed...more

Fleurinord Law PLLC

The Importance of Estate Planning for LGBTQ+ Couples in Texas and Florida

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The landscape of marriage in the United States has transformed significantly, particularly for same-sex couples, following pivotal legal battles that sought to recognize their right to marry. Understanding the nuances of...more

Fox Rothschild LLP

Perils of the 401K to IRA Rollover; Spouses Beware

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Earlier today I happened upon a really important article accenting the dangers of what often starts as an entirely innocent transaction. A site called the Street.com publishes a variety of articles about retirement and...more

Allen Barron, Inc.

What is Known as the IRS Survivor’s Penalty?

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What is known as the IRS survivor’s penalty, and is there anything that can be done to provide for a surviving spouse as we age? The “survivor’s penalty” is the likelihood that a surviving spouse will face higher federal and...more

Ward and Smith, P.A.

Can You Feel the Love Tonight? Estate Planning for Couples

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Let's be honest.  Legal documents are not written in anyone's love language.  On Valentines Day, we undoubtedly would prefer to exchange thoughtful presents, enjoy an intimate meal with our significant other, or blush at the...more

Rivkin Radler LLP

Spousal Lifetime Access Trusts: A Way to Have Your Cake and Eat It Too

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You may have heard of Spousal Lifetime Access Trusts (SLATS) lately, especially if you have been thinking about using your federal estate and gift tax exemption before the current higher exemption amount of $13.61 million is...more

Winstead PC

Court Reverses Summary Judgments On The Alleged Exercise Of A Power Of Appointment, Disclaimer, And The Statute Of Limitations

Winstead PC on

In In re Estate of Wells, No. 12-23-00066-CV, 2023 Tex. App. LEXIS 8475 (Tex. App.—Tyler November 8, 2023, no pet. history). The testator left a will that created a trust for his wife and descendants, named his wife as the...more

DarrowEverett LLP

Time to Step Up? Florida’s Community Property Trust Act Worth A Look

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Unknown to many Floridians, Florida enacted the Community Property Trust Act which went into effect on July 1, 2021, and established the ability to convert non-community property into community property. The community...more

Winstead PC

Colorado Case Holds That A Beneficiary’s Lifestyle Is Judged At The Time That The Settlor Dies Or When The Trust Becomes...

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In Reece Trust v. Reece, a husband created a trust for his wife, and they then began divorce proceedings. No. 22CA1393, 2023 COA 89, 2023 Colo. App. LEXIS 1456 (Colo. App. September 28, 2023)....more

Stark & Stark

The Crucial Importance of Updating Documents After Divorce

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Divorce can be a challenging and emotionally draining experience, leaving individuals with numerous legal and personal matters to resolve. Amidst all the turmoil, it is vital for people to understand the significance of...more

Kerr Russell

Recently Married? Consider These Steps To Protect Your Future

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In Michigan, the process for an individual to take their spouse’s last name is fairly simple, but does require taking action with both the Social Security Administration (SSA) and Michigan Secretary of State. The first...more

Fox Rothschild LLP

Divorce Ambivalence Can Come at a Hefty Price

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When I first read the precedential ruling of the Pennsylvania Superior Court in Shell v. Shell, I really didn’t find it noteworthy enough to write about. This is a case where a spouse discovered that her husband was moving...more

Winstead PC

Court Reversed Summary Judgment And Held That There Was A Fact Issue On Whether The Testator Had Mental Capacity To Execute A Will

Winstead PC on

In Castello v. Ex’r of the Est. of Castello, the decedent died leaving a will that left his property to his wife “for life” and then to his three children by a prior marriage. No 03-22-00012-CV 2023 Tex. App. LEXIS 4454 (Tex....more

Burns & Levinson LLP

Does My Spouse Have Any Claim to My gifted or Inherited Assets in Our Divorce?

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The answer to this question is: it depends. In general, all assets in either party’s name or in which either party has a beneficial interest at the time of the divorce are subject to division in the overall division of...more

Awatif Mohammad Shoqi Advocates & Legal...

Legal Procedures on Selling Heirs' Inherited Property in the UAE

In the United Arab Emirates, inheritance and wills are governed by a combination of Sharia law and civil laws. The legal framework for Muslim individuals' wills and inheritance is primarily based on the Federal Law No....more

Warner Norcross + Judd

Does a Declaration of Trust Ownership Convert a Beneficiary Designation to a Trust Asset?

In the recent case of Schaddelee as Cotrustee of Ronald Schaddelee Irrevocable Trust v. Deleon as Cotrustee of Ronald Schaddelee Irrevocable Trust, 2023 WL 4143639 (Mich Ct App Jun 22, 2023) (unpublished), the Michigan Court...more

Lowenstein Sandler LLP

The Sad Tale of Hubby and Lovey: Preparing One’s Estate for the Possibility of Divorce

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In this episode of “Splitting Heirs,” Warren K. Racusin, partner and Chair of Lowenstein’s Trusts & Estates practice, speaks with Sharon L. Klein, EVP, President - Family Wealth, Eastern U.S. Region & Head of National Divorce...more

Blank Rome LLP

Transfer on Death Beneficiary Designations for Financial and Real Property Assets

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Transfer on Death (“TOD”), also known as Payable on Death (“POD”), account registrations are a popular way to avoid the requirement to pass assets through probate upon death and operate as an alternative to retitling assets...more

McGuireWoods LLP

Once Removed Episode 12: SLATs and the Case of McKim vs. McKim

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Steve Murphy, chair of the private wealth services group, dives deeper into the subject of SLATs in this episode. SLATs can work well with estate tax benefits and creditor protection benefits, all while giving the spouse...more

McGuireWoods LLP

Once Removed Episode 11: Spousal Lifetime Access Trusts, or SLATs

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Steve Murphy, chair of the private wealth services practice group at McGuireWoods, discusses the Spousal Lifetime Access Trust, also known as the SLAT. Steve explains the rights that your spouse can have in this trust through...more

Blank Rome LLP

Beware of the SLAT Divorce Trap

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The Spousal Lifetime Access Trust, or SLAT, has become one of the most popular estate planning strategies employed by married couples. It is an irrevocable trust created by one spouse (the “grantor”) for the benefit of the...more

Bowditch & Dewey

Beyond Taxes: 10 Important Reasons Why Everyone Needs an Estate Plan

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People often assume that if their estate isn’t taxable, they don’t need to have an estate plan. In 2023, a Massachusetts estate tax return must be filed if the value of the deceased person’s gross estate exceeds $1 million. A...more

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