Law Brief: Alexis Gruttadauria and Rich Schoenstein Discuss Why You Need an Estate Plan
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
The period after a spouse passes away is an emotional time of mourning. However, there are a handful of estate planning adjustments that you should make to protect your estate under the new conditions....more
In Ripple v. CBS Corporation, et. al., the Florida Supreme Court held a surviving spouse is entitled to recovery for wrongful death under the Florida Wrongful Death Act (the Act), codified at Fla. Stat. §§ 768.16-768.26...more
So, you have remarried. Perhaps it has been 30 months; maybe 30 years. When you got together the guy/girl moved into your crib. It’s always been titled in your name and it’s the house you got in your divorce from No. 1. Now...more
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
As we’ve previously discussed, portability is an important feature of an estate plan. Portability allows the surviving spouse to die to “save” any of their predeceased spouse’s unused federal estate and gift exemption amount....more
Last week, I blogged about the new statute that closed the block hole that existed when a party who held most or all of the assets died during while a divorce was pending. Specifically, the new statute permits the court to...more
What happens when a party dies in the middle of divorce? Under the law, the divorce action abates and the matter is over. In many cases, that is to the benefit of the surviving spouse because, in most cases, they would...more
As estate planning attorneys, a question that often arises with new and prospective clients is, “What happens if I die without a will?” The short answer is this: if you die without a valid will in Massachusetts, state law...more
On November 14, 2023, the Appellate Division decided an interesting case that implicated the intersection of family law, estate law and federal law. The reported (precedential) decision In the Matter of the Estate of Michael...more
It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more
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
Beginning in 2020 a new topic entered the estate planning world based on studies done at Cornell University. Cornell started what they call a “Family Reconciliation Project” and in 2021 they published data indicating that in...more
Back on July 26 we wrote about how trusts have become a new territory within the divorce landscape. At the time the press was just starting to write about California Senator Diane Feinstein’s troubles with the trust her...more
In Kirkland v. Kirkland, a husband and wife created a revocable trust. No. 02-22-00469-CV, 2023 Tex. App. LEXIS 3598 (Tex. App.—Fort Worth May 25, 2023, no pet. history)....more
Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...more
Despite ultimately finding in favor of a taxpayer surviving spouse, IRS Private Letter Ruling 2023-22-014 (the “PLR”) is chock-full of reasons to ensure proper planning is in place when it comes to IRAs....more
I received a call recently from a colleague looking to refer a client for a divorce. Our firm had done estate planning for the client and spouse, thus we were not eligible to represent either party in a marital break up as...more
In the technology world, portability has become increasingly important as people become more mobile and reliant on a variety of devices to access and use information. Portability allows individuals to work remotely or while...more
It is not uncommon for a husband and wife in a second marriage situation to create a joint trust, naming all their respective children from their prior marriages as the equal remainder beneficiaries. If the surviving spouse,...more
We are increasingly seeing more disputes over the validity of marriages in probate litigation. A recurring fact pattern is that a romantic partner will attempt to orchestrate a marriage to the second partner, who is suffering...more
This writer, in his more grandiose moments, likes to think himself a legal historian. And in these “fantastic” moments he will (a) write in the third person and (b) indulge in comparing modern law with that of olden days....more
Here’s another reason (uno más in Spanish) to create and properly execute a will. If your spouse or other trusted designee lives out of the country when you die, he or she won’t be eligible to administer your California...more
The Consolidated Appropriations Act, 2023 (“Appropriations Act”) was signed by President Biden and became law on December 29, 2022. Included in the Appropriations Act is the SECURE 2.0 Act of 2022 (“Secure Act”), which...more
The Key Person- The closely held corporation is often a fragile creature. Too often, its continued success and well-being are overly dependent upon the continued involvement of one individual – namely, the founder and...more