News & Analysis as of

Transfer of Assets Beneficiaries

Robins Kaplan LLP

The Wealth Dispute Navigator: Which Profile Are You?

Robins Kaplan LLP on

Over the next two decades, reports are estimating that baby boomers will pass down a combined $84.4 trillion in assets to younger generations. Dubbed the “Great Wealth Transfer,” this phenomenon is already underway and will...more

Allen Barron, Inc.

The Step Up Benefit of a Revocable Trust

Allen Barron, Inc. on

What is the step-up benefit of a revocable trust from the perspective of the beneficiaries? How can a revocable trust not only pass money and assets to your beneficiaries but save a substantial amount of tax in the process? ...more

Rivkin Radler LLP

Trust Beneficiary Engages In Like Kind Exchange Using Trust Property

Rivkin Radler LLP on

It is a basic principle of the income tax that the gain or loss realized by a taxpayer from the conversion of property into cash, or from the exchange of property for other property that differs materially in kind from the...more

Allen Barron, Inc.

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

Allen Barron, Inc. on

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

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

“Clearing” the constructive trustee’s legal title: The doctrinal and practical considerations

The court in Freeport-McMoRan Oil & Gas LLC v. 1776 Energy Partners, LLC, 672 S.W.3d 391 (Tex. 2023) explained that “constructive trusts, being remedial in character, have the very broad function of redressing wrong or...more

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

In the case of a donative transfer in irrevocable inter vivos trust, it is not the trustee who is the donee of the gift

In International Rescue Committee v. Trustee of the Wylie Street Emergency Fund, 537 P.3d 30 (2023), the Supreme Court of Idaho cited Black’s Law Dictionary (11th ed. 2019) as authority for the proposition that “a person can...more

Lippes Mathias LLP

Considerations When Choosing Between a Trust vs. Will Estate Plan

Lippes Mathias LLP on

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

Lippes Mathias LLP

Avoiding Probate in New York: Benefits of Planning Ahead

Lippes Mathias LLP on

What is the Probate Process in New York? Probate is the formal legal process that gives recognition to a will and appoints the executor or personal representative who will administer the estate and distribute the...more

DarrowEverett LLP

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

DarrowEverett LLP on

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

Davidoff Hutcher & Citron LLP

Unsure of Stepped-Up Basis? Here is a 5-Point Primer

Stepped-up basis is a tax law that applies to estate transfers when a person receives an asset from a giver after a benefactor passes away. In those circumstances, the asset receives a “stepped-up” basis – which is the market...more

Goodwin

Transfer-on-Death Designations: A Word of Warning

Goodwin on

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

Gray Reed

Trust Protector or Trust Defector? Five Hazards to Avoid in Appointing a Trust Protector

Gray Reed on

Unanticipated changes in the law or circumstances may derail a careful plan to preserve a client’s intent to transfer wealth through trusts. A “trust protector” originated from a need to protect offshore trusts from...more

Winstead PC

Appellate Court Rules On Supersedeas Issues For Appeal Of Breach Of Fiduciary Duty Judgment

Winstead PC on

In Ahlgren v. Ahlgren, the plaintiff asserted that the defendant breached fiduciary duties by taking assets held in trust for the plaintiff’s father. No. 13-22-00029-CV, 2022 Tex. App. LEXIS 2843 (Tex. App.—Corpus Christi...more

Kohrman Jackson & Krantz LLP

Passing Down Cryptocurrency Assets: Gifting And Estate Planning Considerations

WHAT IS CRYPTOCURRENCY? Cryptocurrency is a digital asset that is created and traded online. Miners (computer operators) establish new units of digital currency and record them on a blockchain, a string of verified public...more

Lathrop GPM

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

Lathrop GPM on

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

Farrell Fritz, P.C.

Wills, Trusts & Estates: Plain and Simple – Estates of the Rich and Famous

Farrell Fritz, P.C. on

Mishaps of celebrities in their estate planning can offer insight into what can happen when you neglect your estate planning. While interest in a band or song rights may not be a part of your family’s portfolio, business...more

Farrell Fritz, P.C.

Wealth Transfer Opportunities with Devalued Assets

Farrell Fritz, P.C. on

The COVID-19 pandemic continues to have far-reaching effects which are expected to be felt for months to come, if not longer. The economy has been hit hard and the stock market has seen a dramatic reduction in value. ...more

Burr & Forman

FINRA and UTMA/UTGA Accounts: Know Your Customer, and Continue to Monitor

Burr & Forman on

Firms permitting the creation and operation of custodial accounts related to Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) transactions must take special notice of Financial Industry Regulatory...more

Lewitt Hackman

Why Should I Get My Estate Planning Done Now?

Lewitt Hackman on

Last Sunday I learned that my mother’s dear friend who is very active, hikes daily, gardens daily, does senior yoga weekly, eats a healthy diet, and has many volunteer and social commitments that keep her happy, went on a...more

Farrell Fritz, P.C.

Waiving a Decendent’s Attorney-Client Privilege

Farrell Fritz, P.C. on

“The attorney client privilege, the oldest among common-law evidentiary privileges, fosters the open dialogue between lawyer and client that is deemed essential to effective representation” (Spectrum Sys. Intern. Corp. v...more

Winstead PC

Statute of Limitations Barred Estate Representative’s Claim To Void Beneficiary Designations

Winstead PC on

In Sanders v. Hathaway, the decedent’s estate’s representative sued her sister for various claims arising from the decedent’s beneficiary designation changes, deed transfers, and accounts payable on death changes that...more

Foodman CPAs & Advisors

What is an Abusive Tax Trust?

In a “legitimate” Trust, the ownership and control of the Trust assets and income is “separate” from a Settlor’s control and benefit. IRS has been reporting that Trusts are used for abusive tax schemes to hide true ownership...more

Cozen O'Connor

The Pitfalls of Transferring Assets Into Trust Prior to Divorce

Cozen O'Connor on

Transferring assets into trust for the benefit of children or others is a common estate planning tool. The party making the transfer into a trust gives up any right to control the property or its distribution....more

Winstead PC

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

Winstead PC on

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

Adler Pollock & Sheehan P.C.

Don’t be afraid of probate

Probate. The word itself is enough to strike fear into the hearts of elderly individuals and their loved ones. It conjures images of lengthy delays waiting for wealth to be transferred and bitter disputes among family...more

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