Retirement and estate planning are both related to gratitude. I’m retiring after 23 years with the Academy. The Academy and its Members have made me a better lawyer, a better teacher, and a better person. Whether you are retiring or doing estate planning, don’t forget to express your gratitude to those who have made a difference in your life.
The Internal Revenue Service recently released its Strategic Operating Plan. In that plan, the Service indicated that it planned to conduct more audits, especially on the wealthiest taxpayers. Hearing that you are facing an audit is enough to strike fear into even the most stoic of individuals. No one is immune from audit; however, taxpayers following certain steps are less likely to be audited than those who don’t.
As much as I enjoy writing about celebrity Estate Planning gone wrong, and less often, right, occasionally, a court opinion catches my attention. That’s particularly true when the decision will have lasting implications for Estate Planning. This blog returns to the basic lessons about amending a Trust. In an increasingly litigious world, disgruntled beneficiaries feel emboldened to fight for what they think is theirs. It doesn’t always work out in their favor, especially when they base their argument on a “technicality.”
The 4th of July reminds people of the flag, freedom, and fireworks! As our nation’s birthday approaches, we should reflect upon what freedom means to us. Creating an Estate Plan provides a level of individual freedom – a peace of mind regarding your family’s well-being and the legacy that you leave for them once you are gone.
More than one estate has boiled down to a fight over tangible personal property. Sometimes even if it lacks monetary value, it holds tremendous emotional significance for the beneficiaries. Maybe they remember Mom wearing a string of fake pearls or the no-name watch that Dad wore with pride. Things become more heated; however, when tangible personal property has value. Passing it on to beneficiaries requires a plan both during life and after death.
Certain individuals have a knack for making headlines. Orenthal James Simpson was one of those people. He first made headlines for his talent on the football field. Later, he made them as an actor and broadcaster. In 1994, he made headlines when he was arrested for the murder of his former wife, Nicole Brown Simpson, and her friend, Ronald Goldman. Orenthal James Simpson died on April 10, 2024, and with his death, his presumed Executor made headlines, perhaps for the last time for the “Juice.”
Grantors like the idea of placing conditions upon a gift. In many ways, it’s the final opportunity to exert control or influence on the beneficiary. Most courts try to uphold the conditions as long as they are not void as against public policy or otherwise illegal or immoral. This article explores what happens when a Trustee fails to strictly enforce the conditions placed upon a bequest.
Regardless of your feelings about her music, her attendance at National Football League games, or anything else related to the popstar, it’s hard to argue that Taylor Swift isn’t a cultural phenomenon. In 2023, Taylor launched a multi-city tour that broke records for attendance, sales, merchandising, and gross revenue; the Federal Reserve credited her with boosting the country’s economy; and Time magazine named her Person of the Year. While interesting, these statistics only tell part of the story. When Taylor Swift takes action, her legions of fans, called “Swifties,” take notice. Often, blogs about celebrities focus on what went wrong, here, it’s about what went right.
The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to utilize whatever remains of their AEA to avoid losing it. Married individuals have a particularly useful option at their disposal.
Welcome to 2024! The year 2023 left many feeling unsettled. Chat GPT burst onto the scene, and it seemed AI was destined to take over everything. War continued in Ukraine and broke out in the Gaza Strip.