This month’s Alert gives an overview of developments affecting estate planning for same-sex couples. It recounts how recent elections approved same-sex marriages in several states. It also examines several cases which address the constitutionality of bans on same-sex marriage, including the Defense of Marriage Act.
This month's Alert discusses how the "fiscal cliff" legislation impacts your clients' estate plans.
This month’s Alert examines how the “fiscal cliff” legislation could result in changes for estate plans. Depending on the couple, it might mean they could simplify their plan. However, there are many non-tax reasons that they may want to keep a more complex plan.
This month’s Alert examines two high-profile cases which illustrate the importance of naming guardians for minor children.
This month’s Alert examines the rules regarding distributions from IRAs and retirement plans. In particular, it examines reasons to make a trust the beneficiary and rules regarding who is the measuring life for minimum required distribution purposes.
This month’s alert covers the importance of planning for tangible and intangible personal property. Often items that are little financial value are of significant sentimental value and the distribution of those items can lead to disputes among children, grandchildren and other relatives who were “promised” the items or otherwise feel entitled to them. On other occasions personal property can have significant value, such as art, collectibles, licenses and royalties. Proper planning can help reduce any problems that may arise in the distribution of this property after death.
The Internal Revenue Code and Treasury Regulations concerning trusts as beneficiaries of retirement plans and IRAs are fraught with traps and contradictions. It seems sometimes the exceptions to the rules outnumber the rules themselves. This month’s E-Alert discusses a recent Private Letter Ruling stating that a spousal rollover of an IRA is not available when the beneficiary of the IRA is a trust, but then stating the exception under which a spousal rollover may be available. It is another example of how careful planning is crucial when dealing with retirement assets.
Annual gifts, especially through trusts with “Crummey powers,” can lead to significant estate tax savings. Read more about a recent taxpayer victory involving a “Crummey Trust” with no less than sixty beneficiaries with withdrawal powers.
In Estate of Sarah O’Hare, the mother of a disabled child, serving as the guardian of her estate, was found personally liable for over $400,000. The court found that she used the guardian estate funds to benefit her and other members of the family and did not administer the estate for the sole benefit of her daughter. This case demonstrates the importance of fiduciaries of all types understanding their duties to the beneficiaries who are intended to be benefitted by the funds they are administering.