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Taxation & Estate Planning

The Ohio Trust & Estate Blog

Ohio law on Trusts, Estates and their legislation and litigation.
By Michael D. Bonasera, Esq.

Post Frequency: 0.5/day

Last Entry: December 18, 2012 at 14:46:48

CNN: Man declared dead, says he feels ‘pretty good’

Posted on March 24, 2008
After doctors in Oklahoma City had pronounced Zach Dunlap brain dead and as his family was paying their last respects, someone drew a pocket-knife across Zach’s foot which drew a response… His foot moved. Later his hand also moved when the family apparently applied pressure “under a fingernail...

Feuding Over Heath Ledger’s Estate

Posted on March 21, 2008
According to this post in today’s Wills, Trusts & Estates Prof Blog and this post at Yahoo (omg.yahoo.com), Heath Ledger’s family is embroiled in a battle over the control of Heath’s estate: Heath’s Uncles are less than satisfied with Heath’s father’s (Kim’s) ability to care for Heath’s assets claiming that they’re only interest is that Heath’s [...

Is There More Conflict Inherent In People’s Estate’s Than Back In “The Good Old Days”?

Posted on March 21, 2008
The premise of this post is that, because of the decline in “traditional family values” (e.g. the “loosening”of the traditional nuclear family due to “[t]hings that used to be taboo - divorce, children born out of wedlock” etc...

Top 12 Tax Scams

Posted on March 21, 2008
This list from the California Tax Attorney Blog (my other lists can be found here and here) is of the Top 12 Tax Scams. Check out Mitchell’s post for the full list. 6. Frivolous Arguments Promoters of frivolous schemes encourage people to make unreasonable and unfounded claims to avoid paying the taxes they owe...

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What Not To Say In A Pleading To A State Supreme Court Investigating Your Possible Disciplinary Charges

Posted on March 21, 2008
While I can imagine any number of things that fit on this list, Florida Attorney and Anti-Video Game Blow-Hard, Jack Thompson recently filed #1: “Make my day.” Seriously. He said this, not just to a court, but to the Florida Supreme Court as they were investigating disciplinary charges against him… Wow...

Retaining The ‘Lost Generation’

Posted on March 16, 2008
The “Lost Generation” are those associates in large firms who are running for their lives in alarming, and growing, numbers. Why they leave is an easy question to answer: They’re given mostly drudge work, they face unceasing pressure to produce and they’re kept in the dark about firm finances and the broader strategies [...

Goodbye Medicare Part D - April 1, 2008?

Posted on March 16, 2008
From the Center for Medicare Advocacy comes the following: The Social Security Administration (SSA) has begun mailing “SSA Medicare Prescription Drug Assistance Notice of Termination” letters to some beneficiaries who are currently receiving the low-income subsidy (LIS) or “Extra Help...

The Future Of The Estate Tax

Posted on March 16, 2008
[I know!, I just borrowed another title! I’m so ashamed.] I don’t think Professor Berry will mind though if I give him proper attribution. Thanks Professor! He writes in this post about the various suggestions being made to congress on ways to overhaul the US’ tax system...

Another Attempt By A POA Holder To Modify A Trust

Posted on March 16, 2008
David Goldman writes here about Gurfinkel v. Marmor December 12, 2007, 32 Fla. L. Weekly D2931 (Fla. 3rd DCA) (PDF). A case out of Florida where “[t]he decedent?s trust beneficiaries challenged a pre-death “amendment” executed by the decedent?s spouse as attorney in fact pursuant to a valid Durable Power of Attorney...

New Hope for the Rich

Posted on March 16, 2008
I don’t usually prefer to rip off other’s titles, but this one from Friday’s NYT on the estate tax was too good to pass up. As proof that Americans are getting poorer, the article offers the following: In 2007, home equity fell below 50 percent for the first time on record since 1945...

I’m Back!

Posted on March 16, 2008
Sorry for the conspiscous lack of posting this last week. I took a little break in the Napa Valley but I’m back now… So much to talk about too! I just didn’t feel it right to start posting again without some mention of my brief absence...

IRS Allows Favorable Gift Treatment for S Corp

Posted on March 07, 2008
Greg Herman-Giddens (of the North Carolina Estate Planning Blog) notices us in this post to a recent revenue ruling (Rev. Rul. 2008-16; 2008-11 IRB 1) that gives favorable treatment to charitable gifts of appreciated property by a Subchapter S corporation...

Charities Lose Out on $8 Million

Posted on March 07, 2008
In this post today, David M. Goldman of the Florida Estate Planning Lawyer Blog writes: Only five weeks before his death Leonard R. Brener made a change to his will. (I think we can see where this is going.) He decided to change his beneficiaries form four local charities to his niece and her [...

Disability Planning and The Pope

Posted on March 05, 2008
According the CNA here, on February 25, 2008, Pope Benedict reiterated the Church’s opposition to all forms of euthanasia… The Pope said that death ?concludes the experience of earthly life, but through death there opens for each of us, beyond time, the full and definitive life...

California Supreme Court Hears Gay Marriage Case

Posted on March 05, 2008
In oral argument yesterday that took over 4 hours, “the California Supreme Court heard arguments in the most important same-sex marriage case since Massachusetts?s highest court allowed gay and lesbian couples to marry there more than four years ago...

Anna Nicole Smith Update - no, we’re not done yet

Posted on March 05, 2008
According to this story at Reuters, a judge in LA today “ruled that the baby daughter of deceased model Anna Nicole Smith is the sole heir to her estate, meaning 18-month-old Dannielynn could inherit a multimillion-dollar fortune.” In case you forgot (and if you’re reading this blog its not likley that you did), “Smith, a former [...

?I am revoking my trust.? Courts says: “So what”

Posted on March 02, 2008
The settlor sent a letter to the corporate trustee of her revocable lifetime trust stating , ?I am revoking my trust.? (Seems pretty clear right?) The settlor made statements indicating that she intended to revoke the trust but also made statements to a bank officer and an attorney which led them to conclude that she intended only to remove the bank as trustee and the attorney prepared documents to do so...

New Proposed Regulations for 529 Plans

Posted on March 02, 2008
Thanks to Greg Herman-Giddens of the North Carolina Estate Planning Blog for his link to the IRS’ new proposed regs governing 529 College Savings Plans. The new regs will include: 1. an anti-abuse rule (to prevent using 529 Plans to skirt gift tax rules); 2...

Ted! Yes!

Posted on February 26, 2008
I’ve been watching Scrubs for years… Even the re-runs. And I’ve always loved Ted. Therefore, from The Billable Hour comes: The Best of Ted Click Here to share this post with other social netowrking sites

The Problem with Joint Property - Fund Your Trust People!

Posted on February 24, 2008
Another one from Greg Herman-Giddens of The North Carolina Estate Planning Blog that reminds me of one of my other posts: Greg writes here about The Problem Of Joint Tenancy. His post is well-written and informative and explains the pros and cons of holding property jointly (sometimes with survivorship)...

What Not to Say to The IRS

Posted on February 24, 2008
A little while ago Mitchell Port of The California Tax Attorney Blog posted about Hairbrained Tax Schemes. He linked to this article (PDF), called The Truth about Frivolous Tax Arguments which is “the [IRS?s] response to anyone who contemplates arguing on legal grounds against paying their fair share of taxes...

This Blog is Not Political… But…

Posted on February 20, 2008
Lawrence Lessig is considering running for congress and I couldn’t be happier about it. As a geek in my former life I have followed Mr. Lessig’s career (and read all his books) and have been consistently impressed by his obviously stunning intellect...

Power of Attorney Holder Could Not Modify Trust

Posted on February 16, 2008
This post by Charles Rubin of the Rubin On Tax Blog is an interesting one because it touches on a running debate in my firm, which is: To what extent should one of court client’s durable powers of attorney be able to modify their trust? Some don’t like the extent of the power granted by our durable POA because it essentially allows the POA holder to completely restate or even revoke the Grantor’s trust...

In Terrorem Clauses - An Important Distinction

Posted on February 16, 2008
In Terrorem clauses are often used by estate planner’s to coerce someone (usually a beneficiary, or someone who thought they should have been a beneficiary) to not sue the trust or estate. They can be useful but as this post by Professor Berry illustrates, they don’t prevent all actions against Trustees...

Tolkien Trust Sues New Line - May Kill “Hobbit”

Posted on February 12, 2008
From today’s Slashdot: “The AP is reporting that the Tolkien Trust and HarperCollins are suing New Line Cinema for $150 million in compensatory damages, unspecified punitive damages, and a court order revoking New Line’s rights to produce any more films on Tolkien properties...

Kaplan’s Top Ten Myths of Social Security now available via SSRN

Posted on February 11, 2008
From The Elder Law Prof Blog and Kim Dayton comes a link to Dick Kaplan’s Top Ten Myths of Social Security: (1) there is a trust fund, (2) Social Security does not increase the federal budget deficit, (3) retirees are only recovering their own money, (4) Social Security will not be there when one retires, (5) retirement benefits are proportional to one’s lifetime earnings, (6) Social Security favors two-income married couples, (7) Social Security favors long-lived marriages, (8) one could do better investing directly, (9) working after retirement makes financial sense, and; (10) retirement benefits are taxed more heavily than other pension payments...

Gettin’ Some Press!

Posted on February 08, 2008
Columbus’ Business First is running an article today (available here in PDF) by Brent Wilder called Columbus law firms waking up to blogs as client development tool and it (kind of) features yours truly! The caption under the picture in the article isn’t quite right, but it’ll do I guess...

Same-Sex Marriage Round-Up

Posted on February 08, 2008
Both of the below articles come from my good friend Professor Beyer over at the Wills, Trusts & Estates Prof Blog. New York Recognizes Same-Sex Marriages From Other Jurisdictions On February 1, 2008, a New York appeals court that same-sex marriages that are valid in the jurisdiction where performed are entitled to recognition in New York...

The Problem of Sloppy Drafting

Posted on February 01, 2008
This one is really too bad… A testator?s will poured the residue of his estate over to his lifetime trust which directed the trustee to distribute certain parcels of real property to certain persons. However, the parcels were owned by a corporation of which testator was sole shareholder...

Larry King and Ohio Substitute House Bill 404

Posted on January 30, 2008
A while ago I blogged here (with an update here) on Larry King suing an adviser of his for a life settlement Mr. King apparently didn’t like (or at least regretted afterwards). In this article in Columbus’ Business First we learn that “Ohio insurance regulators are taking aim at a method of buying life insurance policies from consumers, which they argue is hurting the industry in the state...

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