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Estate Planning

Wills, Trusts & Estates Prof Blog

A resource to enhance the teaching of courses that address intestate succession, wills, trusts, estate administration, non-probate assets, planning for disability, and other matters pertaining to estate planning.
By Gerry W. Beyer

Post Frequency: 58.3/day

Last Entry: May 23, 2013 at 09:00:00

Setting Goals For Philanthropic Giving and Estate Planning

Posted on May 23, 2013
Estate Planners should know what goal their client is trying to achieve and what estate planning tools will best accomplish these goals. Some of the more useful tools for providing income are the charitable remainder trust and a gift annuity....

Seventh Circuit Halts The Protection Of Inherited Retirement Plans

Posted on May 23, 2013
As I have previously discussed, recently the Seventh Circuit Court of Appeals held that funds within an IRA are not necessarily retirement funds so the funds could not be shielded from creditors.The laws protect retirement funds so long as they...

Ravi Kumra's Womanizing May Expose His Estate To Additional Claims

Posted on May 22, 2013
Last year, two prostitutes were accused of planning Ravi Kumra?s murder. Kumra died of asphyxiation during the robbery of his mansion. Recently, other women are trying to swindle the Kumra family?s estate. One of the family members who did not...

CLE on IRA Compliance Issues Including IRA Trust Violations

Posted on May 22, 2013
The American Bar Association will sponsor a CLE entitled, IRA Compliance Issues Including IRA Trust Violations, on Jun. 11, 2013 from 9:00 am - 12:45 pm. Provided below is a description of the event: WHY ATTEND? Government reports from the...

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Book on IRS Compliance Issues and IRA Trust Violations

Posted on May 22, 2013
Seymour Goldberg (CPA, MBA, JD) recently published a book entitled, IRA Guide to IRS Compliance Issues Including IRA Trust Violations, American Bar Association, (Apr. 2013). Provided below is a description of the book from the ABA Store?s website: Based on...

Mother Denied Support For Her Child Because Dad Is An Anonymous Donor

Posted on May 22, 2013
Recently, an administrative court in Denmark denied a women impregnated by anonymous sperm, child support payments. The law in Denmark allows advance payments from the state to the mother and later collects from the father. The court reasoned that because...

A Charitable Gift Annuity

Posted on May 22, 2013
Because of the American Taxpayer Relief Act, donors face higher taxes. This year, major charitable donors will be seeking financial advice to reduce their taxable income. Single taxpayers might lose part of their itemized deductions. Single taxpayers are not the...

Mother of Heavy D Dispels Rumors Concerning his Estate

Posted on May 22, 2013
In November of 2011, Dwight Myers, better known as rapper Heavy D, passed away at the age of 44. Reports have recently surfaced that Heavy D?s brother, Floyd Myers, has attempted to take control of Heavy D?s entire estate. But...

The Right to Die Takes Center Stage in Britain

Posted on May 22, 2013
In one of the most high-profile attempts to change Britain?s law on the right to die, two paralyzed men seek to protect from prosecution those who would help them end their lives. Paul Lamb was left immobile after a car...

Tips on Avoiding Family Feuds During Estate Planning

Posted on May 22, 2013
Due to the recent signing of the American Taxpayer Relief Act of 2012, now is the time to review your estate plan in order to mitigate tax exposure, especially if you are a high-net-worth individual or own a family business....

Conservation Easement Deduction

Posted on May 21, 2013
The IRS has raised its scrutiny with charitable easements. The increase in scrutiny with charitable easements stems from compliance problems with subordination rights, valuation, and substantiation. Litigation over these compliance problems in charitable easements is steady making it more likely...

Topeka Sperm Donor Motions for Judge to Recuse Herself in Child Support Case

Posted on May 21, 2013
William Marotta?s defense attorney has filed a motion calling for Judge Mary E. Mattivi to recuse herself from Marotta?s case. The state of Kansas asserts Marotta owes child support to the 3-year-old daughter of two women who enlisted Marotta through...

The Giving Pledge's First Female Signatory

Posted on May 21, 2013
In 2009, Warren Buffet and Bill Gates started the Giving Pledge for charitable donations. Recently, nine billionaires have signed on to the Giving Pledge promising to donate half of their wealth to charity after death. The first female billionaire to...

CLE on Representing Estate and Trust Beneficiaries and Fiduciaries

Posted on May 21, 2013
The American Legal Institute will be hosting a CLE in Langham, Boston entitled, Representing Estate and Trust Beneficiaries and Fiduciaries, July 18-19, 2013. A description of the CLE is below: Why You Should Attend Estate planners, litigators, and corporate fiduciary...

When Can a Fiduciary Duty Be Discharged In a Bankruptcy Proceeding?

Posted on May 21, 2013
Recently, the Supreme Court has decided when the fiduciary duty can be released during a bankruptcy proceeding. Chris Bullock was the trustee of his father?s trust. The trust provisions did not allow the family from borrowing from the trust. Despite....

Article on Estate Settlement in Michigan

Posted on May 21, 2013
John H. Martin (Warner, Norcross & Judd LLP) recently published an article entitled, Improving Michigan Estate Settlement, 29 T.M. Cooley L. Rev. 1 (2012). Provided below is the introduction to his article: The indictment is short and pointed: probate estate...

Granddaughter Raises Enough Money for Grandfather to Keep House

Posted on May 21, 2013
Jaclyn Fraley recently reached her goal of raising $125,000 to buy back her grandfather?s home. John Potter, a 91-year-old WWII vet, had been living in his Zaleski, Ohio, home for over fifty years. In 2004, he gave power of attorney...

Disturbing Trends in IRA Withdrawals

Posted on May 21, 2013
According to a recent report by the Employee Benefit Research Institute, younger retirees between the ages of 61 and 70 are withdrawing larger amounts from their individual retirement accounts than older households. These earlier withdrawals ?are larger in absolute dollar...

A New Book On California Community Property

Posted on May 20, 2013
Charlotte K. Goldberg, (Professor of Law, Los Angeles) recently published the revised fourth edition of, Examples & Explanations: California Community (4th ed. 2013). A description from amazon of the book is below: Using the Examples & Explanations pedagogy and FITS...

Mere Friendship Insufficient Ground to Set Aside Beneficiary Designations on Non-Probate Assets

Posted on May 20, 2013
In In re Estate of Abernethy, 390 S.W.3d 431 (Tex. App.?El Paso 2012, no pet.), Decedent and Beneficiary were very close personal friends. In addition, Beneficiary was a certified public accountant who prepared tax returns for Decedent. Decedent named Beneficiary...

IRS Releases Interest Rates

Posted on May 20, 2013
Recently, the IRS released the interest rates for June 2013 income tax. Included in the rates are the short, mid, and long-term federal rates for 1274(d), and 1288(b) of the tax code. Additionally, the released rates included the long-term tax-exempt...

401(k) Considerations to Improve Your Financial Future

Posted on May 20, 2013
Inspired by the illuminating PBS Frontline story The Retirement Gamble, here are some key points to consider for employers offering 401(k)s as well as employees investing in them. First, try to keep your investment fees below one percent. These fees....

Live Webinar on Family Wealth Transfers

Posted on May 20, 2013
The American Bar Association will be hosting a Trust & Estate Webinar entitled, What?s the Encore: Correcting and/or Amplifying Family Wealth Transfers on June 6, 2013 from 12:00 PM ? 1:30 PM CT. A description of the webinar is below:...

Life Insurance v. Annuities

Posted on May 20, 2013
Both life insurance and annuities have tax deferral benefits. Annuities offer steady income, while life insurance protects your family in the event of your death. However, many believe the tax benefits are outweighed by administration costs and penalties...

Same-Sex Couples Face Challenges in Determining Whether Spouses Qualify as Trust Beneficiaries

Posted on May 20, 2013
Spouses often use trusts to pass monetary benefits to the other spouse, but the law is often unclear on whether same-sex spouses can become the beneficiary of their partner?s trust. If the Supreme Court finds the Defense Against Marriage Act...

IRS Limits Material Participation by Non-Grantor Trusts

Posted on May 20, 2013
In a recent Technical Advice Memorandum (TAM), the IRS limited ?the circumstances in which a complex, non-grantor trust can materially participate in the activities of an S corporation.? The IRS concluded that only time spent by a fiduciary in a...

Tips on Having a Successful Family Meeting

Posted on May 20, 2013
Family meetings are common after a medical crisis, but they can also be invaluable in resolving complicated financial issues as well as legal planning for elderly family members. Here are some tips on starting, and getting the most out of,...

CLE on Beneficiary Designation Problems

Posted on May 19, 2013
The American Bar Association Section of Real Property, Trust and Estate Law will sponsor a CLE entitled, When Good Benes Go Bad or Missing Beneficiary Designation Problems with Qualified Plans and IRAs: How to Identify, Avoid and Fix Them, on...

Check Out Michael Jackson's Estate On 60 Minutes

Posted on May 19, 2013
Today on CBS at 7 p.m. EST, 60 Minutes is showing viewers a special on Michael Jackson?s Estate. Estate?s archivist and Michael Jackson?s friend will give the tour. Viewers will get to see Jackson?s prized possessions like Jackson?s wooden rocking...

Columbia University Asks Court to Exclude White-Only Provision from Trust

Posted on May 19, 2013
Columbia University is seeking to modify the terms of a highly restrictive trust that violates current anti-discrimination laws. Under the terms of the 93-year-old Lydia C. Roberts Graduate Fellowship, money should be given only to ?a person of the Caucasian...

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