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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: 44.9/day

Last Entry: April 01, 2011 at 14:00:00

Heirs of the Wealthy Fire Their Parents' Advisors 90% of the Time

Posted on December 28, 2010
A recent study showed that the heirs of wealthy people retain mom and dad?s advisors only 10% of the time. How can an advisor position himself to become the new advisor that the heirs hire? A few tips are below:...

CLE on Medicaid Eligibility

Posted on December 22, 2010
The National Business Institute is sponsoring a 90-minute national teleconference entitled Eligibility Requirements in Medicaid Benefits on December 27. The program description is below: This basic legal course offers a concise overview of Medicaid eligibility requirements essential to every estate...

CCH Publishes Valuable Summary of the 2010 Tax Relief/Job Creation Act

Posted on December 22, 2010
CCH recently published a Tax Briefing Special Report entitled 2010 Tax Relief/Job Creation Act. This 11-page report provides an excellent summary of the new tax bill. The introduction is below: President Obama signed a multi-billion dollar tax cut package, the...

2011 State Estate Taxes

Posted on December 22, 2010
Despite the new federal estate tax exemption for 2011, many families with less than $5 million will still have to plan for estate taxes. As of today, 21 states and Washington D.C. have inheritance or estate taxes in place for...

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Don't Forget to Vote for the Wills, Trusts & Estates Prof Blog!

Posted on December 22, 2010
Each year, the editors of the ABA Journal choose the 100 best legal blogs. Thanks to your loyalty and support, this blog has been selected. Voting is now taking place to determine the "popular" favorite in each of 12 categories...

Does Attorney-Client Privilege Belong to Trustee or Beneficiary?

Posted on December 22, 2010
Tina N. Babel (attorney, St. Louis, Missouri) recently published her article entitled Attorney for the Trust: Does Attorney-Client Privilege Belong to the Trustee or the Beneficiary?, 98 Ill. B.J. 524 (Oct. 2010). The introduction is below: As attorneys, we learn...

CLE on Coordinating Medicaid with Other Government Benefits

Posted on December 21, 2010
The National Business Institute is sponsoring a 90-minute national teleconference on December 21 entitled Coordinating Medicaid with Other Government Benefits. The program information is below: This incisive legal briefing explores one of the more crucial yet frequently overlooked aspects of...

Happy First Day of Winter

Posted on December 21, 2010
Good Morning, Happy First Day of Winter! Gerry

Assignment of Trust Account to Inter Vivos Trust Revokes Beneficiary Designation

Posted on December 21, 2010
The decedent created a trust account naming his step-daughter as the beneficiary. The decedent later created an inter vivos trust and listed the account on the schedule of property delivered to the trustee. In addition, the trust made a specific...

The Modern Champion of the Estate Tax was a Republican

Posted on December 21, 2010
Conservative Republicans have attempted to abolish the estate tax since the 1940s, so it?s easy to forget that its modern champion was Theodore Roosevelt, a president the GOP used to deem amongst the greatest the party has produced. In 1910,...

Keeping Trusts Out of Private Law is Impossible

Posted on December 21, 2010
Reinout M. Wibier (Professor of Law, Tilburg University) recently published his article entitled Can a Modern Legal System do Without the Trust?, Tilburg Law School Research Paper No. 025/2010 (Sept. 2010). The abstract is below: This article will argue that...

Top SSRN Downloads

Posted on December 20, 2010
Here are the top downloads from October 20, 2010 to December 19, 2010 from the SSRN Journal of Wills, Trusts, & Estates Law for all papers announced in the last 60 days: Rank Downloads Paper Title 1 414 2010 Federal...

New Alzheimer's Tests Raise Moral Dilemma

Posted on December 20, 2010
Until recently, the image of Alzheimer?s was the visibly demented person who was unable to follow a conversation or remember daily plans. Now doctors have developed tests that can diagnose individuals years before actual dementia sets in. But these new...

Extension of Income Tax Rates Gives Taxpayers Interest-Free Loan

Posted on December 20, 2010
The extension of income tax rates essentially gives taxpayers an interest-free loan if they convert an IRA into a Roth IRA by December 31. Taxpayers who converted in 2010 expected rates to rise next year, forcing them to report all...

Massachusetts pet trust legislation stalled in Committee

Posted on December 20, 2010
Massachusetts House Bill 1467 would validate "[a] trust for the care of one or more animals alive during the settlor's lifetime." After passing the House on June 15, 2010, the bill was read and referred to the Senate Committee on...

Madoff Trustee Collects $7.2 Billion from One Estate

Posted on December 19, 2010
As of September 30, Irving Picard, the trustee liquidating Bernard Madoff?s failed investment firm, approved 2,232 investor claims for recovery. He rejected 11,171 other claims because those claimants withdrew more from their accounts than they invested...

Issues to Consider Over the Next Two Years

Posted on December 19, 2010
Under the new tax bill, less than .5% of people who die in 2011 will owe estate taxes. But that doesn?t mean that the wealthy can ignore short-term issues over the next two years. A few of the most important...

CLE on Estate Planning Basics

Posted on December 19, 2010
The National Business Institute is sponsoring a 90-minute national teleconference on December 20 entitled Estate Planning Basics. The program information is below: Do you have the skills to ensure your clients are well taken care of in case of incapacity?...

Americans Support the New Tax Bill

Posted on December 18, 2010
ABC News and the Washington post polled Americans a few days before the tax bill was passed to determine how much support the deal had. The results are below: A portion of Kevin Drum's analysis of the results is below:...

Imposing an Inheritance Tax

Posted on December 18, 2010
As demonstrated by the recent arguments over the estate tax portion of the new tax bill, people are passionate about why we should or why we shouldn?t have an estate tax. Absent from the debate, however, has been any discussion...

President Obama signs tax bill

Posted on December 18, 2010
As expected, President Obama signed the tax bill yesterday (December 17, 2010). The President is reported as saying, ?The final product proves when we can put aside the partisanship and the political games, when we can put aside what?s good...

House approves tax bill -- Pres. Obama expected to sign Friday

Posted on December 17, 2010
Late yesterday, the House voted 277 to 148 to approve the tax bill previously passed by the Senate. Democrats failed in their attempt to increase the estate tax even more than in the Senate bill which raised the estate tax...

Summary of Congressional Action with Regard to Estate Tax Since Dec. 2

Posted on December 17, 2010
On Monday, William (Bill) D. Pargaman (attorney, Austin, TX) posted a blog entitled Are We Having Fun Yet?, which summarizes what has happened with regard to the estate tax since December 2nd. He discusses the Baucus Bill, the Obama-GOP Compromise,...

Portable Credits May Hurt Estate Planners

Posted on December 17, 2010
Estate planners are concerned that the new tax bill is going to hurt their practices. A key reason is the portability of exemptions. Historically, wealthy married couples needed good legal advice to utilize the full value of both their estate...

GST Tax Loophole in the Tax Deal

Posted on December 17, 2010
The tax bill passed by Congress confirms a 0% GST tax rate for 2010 and creates an additional loophole that was unavailable when I blogged about a possible payday for trust babies. In addition to outright gifts qualifying for the...

Don't Forget to Vote for the Wills, Trusts & Estates Prof Blog!

Posted on December 17, 2010
Each year, the editors of the ABA Journal choose the 100 best legal blogs. Thanks to your loyalty and support, this blog has been selected. Voting is now taking place to determine the "popular" favorite in each of 12 categories...

Sloppy indictment allows wicked trustee to walk free

Posted on December 17, 2010
In Bowen v. State, 322 S.W.3d 435 (Tex. App.?Eastland 2010, pet. filed), a jury convicted Trustee of misapplication of fiduciary property valued at over $200,000 under Penal Code � 32.45. Trustee was then sentenced to eight years in prison, fined...

CLE on the Estate Tax in 2011

Posted on December 16, 2010
The ABA Section of Real Property, Trust & Estate Law is sponsoring a 90-minute teleconference and live audio webcast on December 16 entitled The Estate Tax-What is Going on and What to do Before 2011 (Or, Wandering Through Alice?s World)....

Act timely, or else!

Posted on December 16, 2010
In re Estate of Rogers, 322 S.W.3d 361 (Tex. App.?El Paso 2010, no pet. h.), teaches us that a person dissatisfied with a determination of heirship should timely appeal or file a bill of review. The trial court found that...

Tax Deal May Actually Benefit Wealthy More Than the 2010 Estate Tax Lapse

Posted on December 16, 2010
Although there were no estate taxes in 2010, 2011 might be an even better year for wealthy families if the tax deal passes. This is because for a family to benefit from the estate tax lapse, a loved one had...

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