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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

Form 706 Now Available on IRS Website

Posted on March 16, 2011
As of yesterday, Form 706 is now available on the IRS website. Click the links for the following forms: Form 706-GS(D): Generation-Skipping Transfer Tax Return for 2010 Distributions Form 706-GS(T): Generation-Skipping Transfer Tax Return for 2010 Terminations Instructions for Form...

Lawsuits Delay Recovery for Madoff Victims

Posted on March 15, 2011
I previously blogged about Irving Picard, the trustee for the Madoff investors, settling with Jeffry Picower?s wife for $7.2 billion. Helen Chaitman, attorney for nearly 500 former Madoff investors, is now appealing the Picower settlement because it blocks other lawsuits...

Using GRATs to Benefit Parents or Grandparents

Posted on March 15, 2011
GRATs can be used to benefit parents or grandparents the same way that they can be used to benefit children. A child sets up a trust with a term of at least two years, funding it with stock or other...

CLE on Preparing Fiduciary Income Tax Returns

Posted on March 15, 2011
The ABA Section of Real Property, Trust and Estate Law is sponsoring a 90-minute teleconference and live audio webcast entitled Preparing the Fiduciary Income Tax Return on March 17, 2011. The program information is below: Most lawyers are not as...

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Borrowing for Postmortem Liquidity

Posted on March 15, 2011
Lisa M. Rico (Attorney at Law, Wellesley Hills, MA) recently published her article entitled Borrowing for Postmortem Liquidity, Part 2--A Primer on IRC � 6166, 25 Prob. & Prop. 47 (Jan./Feb. 2011). I previously blogged about Part 1 of this...

Lawyer Suspended for Marrying Elderly Client

Posted on March 14, 2011
In 2002, Linda Lowney drafted a will for Thor Tollefsen, a client who was thirty years her elder. The will provided for his sister and two nieces in Norway to receive his estate. In 2005, Tollefsen gave Lowney $339,000 with...

Book on Leaving Adequate Information for Heirs

Posted on March 14, 2011
Sally Balch Hurme (Senior Project Manager with the AARP) recently published her book entitled The ABA Checklist for Family Heirs: A Guide to Family History, Financial Plans and Final Wishes (ABA 2011). The publisher?s description is below: One of the...

New Hampshire Court Upholds No Contest Clause, Beneficiary Owes $17 Million

Posted on March 14, 2011
Andie M. Schwartz (Associate Legal Editor, Trusts & Estates) recently published his article entitled The Cementing of Family Bonds, Trusts & Estates, Feb. 23, 2011. For the 54-page opinion of the case discussed, click here. Excerpts from the article are...

Gene Simmons Joins Financial Advisory Group

Posted on March 14, 2011
Gene Simmons, KISS co-founder and bassist, didn?t buy his first car until he was 34 or his first house until he was 36. Unlike Billy Joel or TLC, Simmons didn?t have to declare bankruptcy due to bad record deals or...

Can You Imagine Planning the Estate of a 23-Year-Old Grandmother?

Posted on March 13, 2011
Rifca Stanescu was 12 when she had her first child, Maria. She urged Maria to not follow her example, but Maria had her first child, Ion, at age 11. Rifca, now 23, is the world?s youngest grandmother. The previous youngest...

RPTEL 22nd Annual Spring Symposia

Posted on March 13, 2011
The ABA Section of Real Property, Trust and Estate Law is sponsoring the 22nd Annual Spring Symposia on April 28-29, 2011 at the Grand Hyatt in Washington, DC. Noted speakers and experts in the fields of real estate, trusts and...

Using Spousal Lifetime Access Trusts to Take Advantage of the Gift Tax Exemption

Posted on March 12, 2011
Many high-net-worth married couples would like to take advantage of the $5 million gift tax exemption but are hesitant to do so because they don?t want to lose access to the property and its income. One method of keeping principal...

Possible Demise of DOMA

Posted on March 12, 2011
Jerry Simon Chasen (Attorney at Law, Miami, FL) recently published his article entitled Is DOMA Doomed?, 25 Prob. & Prop. 23 (Jan./Feb. 2011). The introduction is below: Within a four-week period last summer, three U.S. district court decisions were handed...

More on Huguette Clark

Posted on March 11, 2011
I previously blogged about three of Huguette Clark?s distant relatives requesting that a guardian be appointed for her because they are concerned that her attorney, Wallace Bock, and her accountant, Irving Kamsler, are taking advantage of her. Manhattan prosecutors met...

Helpful Chart Explaining IRA Required Minimum Distributions

Posted on March 11, 2011
Keebler & Associates, LLP created a very helpful chart that explains required minimum distributions for IRAs under IRC � 401(a)(9). To view the chart, click here. Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention and securing...

IRS Prevails in Section 2036 Attack

Posted on March 11, 2011
Ori Bash, ASA (Vice President of Pluris Valuation Advisors LLC) recently published his article In Estate of Adler, Section 2036 Trumps Fractional Interest Discounts, Wealth Strategies Journal, Mar. 4, 2011. The article presents the background information and the court discussion...

Tips for Choosing Your Executor

Posted on March 11, 2011
Being an executor is a time-consuming and difficult job. When choosing who you want to act as your executor, consider the following issues: Family or Outsider? A family member may understand your intentions best and know where to find your...

Puppy Survives Euthanasia

Posted on March 10, 2011
Animal Control Officer Scott Prall found a puppy alive inside a dumpster the morning after a Sulphur, OK dog shelter euthanized him and his litter mates. The puppies were dumped at the shelter and euthanized because they appeared to be...

TV Executive Gets 25 Years to Life for Beheading Wife

Posted on March 10, 2011
I recently blogged about Muzzammil Hassan beheading his wife just days after she filed for divorce, and that Riggs v. Palmer would likely prevent him from inheriting his wife's assets. He was convicted of second-degree murder and was sentenced to...

Alejandra Jackson Claims the Estate Tried to Starve Her Out

Posted on March 10, 2011
I previously blogged about Michael Jackson?s estate trying to evict Alejandra Jackson from the residence. Alejandra claims the executors threatened to fumigate the house whether she and her kids were there or not. She also claims that the executors shut...

NHL Player Donates Brain; Diagnosed with CTE

Posted on March 10, 2011
I recently blogged about NFL player Dave Duerson donating his brain to the study of CTE after committing suicide. Bob Probert, an NHL player for 16 years, also donated his brain to be analyzed in an effort to make sports...

Insurer Avoids Payout by Claiming Accidental Death was Suicide

Posted on March 09, 2011
Jane Pierce spent nine years alongside her husband, Todd, as he struggled with cancer. When returning from a family reunion, he lost control of his truck and died in a car crash. Despite the autopsy report determining smoke inhalation as...

Top SSRN Downloads

Posted on March 09, 2011
Here are the top downloads from January 7, 2011 to March 8, 2011 from the SSRN Journal of Wills, Trusts, & Estates Law for all papers announced in the last 60 days. Rank Downloads Paper Title 1 688 The Fundamentals...

Tony Curtis Left His Children Out of His Will

Posted on March 09, 2011
Tony Curtis made more than 140 films over 60 years including Spartacus with Kirk Douglas and Some Like it Hot with Marilyn Monroe. He died last September at age 85, leaving behind five children from three different wives. His will...

Some States Propose to Eliminate Tax Breaks for Seniors

Posted on March 09, 2011
Michigan?s Rick Snyder proposed a business tax decrease. To make up for that revenue loss, he proposes to eliminate the current exemption that seniors get for IRA distributions and pensions. Meanwhile, Georgia and Hawaii are also considering taking away tax...

Challenges for ILIT Trustees

Posted on March 08, 2011
Melvin A. Warshaw (Financial Architects Partners, LLC) recently published his article entitled ILIT Trustees: Bridge Out Ahead?Lock in Your Navigation System Now, Wealth Strategies Journal, Feb. 10, 2011. The article originally appeared in the July/August 2010 issue of Probate &...

Inheritance and Racial Wealth Disparities

Posted on March 08, 2011
Palma Joy Strand (Associate Professor of Law, Creighton University School of Law) recently published her article entitled Inheriting Inequality: Wealth, Race, and the Laws of Succession, 89 Or. L. Rev. 453 (2010). The abstract available on SSRN is below: The...

Mickey Rooney Speaks to Senate About Elder Abuse Victims Act

Posted on March 08, 2011
I recently blogged about Mickey Rooney becoming a victim of elder abuse. On March 2, Rooney testified before the Senate Special Committee on Aging in support of the Elder Abuse Victims Act. He urged other seniors who may be victims...

Direct TV's Will Commercial

Posted on March 08, 2011
Direct TV recently began running a commercial involving a family's reaction to the distribution of property set out in a will: Special thanks to Adam J. Hirsch (William and Catherine VanDercreek Professor of Law, Florida State University College of Law)...

Obama's Budget Proposal Would Limit Dynasty Trusts

Posted on March 07, 2011
Twenty three states and the District of Columbia realized that they could make money if they did away with the rule against perpetuities, a common-law principle that limits the life of trusts to approximately 90 years. By placing assets in...

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