In Florida many parents create Life Estate Deeds with their children in an attempt to avoid Probate on their homes. A Florida Life Estate Deed is a document which changes the ownership of a home or other piece of real estate. Essentially it creates a...
With the holidays upon us, it's time to do some planning that can help reduce your tax bill this year.
Contributing to your retirement plan is a fast and easy way to cut
your taxes, while building your nest egg. The federal limit for 401(k)
Michigan ’s Governor Granholm signed Public Acts 2009, Number 46 , the new Michigan Trust Code (MTC), into law on June 18, 2009. The MTC replaces Article VII of the Estates and Protected Individuals Code (EPIC) and becomes effective April 1, 2010...
In Pierre v. Commissioner , 133 T.C. No. 2 (2009) , the Tax Court, in a divided opinion, rejected the government’s argument that transfer of interests in a single member limited liability company (LLC) should be treated as a transfer of the underlying...
A recent Tax Court decision has
caught the attention of estate planners and appraisers because of its implications
for gifts of undivided interests in real property. The case at issue is Ludwick v. Comm'r, T.C. Memo 2010-104 (May 10, 2010) . In Ludwick...
recent Wall Street
Journal article addressed an issue that is becoming a concern for
more than 25% of the adult population in the U.S.: Providing voluntary care for
elderly or sick family members and friends. This percentage will continue to...
The caregiver cares for the ill and needy, but who cares for the caregiver? Family Fortress Estate Planning Blog has an interesting post this week about " Help For Caregivers: 10 Steps Toward Taking Care of Yourself ". A staggering statistic...
New York has a very
well developed common law in the trust area, however its lack of accessibility
to practitioners and trustees has lead to recent discussions concerning whether
New York should adopt a uniform trust code.
For several years, various...
Most people purchase life insurance to protect their family when they passed away. Unlike term, universal or whole life insurance, where there is no financial market risk component, Variable Universal Life insurance (VULI) is subject to financial market...
of creditor risk and the development of a strategy for acquiring creditor
protected assets is an essential element of every good estate plan. In an effort to provide financial security
for a loved one upon death, certain creditor protection...
written about every day in newspapers all across the country. It affects
elderly individuals from all walks of life in every community regardless of
gender, race, or ethnicity. The annual financial loss to its victims is
estimated to be...
Transfers to third-party Special
Needs Trusts by way of inheritance or lifetime gifting are efficient ways to fund
third-party Special Needs Trusts. This
chapter of Fundamentals of Special Needs Trusts provides details of how
In today’s economy, income beneficiaries are suffering because the income distributions they relied on have diminished significantly. The prudent approach in drafting a trust that seeks to maintain an income beneficiary’s standard of living...
By Danielle T.
Zaragoza, Esq ., Morrison & Foerster LLP
The basic concept of a unitrust is
that a fixed percentage of the fair market value of a trust's assets,
redetermined each year, is paid out to the "income" beneficiary, regardless...
Over the weekend the Wall Street journal ran an article on elder law
planning entitled " Inoculating
Estates From Health Costs ". While I'm always happy to see an article about
elder care planning in the news because it's such...
California Wills and Trusts Drafting System
powered by HotDocs®, this easy-to-use software will help you create
customized wills, trusts and many other estate-related documents from
scratch. Based on the enormously popular...
By Genevieve M. Moore , Morrison & Foerster
It is more and
more common for individuals to use a revocable trust instead of a Will as their
primary estate planning document, particularly in California where we practice. Although there is an up...
Self-dealing is simply not tolerated
in the relationship between a fiduciary and those whose interests he or she is
to protect. In attempting to address the
problem of self-dealing, a bright-line prohibition has evolved in trust law so
A trust protector is a person or group of people (not the settlor, beneficiary, or trustee) who are appointed to exercise one or more powers affecting a trust and the interest of the beneficiaries. The concept of a trust protector is to protect beneficiaries...
By Wendy M. Greenberg, Esq. , Morrison & Foerster LLP
Dementia is a broad term used to
describe impairment in multiple cognitive activities, including memory,
language, motor skills, visuospacial skills, and executive function. Dementia is fairly...
Glucoft,* Morrison & Foerster LLP
In the administration of an irrevocable
trust, situations can arise that were beyond the anticipation of the
trustor. Therefore a trustee may want to
"decant" a trust by transferring funds...
A decedent doesn't always leave assets to his or her heirs - instead there may only be a pile of debt. An estate is known as an "Insolvent Estate" when its liabilities exceed its assets. What to do in that situation?
What's fair is fair - or at least that's the concept behind the pro tanto rule wherein a surcharge against a fiduciary is limited to the interest of the objecting party and not the other beneficiaries who stood by and failed to act in their own...
Richard McConnell of Wiley Rein spoke at HB Litigation
Conferences' seminar on Medicare, Medicaid & SCHIP in Torts, joining other
presenters on a session titled "Filing Concerns from All Sides of the
Table." More information about
By Sabrina Winters
On the field, Steve McNair was
everything you expected from a quarterback. Strong leader, decisive and
full of will. As the owner of the NFL's, Tennessee Titans, Bud Adams
Jr. once proclaimed, "He played with unquestioned...