New York Passes Paternity for Inheritance Legislation and Proposes Opt-Out Organ Donation Law

Last week, New York Governor David A. Paterson signed a bill which, according to his press release, "resolves a current split in decisional law in relation to the degree of proof necessary to show paternity after a purported father's death, by allowing two methods for establishing paternity...

Inherited IRA Exempt under Chapter 11: Doeling v. Nessa (In re Nessa), 2010 Bankr. LEXIS 931 (B.A.P. 8th Cir. 2010)

Where the debtor received, pre-petition, a direct transfer of funds from her father's individual retirement account (IRA), created pursuant to 26 USCS § 408 , to the debtor's inherited IRA, such a transfer did not terminate the debtor's ability to claim the funds as exempt under...

Negative Inheritance

A column on Condé Nast's Portfolio.com addresses the concept of "negative inheritance." Economists use this term to describe the situation where any gifts or bequests that children otherwise might receive from their aging parents are outstripped by the costs to the children for caring...

Fundamentals of Special Needs Trusts - Inheritance & Lifetime Gifting; Redirecting IRAs

1-3 Fundamentals of Special Needs Trusts § 3.03 Inheritance & Lifetime Gifting Redirecting IRAs In the same way that parents or grandparents sometimes fail to recognize the importance of directing a child/grandchild's inheritance to a SNT when the child/grandchild suffers from...

Fundamentals of Special Needs Trusts - Inheritance & Lifetime Gifting; Redirecting Inheritance into a First-Party SNT

1-3 Fundamentals of Special Needs Trusts § 3.03 Inheritance & Lifetime Gifting Redirecting Inheritance into a First-Party SNT The SNT attorney may be faced with a situation where a decedent leaves a bequest to an individual with a disability not understanding the adverse impact...

Special Needs Trusts: Inheritance & Lifetime Gifting

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 parents, grandparents, siblings and others can direct an inheritance to...

Extreme Generation-Skipping by Timber Baron in Michigan

Wellington R. Burt, a timber baron from Saginaw, Michigan, was so concerned that his children and grand-children would have their lives ruined by inheriting his fortune that he, essentially, wrote them out of his will. That's some extreme generation-skipping! MSNBC.com reported on this story...

Tortious Interference with an Expected Inheritance in Florida

Often before the death, a spouse or someone else in control of assets attempts to rearrange the assets so that it will benefit them and in doing so it can interfere with the desires of the decedent. In these situations, the prospective beneficiaries who have been damaged have the right to bring...

Another State Repeals Its Inheritance Tax

Indiana Governor Mitch Daniels officially signed legislation to repeal the states inheritance tax . The relief is retroactive to January 1 and increases amounts exempt from the levy for 2012 deaths. Currently there are still 22 states plus the District of Columbia that impose estate and/or inheritance...

U.S. Supreme Court cites Florida inheritance law in unusual case

The U.S. Supreme Court recently handed down its decision in the case of Astrue v. Capato. The circumstances of the case are ones most of us will never experience. Nonetheless, the case has lessons for everyone. It underscores the importance of creating a precisely worded estate plan that takes all contingencies...

Tort and Probate Law: Tortious Interference and Expected Inheritance

The recent decision of a Florida appellate court has shed some light on a little discussed aspect of tort and probate law in the state of Florida. The Third District Court of Appeals ruled in the case of Saewitz v. Saewitz that to sustain a prima facie case for tortious interference with expected inheritance...

What does it mean to be "family" with 21st century science?

In law school we learned about the "fertile octogenarian" - a theoretical construct about what would happen to a property distribution scheme in an estate plan if you had some wacky birth order situation (ie: my great-uncle is 60 years younger than me). Back in 1995, this was largely theoretical...

Dont Count on an Inheritance as Half of Americans Die Broke

If you want the best retirement outcome possible, get rich. If that fails, consider getting married, staying married-and doing your best to die before your spouse does. That last is not entirely serious, but the general take-away is that being married pays off in retirement. For example, remember...

Hope You Were Not Counting on an Inheritance

The increase in lifespan of members of older generation and medical expenses are depleting the amount of money that the greatest generation has to bequest to their heirs. While some future heirs are well aware that the amount of inheritance that they are likely to receive has decreased, less than half...