With the recent changes to the Florida Statutes, it is even more dangerous to use Powers of Attorney documents created by online systems or found in forms books. Not only is there a big risk that they will not comply with the new Florida laws and be worthless...
By Trusts, Estates & Nonprofit Organizations Group, Morrison & Foerster LLP
On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Authorization Act ( H.R. 4853 , "the...
The use of an irrevocable trust to hold one or more life insurance policies, with the main purpose of keeping the life insurance proceeds out of the grantor’s estate, is an established estate tax planning technique. There are circumstances...
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
Will your taxes change if you make a gift of real estate subject to a life estate over a straight gift of real estate? Guest blogger Stacey Crowell Maiden, Esq. , Of Counsel to our Trusts and Estates and Elder Law Practice Group provides an explanation...
Trusts in community property states often contain a provision stating that
community property transferred to the trust by a husband and wife remains their
community property within the trust and that separate property transferred to
This form is drawn from Matthew Bender’s Modern Estate Planning, Second Edition. To order a copy, please visit the Lexis Bookstore by clicking here.
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David R. Schoenhaar, Esq.*
common Estate Planning technique is the utilization of intentionally defective
grantor trusts. A grantor trust is a
trust in which the grantor is treated as the owner for income tax purposes and when
the grantor dies...
Sometimes estate plans
need to be modified because relationships change. A testator's desires may
change and affect the designation of beneficiaries in an irrevocable trust.
Where trusts have "bad" beneficiaries or undesirable terms, one...
By Adam J. Gottlieb
In this entry I will discuss using Qualified Personal
Residence Trusts and the need for further planning at the end of a QPRT.
There are a few preliminary matters to cover. The principal asset inside the QPRT must be a
By Adam J. Gottlieb
In February, I wrote about moving an UTMA account to a qualified Tuition Program under §529 of the Internal Revenue Code (a "529 Plan"). Other options may also exist. For example, a Custodian of an UTMA account may...
Ever since Californians passed Proposition 13 in 1978, county
tax assessors generally can only raise the assessed value of California real
property for property tax purposes by no more than two percent per year over
the prior year's value. But the...
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...
In this Analysis, Andrew W. Singer Esq. provides a review of
the estates and trusts that qualify to be shareholders in an S Corporation. He
Subchapter S has from its inception allowed estates of deceased
individual shareholders to be shareholders...
T. Zaragoza, Esq. and Sonja
K. Johnson, Esq.
A so-called "grantor trust" is a trust that is disregarded
for income tax purposes. Because the
income and gratuitous transfer tax laws are not completely consistent with each
This checklist and many others just like it was originally published in the 2-volume Matthew Bender forms publication called Tax, Estate & Financial Planning for the Elderly: Forms and Practice. To order a copy, please visit the Lexis Bookstore ....
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...
By Adam J. Gottlieb
Before 1984, a high-income taxpayer could loan money to a lower income taxpayer without charging interest on the loan and the loan terms would be respected on their face. For example, a parent could loan money to his or her child...
In October of 2008, the Social Security Administration (SSA)
announced the commencement of the national Compassionate Allowances
Initiative, a means to expedite the processing of disability claims for
applicants whose medical conditions are so severe...
A slayer, a person who without
legal excuse is responsible for the intentional killing of another, is denied
any right to benefit from that wrong under our laws. While this rule is statutorily
codified in many states, in New York it is a rule of common...
New York's decanting statute, EPTL 10-6.6 , was significantly amended by the 2011
Legislative Session. As a result, the trustee of a New York irrevocable trust
has a much greater opportunity to decant assets from an existing trust to
The heirs of Melvin Simon, the
billionaire shopping mall magnate, are embroiled in a bitter estate struggle
contesting a will signed by Mr. Simon seven months before his death. Simon's eldest daughter claims there was
undue influence because Simon's...
Undue influence occurs when a
wrongdoer exerts influence over a testator sufficient to overcome the
testator's free will and cause the testator to make a bequest that would not
otherwise have been made. Matter of Walther , 6 N.Y.2d 49, 188
In Florida if real estate is owned by husband and wife it will pass to the survivor unless the deed specifically says it was owned as tenants in common. However, if it is not owned by husband and wife or is owned by additional people it needs to say that...
By: Jennifer F. Hillman, Esq.
When the nominated executor under a will is also the attorney-draftsman (or an employee of that attorney) additional disclosures are necessary to assure that the nominated executor will receive their full statutory commissions...