LexisNexis® Legal Newsroom
Disinheriting a Trust Beneficiary on Religious Grounds; Feinberg vs. Feinberg (In re Estate of Feinberg), 2009 Ill. LEXIS 1299 (Ill. Sept. 24, 2009)

Summary : In a case likely to stir controversy, the Illinois Supreme Court recently handed down a decision upholding a testamentary trust that disinherited a beneficiary simply because she had married outside the testator’s religion. The case, In re Estate of Max Feinberg, was a major victory for...

Medicare Costs More For Some Beneficiaries

The January 8, 2010, issue of the Oast & Hook News discussed Medicare premiums for 2010, and stated that some beneficiaries would pay higher part B premiums in 2010. Most beneficiaries will not see an increase in 2010 because of the Social Security Act's "hold harmless" provision...

Disclaimers - Saying "No" to Your Inheritance

The New York Times ran an article " Saying 'No Thanks' to a Bequest ". In the article, Deborah L. Jacobs explores how a disclaimer provision either included in an estate plan, or created after death, can achieve some estate tax savings in this environment of uncertainty about...

2010 - The Year of Carryover Basis

The last issue of the Oast & Hook News addressed the estate tax laws that are effective for 2010. This issue of the Oast and Hook News will explore the issue of carryover basis. In previous years, the beneficiaries of estates received a great income tax benefit known as the "step up...

When Irrevocable Trust Beneficiaries Fall Out of Favor

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 option to fix the problem is to modify the trust...

Insurance in an Irrevocable Trust for a Spouse in a Community Property State

Life Insurance is subject to estate tax if the insured owns it. One way to avoid estate taxes is for an irrevocable trust for the benefit of the children of the insured to be the applicant, owner and beneficiary of the insurance policy. But, under this solution, the spouse of the insured gets no...

What Happens to Your Will when Another Beneficiary is Born?

You Will usually says "I leave my estate to my children" or maybe "to my grandchildren" or "to my children, and if a child isn't living, then to their children". You will notice that no names are being used. Guest blogger Stacey C. Maiden, Esq ., Of Counsel to our Tax...

Excess Estate Expenses can be Windfall to Beneficiary

Who would have thought it, but the 1041 income tax return for an estate could make the beneficiaries money. Many times an estate may have deductions in excess of its income. An estate's income would include any items of income earned by the estate from the time of the decedent's death until...

Unpaid Insurance Benefits Issues Continue to Intensify

By Phil Stano, Partner, Sutherland Asbill & Brennan LLP Attention to unclaimed property issues affecting life insurance companies – including issues relating to unpaid life insurance and annuity benefits – has significantly escalated in recent weeks, due to regulatory actions, media...

New Trust Case—Remainder Beneficiary of Revocable Trust Lacks Standing to Bring Action against Trustee—Estate of Giraldin

By David W. Tate New trust case-remainder beneficiary of revocable trust lacks standing to bring action against trustee-Estate of Giraldin Dave Tate, Esq. (San Francisco) Website Intro Video In Estate of Giraldin (California Court of Appeal, Fourth Appellate District, Case No. G041811, September...

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938

In 2010, Congress enacted the Foreign Account Tax Compliance Act (FATCA) as part of the Hiring Incentives to Restore Employment Act ("the HIRE Act"), and the legislation amended the Internal Revenue Code with the goal of increasing foreign account tax reporting and compliance. [The Hiring Incentives...

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...

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...

In re Estate of Riley: Protecting Beneficiaries' Rights in a Probate Estate

By Hadar L. Avraham* and Raphael J. Avraham** * J.D., University of Arizona James E. Rogers College of Law, 2008. ** J.D. Candidate, University of Arizona James E. Rogers College of Law, 2013; M.B.A. Candidate, University of Arizona Eller College of Management, 2013. Excerpt from In re Estate of...

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938

In 2010, Congress enacted the Foreign Account Tax Compliance Act (FATCA) as part of the Hiring Incentives to Restore Employment Act ("the HIRE Act"), and the legislation amended the Internal Revenue Code with the goal of increasing foreign account tax reporting and compliance. [The Hiring Incentives...

Digging A Little Deeper: Less Obvious Attesting Witness-Beneficiaries Find Their Bequest Void Under NY EPTL 3-3.2

It is well-understood by estate practitioners that a beneficiary of an estate should not serve as an attesting witness to a will. If he does, he or she is a competent witness for purposes of probating the will, however, under EPTL 3-3.2 , the bequest under the will is void unless (i) two other persons...

California Announces Death Master settlement with ING

Conduct exam of a second insurer finds MassMutual using Death Master Database properly Insurance Commissioner Dave Jones has announced that the California Department of Insurance has, with other state insurance regulators, reached a settlement agreement with ING over the insurer’s use of...

Insurance Commissioner Announces Death Master settlement with Aegon

Insurance Commissioner Dave Jones announced today that the California Department of Insurance has, with other state insurance regulators, reached a settlement agreement with Aegon over the insurer's use of the Social Security Administration's Death Master File database to ensure policyholders...

Another Multistate Settlement Reached in Death Master Case - Genworth Life Insurance Agrees to Business Practice Reforms

The California Department of Insurance has announced that along with other state insurance departments, they have reached a settlement with the Genworth Life Insurance Company over the insurer's use of the Social Security Administration's Death Master File database. The settlement ensures protection...

Texas: State Supreme Court Answers Complex Question as to Credit Allowed to Carrier in Third Party Action with Multiple Beneficiaries

Under Texas law, consistent with that in the large majority of states, a workers’ compensation carrier has a subrogation interest in a third-party civil action to the extent of its prior payments for benefits and to treat the amount recovered as an advance against the carrier’s future payment...

Ask Liza: Naming a Minor as a Beneficiary of an IRA

By Liza Weiman Hanks | Dear Liza: I want to name my minor grandchildren as beneficiaries of my IRA account. How do I do that? Can I use my Will? It’s a smart idea to name minors as beneficiaries of your IRAs. Since they are young, they’ll be able to withdraw that money slowly over their...

AAO Solicits Amicus Briefs on Standing, AC21, I-140 Beneficiaries

"[T]he AAO seeks amicus briefing on whether the beneficiaries of certain immigrant visa petitions have standing to participate in the administrative adjudication process, including standing to appeal to the AAO (and if so, when, and under what circumstances). Specifically, the AAO seeks briefing...

North Carolina: Claimant’s Attorney Requests $37,537 Fee, Gets $3,000

A North Carolina appellate court affirmed a decision of the state’s Industrial Commission awarding $3,000 in attorney fees to a claimant’s attorney, rather than the $37,537.50 the attorney had requested. Observing that the claimant’s husband had been killed in a vehicular accident while...