Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … [Read more...] about What You Need to Know about the Corporate Transparency Act
Legal Education
Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients may with to utilize … [Read more...] about Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
Do You Want to Discuss Dynasty Trusts?
Dynasty Trusts can be an opportunity to pass significant wealth on to future generations. If structured properly, the assets of a Dynasty Trust pass with minimal gift, estate or generation-skipping transfer tax consequences. As we approach the sunset of the temporarily doubled Applicable Exclusion Amount at the end of 2025, practitioners and clients with significant assets, may want to explore whether a Dynasty Trust makes sense for them. My friend and colleague Tereina Stidd, an estate planning … [Read more...] about Do You Want to Discuss Dynasty Trusts?
Exploring Elder Abuse
As seniors live longer and technology makes it easier for everyone to stay connected, elder abuse continues to rise. Estate planning attorneys may find themselves on the front-line of these matters. Because elder abuse takes on many forms, it’s important for practitioners and consumers alike to have the skills necessary to recognize the signs of elder abuse. my friend and colleague Tereina Stidd, an estate planning expert, discusses the signs to look out for. Read on to learn more. … [Read more...] about Exploring Elder Abuse
Estate Planning Lessons from the Movies – Part II
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. While the movie received critical acclaim, it contained a surprising plot centered on real-life Estate Planning issues and the lengths to which certain individuals went to steal from the Osage Indian Tribe. This second in the series by my friend and colleague Tereina Stidd, an estate planning expert and film buff, explores the real-life application of Estate Planning … [Read more...] about Estate Planning Lessons from the Movies – Part II
Estate Planning Lessons from the Movies – Part I
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. My friend and colleague Tereina Stidd, an estate planning expert and film buff, takes us to the movies. Read on to learn more. … [Read more...] about Estate Planning Lessons from the Movies – Part I
Understanding the Interplay of State Estate and Inheritance Taxes with Federal Estate Tax
When individuals consider estate planning, they often look to federal law to determine the potential tax ramifications for their estate and beneficiaries. Some may neglect to consider the impact of state estate taxes which vary widely from state to state. My friend and colleague Tereina Stidd, an estate planning expert, has looked into the issue. Read on to learn more. … [Read more...] about Understanding the Interplay of State Estate and Inheritance Taxes with Federal Estate Tax
Let’s Talk Litigation
Anyone creating an Estate Plan wants to ensure that the plan will work as intended and will withstand legal challenges. Sometimes though, a legal challenge is necessary to ensure that the Estate Plan reflects the true intent of the decedent is carried out and that the fiduciaries act in accordance with their duties. This article by my friend and colleague Tereina Stidd, an estate planning expert, examines the most common ways that litigation arises in the Trusts and Estates arena. Read on to … [Read more...] about Let’s Talk Litigation
Lessons from Matthew Perry’s Passing: There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
Matthew Perry died at the end of 2023. While it seems unlikely that Matthew’s estate will end up embroiled in a court battle as we see with other celebrity estates, that doesn’t mean that we can’t learn anything from his death and Estate Plan. My friend and colleague Tereina Stidd, an estate planning expert, explains why. Read on to learn more. … [Read more...] about Lessons from Matthew Perry’s Passing: There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
The View from Heckerling 2024
Each year the University of Miami sponsors the Heckerling Institute on Estate Planning. The 58th Institute took place in Orlando, Florida in January 2024. The Institute is widely regarded as the premier estate planning program in the country as thousands of attorneys, trust officers, financial planners, and related parties descend upon the Orlando World Center Marriott Resort and Convention Center for a week-long educational and networking conference. My friend and colleague Tereina Stidd, an … [Read more...] about The View from Heckerling 2024
