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
Do You Want to Discuss Dynasty Trusts?
Dynasty Trusts present a great 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, practitioners and clients should consider whether a Dynasty Trust makes sense for them. Read on to learn more. … [Read more...] about Do You Want to Discuss Dynasty Trusts?
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. Read on to learn more. … [Read more...] about 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. As the Associate Director of Education … [Read more...] about The View from Heckerling 2024
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 explores the real-life application of Estate Planning in the movies. Read on to learn more. … [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. Read on to learn more. … [Read more...] about Estate Planning Lessons from the Movies – Part I
Tax Planning for 2024
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2024 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2024
Estate Planning with Entities
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur. Read on to learn more. … [Read more...] about Estate Planning with Entities
What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Some of my favorite blog topics come from headlines. In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune. It’s unclear whether the fight itself or the fact it could have been avoided is more unfortunate. Read on to learn more. … [Read more...] about What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
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 examines the most common ways that litigation arises in the Trusts and Estates arena. Read on to learn more. … [Read more...] about Let’s Talk Litigation
