The filing requirements for Form 8971, causing an executor or trustee to report tax basis for assets distributed to beneficiaries from an estate or trust, have now become a reality. Read further to finds out more about this new requirement for executors and trustees and the consequences of not complying…
Seniors often want to reward caregivers for services by giving the caregiver a gift or bequest. Because a caregiver is in a position of power and trust, such gifts or bequests are often scrutinized and found to have been induced by undue influence. Such was the case with Eva Barnes and her caregivers, Michelle and Dennis Wells.
A review of their estate plan should be one of your client’s New Year’s resolutions. The following checklist should be of assistance in making sure your client’s financial house is in proper order.
Estate planning is much more than preparing a Will. The stories of Robin Williams, Joan Rivers, and Kasey Casey demonstrate how a comprehensive estate plan can make handling a lifetime incapacity or an unexpected death much easier for loved ones.
No good deed goes unpunished, as Philip Marshall and his brothers are disinherited for their role in stopping their father, Anthony Marshall, from financially and physically abusing his mother, Brooke Astor.
With the recent death of Bobbi Kristina Brown, a review of Whitney Houston’s Will reveals some good planning and some room for improvement.
In this month’s e-alert, we discuss the continuing need for estate planning for LGBT couples, even in light of the United States Supreme Court’s decision in Obergefell v. Hodges.
In Estate of Sarah OHare, the mother of a disabled child, serving as the guardian of her estate, was found personally liable for over $400,000. The court found that she used the guardian estate funds to benefit her and other members of the family and did not administer the estate for the sole benefit of her daughter. This case demonstrates the importance of fiduciaries of all types understanding their duties to the beneficiaries who are intended to be benefitted by the funds they are administering.
This month’s alert examines the estates of Lauren Bacall and Joan Rivers and looks at the lessons we can learn from each of them.
Annual gifts, especially through trusts with Crummey powers, can lead to significant estate tax savings. Read more about a recent taxpayer victory involving a Crummey Trust with no less than sixty beneficiaries with withdrawal powers.