One heavily litigated area is when non-relatives get inheritance. Imagine this: A woman comes into the life of a man who is old and is about to die. She cares for him, feeds him, takes him to the doctor. Perhaps she bathes him and otherwise looks after his welfare. This man has other family, but [...]
A lawsuit evidently by a group of disgruntled "second life" users highlights problem that could conceivably affect Trust and Estate Disputes in coming years: the large number of people who seem to own, by actually paying for with real dollars, "virtual" property. The nature of these "property rights" can be affected by whatever the company [...]
Another article addressing the Estate Tax situation and the lengths people will go to avoid paying it. It looks grim and its an interesting story. The estate tax goes from 0 to 55% the very next calendar year. Congress is unlikely to do anything. So people will commit suicide, children will kill their parents. Its all about taxes [...]
The rights of the surviving spouse loom large when it comes to inheritance. The surviving spouse often receives everything in the United States. Indeed its fair to say the system is rigged that way. However what about those who do not want to give everything to the surviving spouse. The options exist from statute.
In California, its much easier [...]
More estate tax proposals keep the issue at the fore. However there has been no indication the US Senate is about to agree on anything at all. One proposal is highlighted in recent news. While it styles itself as progressive, and because it taxes the extraordinarily wealthy at a higher rate then the less extraordinarily wealthy, [...]
An Article in the San Francisco Chornicle on Charitable giving through Life Insurance explores ways to give charity using this asset that could be a tremendous benefit. however I don't agree with parts of it, in particular the notion that "Transfer of assets from an insurance contract is also absolutely incontestable, thus rendering anyone contesting [...]
LegalZoom needs lawyers to protect its interests. Its own clients also need lawyers in a class action against Legalzoom. As always, efforts to end the participation of lawyers only ends up causing more work for lawyer.
The company often compares itself to lawyers when comparing fees and even uses a lawyer in its commercials. The [...]
It appears there was no deal on the Estate Tax, according to a report by "the Hill." In all likelihood, there never was anything resembling a deal. The United States Senate has been in a state of paralysis for some time. As they did not bother to fix the estate tax last year, or do it [...]
One heavily litigated area is when non-relatives get inheritance. Imagine this: A woman comes into the life of a man who is old and is about to die. She cares for him, feeds him, takes him to the doctor. Perhaps she bathes him and otherwise looks after his welfare. This man has other family, but [...]
A lawsuit evidently by a group of disgruntled "second life" users highlights problem that could conceivably affect Trust and Estate Disputes in coming years: the large number of people who seem to own, by actually paying for with real dollars, "virtual" property. The nature of these "property rights" can be affected by whatever the company [...]
An important estate planning method for families with high net worths may be significantly curtailed. Trusts and Estates Magazine reports today the Small Business and infrastructure jobs act of 2010 will include a provision concerning grantor retained annuity trust as a "revenue offset."
The Grantor Retained Annuity Trust (GRAT) is a kind of trust specifically authorized [...]
David Joulfaian has written a lengthy manuscript on the history and background of the Federal Estate Tax. Its a small portion of US revenue, however you will need to read it to appropriate why its not going anywhere, at least not for any substantial amount of time.
Some form of inheritance tax has been prevalent through much of recorded history. Like [...]
Great talk on simplifying the IRS
The Financial Times (registration required) has an article on how to store your internet passwords in the event of death. While accessing financial records may be an obvious issue, the article goes into assets such as "second life" real estate. I must admit that while I know about second life from the media, I don't [...]
An article from Forbes cites the following statistic from a recent study:
“In 2009, when the exemption was $3.5 million, only 5,500 estates paid tax–a total of $14 billion. In 2011, if the exemption reverts to $1 million, more than 44,000 estates will owe a total of $34 billion.”
I am surprised the post post 2011 numbers are [...]
Big news! the 74th richest person died with 9 billion dollars. Usually wealthy people are much better about protecting their estates. Mr. Dan Duncan was not. If the United States had an estate tax, like it did last year and is supposed to have next year, the government could use the money to fund a few hours worth of expenditures and go [...]
A Trust mill in Indiana was found to have engaged in the "unauthorized practice of law" -largely because of the small role lawyers had in the entire process. The plans were sold and pre-set my unlicensed salespeople. There was a "panel" of lawyers the company utilized to review the matter. However, what moved the court [...]
Imagine a woman so despondent about the divorce proceedings she is going through that she simply abandons the process after dissolution has been completed. She just short of "walks away. "
She is no longer married however she has property that is titled as "to joint ownership with right of survivorship. " That means upon her death, [...]
It appears plain that Congress will do nothing on the Estate Tax this year. This means the Bush tax cuts are going ahead and the estate tax will be abolished for 2010. Its possible there will be a temporary or permanant fix sometime in 2010. The prospect that any change will be retroactive is also possible. [...]
Congress has not yet established what the estate tax will be beyond the unsustainable "Bush tax cuts." The last year of this regime is 2010. Of particular interest to anyone who wants to plan their estate, the tax is completely abolished that year. In 2011 it comes back to levels seen in 2001 and touches [...]
Here's the "problem" in need of some sort of a solution. The federal government has an estate tax. Among the features of the estate tax is an "applicable exclusion amount." In 2009, this is $3,500,000. Generally speaking, the property of the deceased spouse transfers to the surviving spouse. The surviving spouse has only one "applicable [...]
Today's Wall Street Journal has an ariticle on the expiration of the Estate Tax and why for so many families, this may not be such a good thing. The estate tax comes right back the following year under current law. Among the topics it discusses:
The negative affects of the so-called "carry-over" basis, which forces families to [...]