Sunday, September 13, 2015

Beware That Your Trust May Be Treated as Your Children’s Marital Property in Divorce

Beware That Your Trust May Be Treated as Your Children’s Marital Property in Divorce - PRIVATE WEALTH SERVICES BLOG - Holland & Knight (JEH: This helpful (and sobering) blog post was written by colleagues Shari Levitan and John D. Dadakis, Esq. Most people view protection of trusts that will benefit their children (or beyond) as one of their primary goals. Florida law generally protects these trusts, even where the child is both a beneficiary and a trustee. However, Floridians should still consider designing these types of trusts in ways that enhance basic statutory protections, such as the use of an independent trustee or co-trustee and, in certain situations, the use of a wholly discretionary trust.)

Saturday, July 25, 2015

Foundation Brings Rare Suit Over Rescinded Pledge

Foundation Brings Rare Suit Over Rescinded Pledge - WealthManagement.com (JEH: This is a case against the estate of the Redken hair products founder over a $5 million pledge made in 2007 that was later revoked in 2013, allegedly based on the donor's displeasure with a change in the hospital's administration and its potential sale. As the article accurately points out, most charitable organizations do not litigate these types of cases, even if they could likely prevail, because of the perceived public relations price. A PDF version of the complaint is available here.)

Thursday, July 16, 2015

Why Your Married Clients Should Probably File Federal Estate Tax Returns

Why Your Married Clients Should Probably File Federal Estate Tax Returns (Regardless of the size of their estates) - WealthManagement.com ("In the past several years, federal estate tax exemptions, as low as $1.5 million as recently as 2005, have ballooned to the current level of $5.43 million (indexed for inflation)....")

Saturday, July 11, 2015

A New Tax Break for Married Couples

A New Tax Break for Married Couples - WSJ.com > Markets > Your Money > Tax Report (JEH: Overview of final regulations on federal transfer tax portability rules (the fundamental aspects of which were enacted in 2010 and made "permanent" in 2012), along with "crucial caveats," such as filing a federal estate tax return, IRS Form 706, after the first spouse's passing in order to make the portability election)