In my last post, I wrote about the Illinois Supreme Court’s ruling in the Estate of Max Feinberg, which, at least in effect, upheld a trust clause that disinherited Max Feinberg’s grandchildren if they married a person outside of the Jewish religion. At least that’s how the news is reporting it. I will not be… Read More
Illinois Supreme Court Upholds the “Jewish Clause” (but in a roundabout way)
The Illinois Supreme Court ruled today in the Estate of Max Feinberg, Even though I’m not an Illinois attorney (which means the case does not directly apply to me), I find it very interesting both as a Trusts and Estates attorney and as a Jew. Fort Lauderdale and Broward County have a large, often elderly… Read More
IRS Loses Major Gift Tax Valuation Case Involving Single Member LLCs
Yesterday, the Tax Court issued its decision in the case of Pierre v. Commissioner, 133 T.C. No. 2 (2009) which was a resounding defeat for the IRS. In a Federal Gift Tax matter, the IRS tried, and failed to argue that because of the check the box regulations, when a taxpayer makes a transfer of… Read More
Some Easy Asset Protection Tips
I have received a number of inquiries lately from potential clients who are interested in asset protection. The absolute best time to engage in asset protection is before you have any creditors or potential creditors. While there are some sophisticated techniques that an attorney can help you with, there are also some simple things that… Read More
Surge in Online Wills Possible — This is not a good thing
Professor Beyer over at the Wills, Trusts & Estates Prof Blog links to an article in L.A. Times titled, Wrangling over Michael Jackson’s Estate could revive sales of online wills. While it is a good thing for people who have no estate planning documents to take steps to get them done, an online will is not… Read More
Article: Finance 101 – Estate Tax hits few ordinary people
A recent Associated Press article on the Estate Tax provides some basic background information. Read the rest of the article, with more questions and answers here. Q: What assets are included in an estate? A: The federal estate tax is calculated by adding up the fair market value of what you own — cash and… Read More
Steve McNair died without a Will. The consequences could be disastrous.
In contrast to my recent postings about Michael Jackson who appears to have engaged in professional estate planning before his death, there are reports that former NFL quarterback Steve McNair died intestate, or without a will. His wife (the wife he was cheating on with the woman who killed him) was appointed “administrator” of his estate. According… Read More
Valuation, Timing, and Michael Jackson
Today I am going to use the Michael Jackson case (yet again) as an example to discuss the important issue of timing when determining the value of assets included in a Decedent’s estate for estate tax purposes. As I’ve written before, the estate tax generally is imposed upon the value of a decedent’s estate at… Read More
Morningstar: Avoid These Estate-Planning Pitfalls
There is a well written and informative article at Morningstar.com entitled Avoid These Estate Planning Pitfalls. In an interview with estate planning attorney H. Susan Jones, Christine Benz, Morningstar’s Director of Personal Finance discussess certain common mistakes that many people make, espeicially in regards to Beneficiary designations. These include Unintentionally disinheriting grandchildren if the grandchild’s… Read More
Kiplinger.com — 4 Estate Planning Lessons from Michael Jackson
I was interviewed last week by Kiplinger Magazine regarding some of the legal issues involving the Michael Jackson estate. The article has been published and is here.
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