Tag Archives: Estate Planning

Millennials Need Estate Plans Too

Life has changed.  The millennial generation is marrying older and having children later, often due to an increased focus on education, career success, and life experiences before settling down.  As a result, many of the milestones that prompt individuals to engage in estate planning – a spouse, children, accumulation of wealth, poor health – are … Continue Reading

There’s No Time Like the Present

Admittedly, estate planning is not an easy topic to bring up with parents and other family members, but dealing with the topic when there are no looming health issues is definitely easier than discussing estate and disability planning after a diagnosis or accident.  You’d probably assume that the parents of a middle aged estate planner … Continue Reading

The Sooner the Better: Planning with Long-Term Care Insurance

With the skyrocketing cost of long-term care, nursing homes, assisted-living facilities and home health care, many families are recognizing the importance of long-term care insurance.  People in their late 50s and early 60s are the most common purchasers of long-term care insurance.  However, those purchasers may find that the premiums on long-term care insurance policies … Continue Reading

What Happens to My Social Media Accounts When I’m Gone?

When working on their legacy plan, most individuals focus on their finances and real and personal property.  However, over the past few years and the rise of social media, many of our prized memories and photographs are now stored online – Facebook, Instagram, Google, Twitter, and so on.  Each social media company has its own set … Continue Reading

President Barack Obama Signs New Legislation Regarding Special Needs Trusts

On Dec. 13, 2016, President Barack Obama signed the 21st Century Cures Act (Act) allowing individuals to create their own self-settled special or supplemental needs trust (SNT), without having to go to court. [1] Prior to enactment of this new law, disabled individuals who did not have a living parent or grandparent (or did not … Continue Reading

IRS Defines ‘Spouse,’ ‘Husband,’ ‘Wife,’ and ‘Marriage’ for Tax Purposes

The IRS recently issued final regulations, effective as of Sept. 2, 2016, providing gender-neutral definitions of “spouse,” “husband,” and “wife,” and clarifying the definition of “marriage” for federal income, transfer, and employment tax purposes. Under the new final regulation section 301.7701-18(c), a marriage (same-sex or opposite-sex) will be recognized for federal tax purposes if it is … Continue Reading

Tying (or Untying) the Knot: At a Minimum, Don’t Forget to Update Your Agent and Beneficiary Designations

Many individuals expect that getting married or divorced automatically updates all of their legal responsibilities to their new or former spouse.  However, while filing a marriage certificate or divorce papers is a step in the right direction, there are many complexities that do not get resolved merely by filing such paperwork with the court.  Due … Continue Reading

Trusts Can Provide Benefits Even for the Most Financially Savvy

In planning for the next generation, many parents struggle with the decision of whether to transfer property to their children outright or in trust.  Some feel that transferring property outright is the best option when the beneficiary is competent (i.e., mature, intelligent, financially savvy, and capable of managing money and making investment decisions).  A beneficiary … Continue Reading

Treasury Department Issues Proposed Regulations That Will Dramatically Reduce Valuation Discounts

On Aug. 2, 2016, the Treasury Department issued proposed regulations under Section 2704 of the Internal Revenue Code that, if finalized in their present form, would substantially alter the valuation of transfers of interests in family-controlled entities (including corporations, partnerships, and LLCs) for estate, gift and generation-skipping transfer tax purposes. To read the full GT … Continue Reading

Portability of the Estate and Gift Tax Exclusion – How Does it Work?

Portability refers to the ability of a surviving spouse, to make use of a deceased spouse’s unused estate tax exclusion amount (DSUE amount).  Portability was intended to simplify estate planning for married couples by eliminating the need for a bypass trust.  However, in order to preserve the DSUE amount the surviving spouse must comply with … Continue Reading

Minimize the Pain of Estate Planning in Five Steps

Estate plans are essential to minimizing conflict, protecting families, and providing financial security during incapacity or after death. While many find estate planning an unpleasant topic, taking the following steps can help minimize the pain of the process. STEP 1:  OUTLINE YOUR PLAN At a basic level, every estate plan should consider the following fundamental … Continue Reading

Planning for the PC Child

Advancements in reproductive science are creating complications when it comes to inheritance rights of children, specifically posthumously conceived (PC) children.  Such complications have resulted in a number of recent court cases and amendments to state law.  How are children defined under your legacy planning documents?  It may be worthwhile to take a more careful look. … Continue Reading

When a Fiduciary is Personally Liable for Unpaid Taxes

Although many people name family and friends as trustees or personal representatives in their legacy plan, it’s probably safe to assume that the people being appointed don’t have an understanding of the high level of responsibility inherent in carrying out their fiduciary duties.  One of the greatest fiduciary responsibilities is payment of a trust’s or … Continue Reading

Greenberg Traurig Webinar – What’s Trending?

Greenberg Traurig Tax & Business Group attorneys, Jonathan Forster and Todd Steinberg, hosted a webinar on important recent developments in the estate planning marketplace.  Forster and Steinberg reviewed the latest on the Morrissette case (the very first reported generational split dollar tax court case), the settlement of Woelbing (the latest seminal case involving installment sales to grantor trusts), … Continue Reading

Greenberg Traurig Presents At The AALU Annual Meeting During The Washington Report Marketplace LIVE! Session

Greenberg Traurig attorneys Jonathan Forster, Rebecca Manicone, and Richard Sirus presented today at the Association of Advanced Life Underwriting (AALU) Annual Meeting in Washington D.C.  Roughly 900 members and guests attended this session to listen to Forster, Manicone, and Sirus provide a review of hot estate planning and employee benefits topics from popular WRMarketplace reports.  … Continue Reading

Estate and Asset Protection Planning for Special Needs

Although important for all families, estate planning is critical for those with a special needs child or spouse.  Eligibility for means-tested government benefits could be jeopardized by leaving an improperly structured inheritance to a special needs person.  Consequently, finding a way to provide for special needs family members without interference with eligibility for government assistance … Continue Reading

Greenberg Traurig Presenting At The Annual Association For Advanced Life Underwriting (AALU) Annual Meeting

Greenberg Traurig attorneys Jonathan Forster, Rebecca Manicone and Richard Sirus will present at the Association of Advanced Life Underwriting (AALU) Annual Meeting during the Washington Report Marketplace LIVE! Session on Monday, May 2, 2016 between 1:00 pm and 2:00 pm on the main stage.   Forster, Manicone and Sirus will review hot estate planning and employee … Continue Reading

Greenberg Traurig Webinar – 2016 Heckerling Institute on Estate Planning: Key Take-Aways

Greenberg Traurig Tax & Business Group attorneys Jonathan Forster and Todd Steinberg, along with AALU Director of Public Policy, David Hollingsworth, hosted the 2016 Heckerling Institute on Estate Planning webinar.  Hollingsworth provided the political and legislative update and discussed the challenges facing the insurance industry. Forster discussed what is trending  in the marketplace, including rising interest … Continue Reading
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