Category Archives: Estate Planning

Subscribe to Estate Planning RSS Feed

Greenberg Traurig’s Todd Steinberg Quoted in Forbes

Greenberg Traurig Shareholder, Todd Steinberg, was recently quoted in Forbes where he discusses, in particular, the estate tax repeal. The article is in response to recently issued bill, H.R.1, the Tax Cuts and Jobs Acts, and addresses the potential legislative tax law changes on the horizon.  Steinberg reminds readers this is proposed legislation and there … Continue Reading

Making Final Arrangements for Funerals and Dispositions of Remains

Unlike Halloween, funeral arrangements shouldn’t be a spooky mysterious process. If your wishes are not specified in writing, how will your family and friends know your ideal ultimate resting place? To avoid confusion and added stress in a time of grief and mourning, as much of the desired funeral and burial/cremation arrangements should be made … Continue Reading

State Law on After-born Children Leads to Revocation of a Will

State statutes play an essential role in drafting estate planning documents, especially a will.  In some states, the birth of a child after the execution of a will may result in the revocation of the will, if not carefully drafted.  A recent Georgia case, Hobbs v. Winfield, 2017 WL 4017935 (Ga. 2017), emphasizes the importance … Continue Reading

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

Greenberg Traurig’s Diana Zeydel Featured In Forbes

Greenberg Traurig attorney, Diana Zeydel, was recently quoted in Forbes where she discusses the new proposed regulations regarding the valuation of family limited partnerships. These new proposed regulations would likely make it more difficult for business owners and others to manage their estate tax exposure. To read the full article, click here.… 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

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 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
LexBlog