Courts Disagree on Intent of Marie Callender Heir
The co-trustees of the trust of Donald Callender, heir to the Marie Calendar restaurant fortune, brought a petition for the court to interpret how the royalties from the restaurant chain should be divided between his wife and two children. The trial court ruled that the trust was ambiguous. But, the appellate court reversed, holding the trust was clear that Donald’s intent was to split the royalties equally between his heirs.
New Basis Reporting Requirements
The filing requirements for Form 8971, causing an executor or trustee to report tax basis for assets distributed to beneficiaries from an estate or trust, have now become a reality. Read further to finds out more about this new requirement for executors and trustees and the consequences of not complying…
Will Invalid Due to Undue Influence
Seniors often want to reward caregivers for services by giving the caregiver a gift or bequest. Because a caregiver is in a position of power and trust, such gifts or bequests are often scrutinized and found to have been induced by undue influence. Such was the case with Eva Barnes and her caregivers, Michelle and Dennis Wells.
No Good Deed Goes Unpunished: The Continuing Saga of the Brooke Astor Estate
No good deed goes unpunished, as Philip Marshall and his brothers are disinherited for their role in stopping their father, Anthony Marshall, from financially and physically abusing his mother, Brooke Astor.
Passage of the Disabled Military Child Protection Act Expands Special Needs Planning Opportunities
Special needs beneficiaries require special planning to preserve their benefits. The Disabled Military Child Protection Act makes it easier for special needs beneficiaries of veterans to keep government benefits.
Celebrities Can Set A Good Example
Estate planning is much more than preparing a Will. The stories of Robin Williams, Joan Rivers, and Kasey Casey demonstrate how a comprehensive estate plan can make handling a lifetime incapacity or an unexpected death much easier for loved ones.
Proper Planning Can Reduce Financial Sting, Even If Emotional Sting May Remain
This month’s Alert examines the case of Charles Kuralt. Kuralt lead two separate lives. Had he planned better, he could have reduced the financial turmoil left at his death. This month’s Alert explains how proper planning can reduce the financial sting even if the emotional sting remains.
Looking After the Little Details Can Pay Off
This month’s alert covers the importance of planning for tangible and intangible personal property. Often items that are little financial value are of significant sentimental value and the distribution of those items can lead to disputes among children, grandchildren and other relatives who were “promised” the items or otherwise feel entitled to them. On other occasions personal property can have significant value, such as art, collectibles, licenses and royalties. Proper planning can help reduce any problems that may arise in the distribution of this property after death.
State Court Decisions Not Binding on IRS
Trust reformations have become more popular to correct mistakes of the attorney and/or the trustors, especially with the adoption of the Uniform Trust Code by many states. However, just because a state court agrees to reform a trust doesn’t mean that the IRS will respect the trust reformation. In this month’s Alert, we discuss several PLRs and cases where the IRS either accepted or DID NOT accept the rulings of the state courts in reforming the trust.
Do-It-Yourself Estate Plans: Unintended Results
Download educational eAlert template A in Microsoft Word format Download educational eAlert template B in Microsoft Word format With the rise of companies such as Legal Zoom, TotalLegal, LawDepot, and DoYourOwnWill.com, more and more consumers are attempting to create their own estate plans without the assistance of a lawyer.
“Can We Talk” . . . About Estate Planning for Pets and People
This month’s alert examines the estates of Lauren Bacall and Joan Rivers and looks at the lessons we can learn from each of them.
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