The latest on protecting what you've built, financial planning, and securing your legacy.
An older adult living alone begins missing medical appointments and leaving bills unpaid. A hospital patient is ready for discharge but cannot understand the available care options. Relatives want to help, yet no one has legal authority to act, or no suitable person is available to take responsibili
Most people understand that bringing home a family dog is only the beginning of the responsibility. A dog needs to be fed, exercised, groomed, and taken to the veterinarian for regular checkups....By: Offit Kurman
Will contests (aka caveats or challenges) in the District of Columbia, Maryland, and Virginia (the "DMV" region), as in most U.S. jurisdictions, in fact, share some common features:...By: Offit Kurman
Federal estate tax is due nine months after death (26 U.S.C. §6075(a), §6151(a)). That is the whole problem in one sentence. A family whose wealth sits in 40 limited partnership interests cannot turn them into cash in nine months without consent from every general partner and a secondary discount, a
The IRS grants spouses more time to allocate GST exemption after a preparer mistakenly opted out of automatic allocation on split-gift returns. Plus late portability relief, two tax administration bills cleared for the President, the new charitable deduction floor, and the Dolly Parton estate disput
A California appellate court holds that filing and withdrawing a trust contest can still trigger a no contest clause. Plus the Tax Court on Form 872 extensions, new scholarship credit regulations, SEC proposals on crypto custody and private markets, and Trump account auto-enrollment.
The goal of both probate and trust administration is to distribute a deceased person’s assets. Probate is a public process that moves through the court system where a judge oversees it, and in some states a guardian ad litem is assigned to represent the interest of heirs whose names or locations may
A successful business sale is not the end of the entrepreneurial journey. For many founders, it is the moment when they transition from managing one company to managing an entire family's future. A thoughtfully structured family office can provide the framework to preserve, grow, and transfer the we
For many New Jersey families, one of the biggest questions in special needs planning is simple but critically important: How can a loved one with a disability afford housing without jeopardizing Supplemental Security Income (SSI) and Medicaid benefits?...By: Mandelbaum Barrett PC
Temporary Trump account regulations let private foundations and DAFs fund accounts for broad classes of children, with built-in expenditure-responsibility cover. Plus the 2026–2027 Priority Guidance Plan, 71 obsoleted rulings, a 40% captive penalty, and a divorce decree that left an ex-spouse’s half
A Uniform Transfers to Minors Act (UTMA) account is an irrevocable custodial deposit account that allows an adult custodian to manage assets for a minor child. In Texas, the age of majority — the age when a beneficiary takes control of his or her UTMA account — is 21....By: Bradley Arant Boult Cummi
Trusts are supposed to bring order and certainty to how a person's assets pass to their family. But that certainty can unravel when a last-minute amendment suddenly changes who inherits, cuts out a longtime beneficiary, or shifts control to someone who recently entered the picture. When that happens
Probably not for tax reasons. The federal estate tax exemption is $15,000,000 per person in 2026, and most of the families I work with are nowhere close to that number (IRS, What’s new, Estate and gift tax). South Carolina has no estate tax of its own....By: Smith Debnam Narron Drake Saintsing & Mye
A parent passes away leaving an apartment in Dubai to several family members. One heir wants to sell immediately, another wants to keep the property, and a third has been living in it or collecting rent without accounting to the others. Meanwhile, the title deed is still registered in the deceased o
The IRS treats § 351 ETF conversions as taxable exchanges and flags exchange funds, box-spread ETFs, and tax-aware character trades as potentially abusive. Plus the Tax Court voids an offer in compromise accepted after the taxpayer’s death, proposed § 1062 farmland installment rules, and a cap on tr
We get calls all the time asking whether we can help set up a qualified small business stock (QSBS) stacking trust structure. And we certainly can. But like all good legal work, setting up trusts takes time, patience and money. So, before we agree to lead clients down that path, it is our ethical du
There are hidden ways in which the work we do can take a toll on our well-being. The toll could be a biproduct of the client who comes into our office with a history of trauma they share during the planning process....By: Robins Kaplan LLP
You’ve seen it in overwrought period-movies, where some character — a knight or dashing hero — proclaims, “My word is my bond!” as he looks stoically and deeply into the camera. The audience is meant to believe him; sometimes we discover he was never worthy of our trust....By: Offit Kurman
Wedding season is in full swing. Between venues, guest lists, and seating charts, it is easy to view marriage primarily as a celebration to plan. But marriage is also a legal and financial partnership, and the same care couples put into their wedding day is worth putting into the practical matters t
Treasury finalizes a $76 estate tax closing letter fee effective Oct. 26; Sixth Circuit shields Chase from a trust beneficiary’s suit; IRS seeks $736 million over GRATs paid with forgiven notes.
There is a potentially uncomfortable reality at the heart of professional fiduciary work: Fiduciaries are expected to put the interests of others ahead of their own, but professional fiduciaries also have businesses to run....By: Robins Kaplan LLP
Channeling Ted Lasso, one can hear him coaching his team that, to win, you need to prepare before you perspire. The same holds true when a business owner first begins to think about selling the business in a few years....By: Bradley Arant Boult Cummings LLP
Prior to filing a Will contest, an individual must first determine if they have a right to challenge a decedent’s Last Will and Testament. This is referred to as having “standing”. There are essentially two different classes of individuals/entities who may have standing to contest a decedent’s Last
Governance serves as the operating system of a family office. It establishes decision-making authority, delegation protocols, conflict resolution mechanisms, and accountability across legal, financial, operational, and personal domains. Despite its importance, governance may remain underdeveloped ev
Welcome to our monthly update on current legal issues for trustees of DC pension schemes, designed to help you stay up to date with key developments between trustee meetings and to support the legal update item on your next trustee agenda....By: A&O Shearman
Welcome to our monthly update on current legal issues for trustees of DB and hybrid pension schemes, designed to help you stay up to date with key developments between trustee meetings and to support the legal update item on your next trustee agenda....By: A&O Shearman
A federal court rejects an executor’s refund claim built on a decedent’s carried-back partnership loss after excluding the family’s only participation evidence. Plus the IRS seeks comments on post-OBBBA Opportunity Zone rules, the Tax Court refuses to void an easement FPAA over Appeals access, and a
Several names may come to mind, prompting a follow-up question: should you name them as successive alternates, or appoint two people to serve together as co-executors or co-trustees? Choosing an executor for your Will or a trustee for your Trust is one of the most important decisions in the estate p
For professionals who work with or near family and individual wealth, dollars are rarely just dollars. Those assets may represent a lifetime of work, a family business built over generations, an inheritance received unexpectedly, or assets entrusted to someone for the benefit of others....By: Robins
Most trust and estate disputes do not begin with someone racing to the courthouse for an injunction. More often, the dispute starts with something quieter: a beneficiary who is not getting answers, a trustee who is not providing records,...By: Robins Kaplan LLP
Take an inter vivos trust that is revocable by either husband or wife during their “joint lives.” They are its co-settlors. Viewed in isolation, the term “joint lives” would seem unambiguous, namely that the trust is revocable only while both are alive. Upon the death of either, the right to revoke
The Tax Court holds for the first time that the BBA partnership petition deadline can be equitably tolled, rescuing a late petition filed after the IRS told counsel no final adjustment had been mailed. Plus the October section 7520 rate rises to 5.6 percent, the IRS extends section 871(m) relief thr
In In re Est. of Ledbetter, Lonnie Ledbetter Jr., a wealthy individual with significant assets held in trusts originally structured to benefit his children, married Tawni Jones-Ledbetter at age 81 after his wife’s death. No. 02-25-00326-CV, 2026 Tex. App. LEXIS 1168 (Tex. App.—Fort Worth February 5,
DEAR JONATHAN: I am elderly, not married and have no children. Becoming increasingly aware of my own mortality, I have decided to engage in estate planning for the first time in my life. Interestingly, I am more concerned with those documents whose purpose is to protect me during my lifetime, such a
In Conover v. Conover, Van died in July 2001, leaving an estate valued at over $4 million, including $2.8 million in stocks and bonds. No. 01-24-00471-CV, 2026 Tex. App. LEXIS 1834 (Tex. App.—Houston [1st Dist.] February 26, 2026, no pet.)....By: Winstead PC
You know the feeling: the right patina on a dashboard, the numbers-matching engine, the provenance that tells a story. Your collection is the embodiment of a lifetime of passion for excellence....By: Goulston & Storrs PC
The New York City Department of Finance (DOF) has begun sending notices to owners of residential properties who may be subject to a newly enacted annual surcharge on units not occupied as the owner’s principal residence....By: A&O Shearman
Artificial intelligence is moving rapidly from an interesting technology experiment to a fundamental component of professional practice. For lawyers, the question is no longer whether artificial intelligence will affect the practice of law — it is how quickly, how deeply, and in what areas....By: Ko
The Second Circuit affirms Soroban, deepening the circuit split over whether active partners in state-law limited partnerships owe SECA tax; the House passes theft-loss relief for fraud victims; the Tax Court sustains fraud penalties that survive bankruptcy discharge; and the SEC opens a path for to
Our population is aging, and the risk of financial exploitation continues to increase. Elder theft and elder scams continue to be an unfortunately common occurrence. Financial exploitation of seniors threatens the autonomy, security, and dignity of some of our population’s most vulnerable. Effecti
In our latest podcast, listen to Tammi discuss how delaying the process of administering a loved one's estate could be one of the most costly mistakes a family can make. The post How to Protect Your New Spouse Without Cutting Out Your Kids appeared first on Caress Law, PC.
Most people think a prenuptial agreement has only three destinations. It gets signed and placed in a drawer, it resurfaces during a divorce, or it is reviewed after the death of a spouse. Recently, I was reminded that there should be a fourth option, while reading Belle Burden’s memoir on marriage a
QOF investors face mandatory gain recognition on Dec. 31, 2026 — plus Tax Court rulings on §6751(a) penalty notices and lien withdrawal, drought livestock relief, and probate finality scholarship.
Jimmy Buffett spent a lifetime singing about the carefree good life — flip-flops, frozen drinks, and endless summers. His Margaritaville brand grew from a Key West souvenir shop into a $275 million empire spanning restaurants, hotels, and cruises....By: Keating Muething & Klekamp PLL
When a will is drafted, it’s based on an assumption nobody says out loud: that the client knows who their children are. In most cases, that’s true. When it isn’t, the document meant to settle the estate becomes the very reason it reopens....By: Heir Pros
Have you been injured in a car accident? Or hurt on the job? Or had a bad reaction to some drug? If you’re a plaintiffs…
An estate plan can work exactly as structured while the business inside it fails. A business is different from most other assets inside an estate. Its value may depend on the owner continuing to lead, make decisions, maintain relationships, or simply keep things moving. When that owner dies or beco
In a significant decision for estate litigators, fiduciaries and beneficiaries, the Minnesota Court of Appeals recently reaffirmed the strong public policy favoring finality in probate proceedings....By: Lathrop GPM
Turning eighteen is more than another important birthday: it marks when a child becomes a legal adult and new legal considerations for parents and children arise. In most circumstances, parents of college-aged children are no longer authorized to obtain information about their child’s medical care,
Under Pennsylvania law, when you get married, you and your spouse automatically gain certain financial rights. You have an obligation to support each other financially, and you share in assets acquired during the marriage, with some limited exceptions. Prenuptial agreements allow couples to plan how