The latest on asset protection, financial planning, and securing your legacy.
Tax Court allows a $925,000 theft loss for an advance-fee fraud victim; the Eleventh Circuit holds an S election is not bankruptcy estate property; the IRS proposes standardized rollover forms under SECURE 2.0 — plus GST trust division, ESBT termination relief, and other rulings from last week's wri
The Eighth Circuit holds that Section 6213(a)'s 90-day deficiency deadline is not jurisdictional and can be equitably tolled, reversing its own 1977 precedent and widening a circuit split. Plus: FinCEN permanently ends beneficial ownership reporting and will delete U.S. person data; a Tax Court less
While having an estate plan in place to provide for your possible incapacity and death is important, many people also look for a way to pass down their knowledge, values and memories. This can be done through a non-legal document called an Ethical Will, which can be one of the most important gifts y
Helping an aging parent update a will, change a beneficiary designation, or make a substantial gift may feel like the responsible thing to do. Often, it is. But when the change benefits the child who helped arrange it, even well-intentioned involvement can later become evidence in an estate dispute.
A will does not avoid probate, though there exists a common misconception that it does. In fact, a will is a tool that is often used during the probate process to direct how assets are distributed upon death. Many people mistakenly believe that simply having a will allows assets to pass outside of p
Ninth Circuit lets FTC levy trust assets without a state-law alter ego suit; Treasury proposes Trump account employer contribution regulations; Notice 2026-48 details Savers Match rules; final backup withholding regulations; portability PLR; and more.
When Public Law 119-21, commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was signed into law last year, most families breathed a sigh of relief. The law made the dramatically increased estate tax exemption permanent, seemingly putting estate tax worries to rest for most Americans...
Probate law’s specific requirements vary from state to state. However, all states require due diligence in determining and locating heirs. This applies equally to named beneficiaries by will and heirs at law when the decedent is intestate....By: Heir Pros
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 [Episode 33] What Happens to Your Family When You’re Gone appeared first on Caress Law, PC.
Illinois has enacted a significant change to its income tax treatment of Qualified Small Business Stock (“QSBS”) under Section 1202 of the Internal Revenue Code. Beginning with sales occurring in the 2026 tax year, Illinois will no longer recognize the federal exclusion from gain available for QSBS.
The Tax Court holds that clearing the substantial overlap safe harbor does not defeat the anti-abuse rule, denying 170.8 million dollars of qualified dividend income and 25.6 million dollars of foreign tax credits on a hedged portfolio. Plus a first-impression holding that the BBA partnership petiti
Although in most instances people prepare last wills and testaments prior to their passing, there are still many instances where a person does not have a last will and testament at the time of their passing. The obvious question becomes how their assets/estate will be distributed to their potential
Join us on August 20, 2026, from 12:00 PM to 1:00 PM for a virtual webinar presented by Rob Morris, Esq. of Stark & Stark. While the $15 million Estate, Gift, and Generation-Skipping Transfer (GST) Tax Exemption may create a sense of security, many individuals remain vulnerable to these taxes. This
FinCEN assesses a record $125 million penalty against UBS Financial Services for recidivist Bank Secrecy Act violations; OPR warns that practitioner delay can trigger bypass and direct client contact; the Tax Court denies a developer's deductions for transfers to his own project LLCs; and a district
A recent decision from the United States Court of Appeals for the Seventh Circuit, Havlik v. University of Chicago, underscores that plan administrators must look to the governing state’s power of attorney (“POA”) laws to determine both whether a POA is valid and whether the plan must honor it. In H
This edition of IRS Roundup covers recent administrative guidance, examination trends, and US Tax Court developments. The Internal Revenue Service (IRS) released updated pension-related interest rates and August applicable federal rates (AFRs) while practitioners reported increased examination activ
On April 15, 2026, New York Governor Kathy Hochul announced a new tax on New York City luxury second homes worth $5 million or more. While the tax took effect on July 1, 2026, many questions about how it will work in practice remain even after final regulations were issued by the NYC Department of F
On July 16, 2026, the Florida Supreme Court issued Opinion No. SC2026-0690, adopting amendments to several Florida Probate Rules in response to chapter 2026-57, Laws of Florida. Among these changes is a significant update that anyone involved in estate administration should understand: new Rule 5.02
AbstractThis article examines the future of donatio mortis causa in light of proposed reforms to Wills law and the growth of digital wealth. It argues that statutory dispensing powers and electronic wills weaken the justification for expanding deathbed gifts. Comparative analysis of New South Wales,
Often in real estate and title law we see the term “Affidavit of Heirship” used. Unfortunately, this term is used interchangeably to mean two different things. Using this term in the improper context can cost an attorney valuable time....By: Heir Pros
What if one of the most valuable resources for family caregivers was already covered by Medicare? Before you assume you can't afford a care manager, listen to this episode. In this episode of The Sandwich Generation Survival Guide, Candace Dellacona sits down with Connor Sweeney, founder of Baba, a
Welcome to our quarterly pensions litigation briefing, designed to help pensions managers identify key risks in scheme administration and trustees update their knowledge and understanding. This briefing highlights recent cases that have practical implications for schemes generally....By: A&O Shearma
New IRS guidance lets an estate that inherited IRAs by default divide them into separate inherited IRAs for the beneficiaries without triggering tax, plus a section 4980 pension surplus ruling, two late portability elections, a Vermont mutual wills decision imposing a constructive trust, and Arizona
Real estate passed down without a clear title of ownership can prevent families from creating generational wealth.
Part of the barrier to widespread adoption of employee ownership trusts (EOTs) in the United States is the lack of a clear transaction model. There are multiple methods of transferring ownership into the trust. Some of those methods result in the company owners receiving cash in exchange for their s
California’s Proposition 40 would impose a one-time 5% tax on the net worth of billionaires and certain non-grantor trusts, measured as of December 31, 2026. Plus: Senate Finance advances the Taxpayer Assistance and Service Act, cross-border traps in the Trump account gift tax safe harbor, and the I
A family home often carries value far beyond its market price. It may be the place where generations gathered for holidays, summers, milestones, and ordinary moments that became family memories....By: Offit Kurman
Estate litigation once revolved around real estate, brokerage accounts, and closely held businesses. Today, however, estates increasingly include another set of often overlooked assets that exist entirely online, such as cryptocurrency wallets, NFT collections, monetized social media accounts, and e
California family offices with clients at or near the $1 billion net worth threshold should be monitoring Proposition 40, the 2026 Billionaire Tax Act, which has qualified for the November 3 ballot and could impose a one-time tax of up to 5% on the net worth of certain California residents if approv
The Tax Court sustains civil fraud penalties for four years on which a jury acquitted the taxpayer; the Kansas Community Property Trust Act takes effect and is open to non-residents; the IRS marks National Whistleblower Day; plus Crawford and New on the deliberative trustee, Glover on uncooperative
A new Kansas law offering the benefit of community property may allow married couples to significantly reduce future capital gains and depreciation recapture taxes by obtaining a potential “double step-up” in tax basis on appreciated assets. For families who own businesses, farmland, depreciated rea
The July Monthly Minute highlights the DOL’s new proposed electronic disclosure rule, a significant employer-friendly tobacco-surcharge ruling, and a Seventh Circuit decision reinforcing the importance of express authority in POAs purporting to waive QJSA rights....By: Keating Muething & Klekamp PLL
A recent decision by the Seventh Circuit Court of Appeals in Havlik v. University of Chicago highlights the importance of promptly resolving deficient retirement plan beneficiary changes and designations. Even though the judgment in favor of the employer and recordkeeper was upheld on appeal, the la
A Durable Power of Attorney (DPOA) and a Health Care Proxy are critical legal documents in Massachusetts that protect you and your family. Without them, a sudden medical emergency or period of incapacity can force your loved ones into a lengthy and expensive court process to gain the authority to ma
China’s new rules generally treat a resident individual’s transfer of property into an offshore trust as a deemed disposition, imposing 20% individual income tax on any resulting gain rather than on the gross value of the transferred property....By: Morgan Lewis
In this episode of The Legal Canvas, host Caryn Keppler welcomes Robert Wainstein and Michael Darling, co-founders of Museum Exchange, the first digital platform dedicated to facilitating art donations to museums and nonprofit institutions across North America. Together, they explore how technology
Wyden and Neal introduce a bill to cap mega retirement accounts above $10 million, plus GST exemption extensions, a private foundation consolidation ruling, and NYC’s new pied-à-terre tax appeal rules.
Planning for the long-term care and financial security of a family member with disabilities presents a unique challenge. A well-intentioned inheritance, gift, or even legal settlement can inadvertently disqualify the person it is meant to help from critical government benefits such as Supplemental
The Seventh Circuit holds a Wisconsin statutory power of attorney could not waive spousal survivor annuity rights without an express grant; Michigan shields 401(k) and life insurance proceeds payable to a revocable trust from creditors; Maine rejects a handwritten plan signed the day before death; a
Although IRS enforcement efforts have evolved, estate and gift tax examinations remain an area of focus, particularly for high value estates and sophisticated wealth transfer transactions. With the rising exemption, there are fewer returns filed each year subjecting a larger percentage of returns t
In Grimberg v. Pour (2026), the California Court of Appeal, Fourth Appellate District, Division One, addressed an important jurisdictional question: May a party directly appeal a probate court order authorizing the recording of a lis pendens — a public notice that pending litigation may affect ident
What happens to your estate if you are Canadian and your spouse is a U.S. citizen? What should each of you know before one spouse dies? Many cross-border couples have not considered how assets on both sides of the border will be treated when one of them dies or what the surviving spouse needs to kno
Tax Court grants full innocent-spouse relief where a deficiency notice never reached the requesting spouse; plus a mandatory double-damages penalty against a misappropriating attorney-trustee and the IRS’s response on ending delinquent FBAR relief.
When a child or loved one has a disability, families quickly discover that special needs planning comes with its own language. Conversations with attorneys, financial advisors, educators, healthcare providers, and government agencies are often filled with acronyms that can feel overwhelming at first
Key Takeaways: The U.S. Department of the Treasury and the IRS have designated certain charitable remainder annuity trust (CRAT) arrangements as listed transactions, targeting strategies that use a CRAT-owned commercial annuity to report beneficiary payments under Section 72 instead of Section 664(
Meet Edward Nowakoski. Once a practicing attorney and trustee, he is now disbarred, on criminal probation, and has paid more than $542,000 in restitution. The final cherry on top? An additional $399,681 civil penalty from the probate court....By: Downey Brand LLP
In a decision discussing the scope of the automatic stay to third parties, on June 22, 2026, the Ninth Circuit Bankruptcy Appellate Panel (the B.A.P. or the Court) affirmed a decision from the Central District of California Bankruptcy Court in the Chapter 7 proceeding of Jordan Gene Pearlman (the De
As a trust and estate planning attorney, I'm seeing a significant increase in clients asking about Qualified Small Business Stock (QSBS) trust stacking. With startup valuations rising and Section 1202 offering substantial capital gains exclusions, it's no surprise that founders are looking for ways
Effective July 1, 2026, Rhode Island Gen. Laws § 44‑72‑2 and § 44‑72‑4, known as the Non‑Owner Occupied Property Tax Act or the “Taylor Swift Tax,” takes aim at high-value vacant homes in the Ocean State....By: DarrowEverett LLP
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