Glossary of Estate Planning Terms
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4. Selected Aspects of Family Wealth Transfer
4. SELECTED ASPECTS OF FAMILY WEALTH TRANSFER A. Tax Implications of Family Wealth Transfer B. Testamentary Gifts C. Intervivos Gifts D. Gifts to Minors E. Charitable Planning F. The Irrevocable Life Insurance Trust G. ERISA and Qualified Plan Benefits 439 440 4A. Tax Implications of Family Wealth Transfer 441 442 September 2013 ESTATE PLANNING UPDATE By: Sanford J. Schlesinger, Esq. and Martin R. Goodman, Esq. Schlesinger Gannon & Lazetera LLP TABLE OF CONTENTS I. THE AMERICAN TAXPAYER RELIEF ACT OF 2012 ..................................................2 A. Federal Transfer Tax Provisions ............................................................................. 2 B. Federal Income Tax Provisions .............................................................................. 2 II. THE TAX RELIEF, UNEMPLOYMENT INSURANCE REAUTHORIZATION, AND JOB CREATION ACT OF 2010 ...............................................................................3 A. Federal Transfer Tax Provisions ............................................................................. 3 1. Federal Estate Tax Provisions ..................................................................... 3 2. Federal Gift Tax Provisions ........................................................................ 6 3. Federal Generation-Skipping Transfer Tax Provisions .............................. 6 4. Federal Portability Provisions ..................................................................... 7 (a) General ............................................................................................... -
In Re Estate of Marie G. Dow
NOTICE: This opinion is subject to motions for rehearing under Rule 22 as well as formal revision before publication in the New Hampshire Reports. Readers are requested to notify the Reporter, Supreme Court of New Hampshire, One Charles Doe Drive, Concord, New Hampshire 03301, of any editorial errors in order that corrections may be made before the opinion goes to press. Errors may be reported by e-mail at the following address: [email protected]. Opinions are available on the Internet by 9:00 a.m. on the morning of their release. The direct address of the court’s home page is: http://www.courts.state.nh.us/supreme. THE SUPREME COURT OF NEW HAMPSHIRE ___________________________ 10th Circuit Court-Brentwood Probate Division No. 2019-0752 IN RE ESTATE OF MARIE G. DOW Argued: September 22, 2020 Opinion Issued: January 20, 2021 Nadine M. Catalfimo, of Salem, on the brief, and Casassa Law Office, of Hampton (Lisa J. Bellanti on the brief and orally), for the petitioner. Tyler Pentoliros, of Haverhill, Massachusetts, on the brief and orally, for the respondent. HANTZ MARCONI, J. The petitioner, Christopher Dow, appeals a decision of the 10th Circuit Court-Brentwood Probate Division (Weaver, J.) finding that he is not a pretermitted heir under his mother’s, Marie G. Dow’s, will. He argues that the probate division erred in failing to apply New Hampshire’s pretermitted heir statute to her will, and that, under New Hampshire law, he is a pretermitted heir and, thus, entitled to his intestate share of his mother’s estate. -
Wills--Deceased Residuary Legatee's Share Held Not to Pass by Way Of
St. John's Law Review Volume 38 Number 1 Volume 38, December 1963, Number Article 11 1 Wills--Deceased Residuary Legatee's Share Held Not to Pass by Way of Intestacy Where It Is Clearly Manifested That Surviving Residuary Legatees Should Share in the Residuum (In re Dammann's Estate, 12 N.Y.2d 500 (1963)) St. John's Law Review Follow this and additional works at: https://scholarship.law.stjohns.edu/lawreview This Recent Development in New York Law is brought to you for free and open access by the Journals at St. John's Law Scholarship Repository. It has been accepted for inclusion in St. John's Law Review by an authorized editor of St. John's Law Scholarship Repository. For more information, please contact [email protected]. ST. JOHN'S LAW REVIEW [ VOL. 38 argument against such an extension was rejected. 52 Likewise, the presence of a compensation fund for prisoners was held not necessarily to preclude prisoner suits under the FTCA.53 The Court found the compensation scheme to be non-comprehensive.5 4 The government's contention that variations in state laws might hamper uniform administration of federal prisons, as it was feared they would with the military, was rejected. Admitting that prisoner recoveries might be prejudiced to some extent by variations in state law, the Court regarded no recovery at all as a more serious prejudice to the prisoner's rights.55 In this connection, it is interesting to consider the desirability of spreading tort liability in the governmental area.5" The impact of the principal case is, in some respects, clear. -
Attorney and Client - Unauthorized Practice - Practice of Law by Corporations John T
Marquette Law Review Volume 21 Article 5 Issue 1 December 1936 Attorney and Client - Unauthorized Practice - Practice of Law by Corporations John T. McCarrier Follow this and additional works at: http://scholarship.law.marquette.edu/mulr Part of the Law Commons Repository Citation John T. McCarrier, Attorney and Client - Unauthorized Practice - Practice of Law by Corporations, 21 Marq. L. Rev. 55 (1936). Available at: http://scholarship.law.marquette.edu/mulr/vol21/iss1/5 This Article is brought to you for free and open access by the Journals at Marquette Law Scholarly Commons. It has been accepted for inclusion in Marquette Law Review by an authorized administrator of Marquette Law Scholarly Commons. For more information, please contact [email protected]. 1936] RECENT DECISIONS in the end would retain the amount received by them and the residuary legatee would not be relieved in the slightest. The result would be effected only if costs consumed the corpus of the residuary legatee's portion or if such legatee was bankrupt. The banking commission seems to have been fully satisfied on this score and hence its resolve to bring the action only against the residuary legatee is perfectly intel- ligible. Just why the court should not be satisfied with this arrange- ment which would do complete justice between the parties and save expense and trouble is difficult to understand in view of the two other cases above mentioned in which the liability was enforced against dis- tributees. In all three cases all that really happened was that property of the deceased stockholder came to the legatee subject to a lien for the superadded liability. -
Revocable Living Trusts, Pour Over Wills, and Probate Avoidance Donna L
CHAPTER 49 Revocable Living Trusts, Pour Over Wills, and Probate Avoidance DONNA L. WILSON (Wllamsburg, Vrgna) hould I have a Revocable Living Trust? Why? These are the first of many questions new clients ask Stheir estate planning attorney. In order to properly answer these questions, the clients’ goals, dreams, hopes, fears, concerns, needs, and plans for themselves, their families, and their loved ones need to be analyzed. Each family has unique planning concerns, and each plan should be customized to accurately reflect those goals and dreams in order to satisfy the three basic principles of estate planning: maintaining control during incapacity; expedient and cost-effective wealth transfer at death; and legacy planning to protect beneficiaries. So, what is a Revocable Living Trust? A revocable or “living” trust (RLT) is a legal document utilized as a will-substitute. Like a will, the trust names beneficiaries who inherit your property upon your death. The trust document sets the criteria and conditions by which the property is to be held and distributed. Many clients use a RLT to maintain control of assets in the event of incapacity or death, distribute assets in a timely and cost effective transfer at death, and to avoid probate. To the layperson, trusts can appear complicated. However, they entail use of fairly simple concepts, which include a set of instructions about how you want your “stuff” managed when you are not able to do so yourself, whom you want to manage it, and for whom you want it managed. The RLT is initiated upon the signing of the trust by the grantor and trustee and funding the trust, which puts the trust legally into place. -
Chapter 5 Managing Incapacity
1 CHAPTER 5 MANAGING INCAPACITY 5.1 INTRODUCTION As nature and human affairs change the human condition over time, each individual struggles to maintain the greatest amount of control over life. This strug- gle is tempered by the fragility of the human body and mind. As Sophocles observed in Oepidus Rex: Let every man in mankind’s frailty Consider his last day; and let none Presume on his good fortune until he find Life, at his death, a memory without pain. The ability to make one’s own decisions about family, property, social and business affairs, health care, and testamentary dispositions can be destroyed or severely impaired by the ravages of disease and injury. Society strives through tradi- tion and laws to give the individual suffering from these afflictions the greatest possible control over life’s affairs, and ultimately, one’s final wishes as to death. This chapter addresses the legal structures for managing and responding to the possibility that diseases and injuries of the mind and body will win the war over the individual’s autonomy. The legal bulwarks of protection against incapacity are primarily the power of attorney and the advance medical directive. The former safe- guards a person’s decisions regarding business, financial, and property transactions and the latter preserves authority over one’s affairs of life, health care, and death. 5.2 THE EVALUATION PROCESS 5.201 In General. It is to be expected that many of an elder law attorney’s clients will have some degree of age-related cognitive impairment.1 An informal evaluation of the mental capacity of every elderly client is therefore prudent. -
TAXATION of INCOME of DECEDENTS George Craven T
1953] TAXATION OF INCOME OF DECEDENTS George Craven t The federal income tax statute dealing with income in respect of decedents 1 has been in force for eleven years, and during that period the courts have solved many of the income tax problems arising under that statute as well as companion problems arising under the estate tax statute. As an aid to understanding the purpose and meaning of the income tax statute, it is helpful to review the considerations which gave rise to its enactment. TREATMENT PRIOR TO 1942 OF INCOME ACCRUED AT DEATH Prior to the Revenue Act of 1934, if an individual filed his fed- eral income tax returns on a cash basis, income which had accrued to him but was uncollected at the time of his death was not taxable to the decedent, because it had not been received by him. It was subject to estate tax as an asset of his estate, and it was held to be corpus and not income to the estate and therefore not subject to income tax to the estate2 The result was that the income escaped income tax entirely. The Revenue Act of 1934 provided for the first time for including in the final return of a cash basis decedent amounts of income accrued but uncollected at the time of death.' Similarly, that Act allowed as deductions in such decedent's final income tax return items other- wise deductible which had accrued but were unpaid at the time of his death.4 Those provisions remained in force until the enactment of the Revenue Act of 1942. -
The Basics of Estate Planning
THE BASICS OF ESTATE PLANNING Akins, Nowlin & Prewitt, L.L.P. 306 N. Lampasas Street Round Rock, Texas 78664 (512) 244-0001 I. INTRODUCTION - WHAT IS AN ESTATE PLAN? A. An estate plan: 1. Provides for distribution of your property at your death in accordance with your wishes. 2. Provides financial resources for family members after your death. 3. Can address the issue of incapacity during lifetime. 4. Can minimize or eliminate estate tax if planned properly. B. What happens if I do not have an estate plan? 1. If no estate plan is in place, state law governs the disposition of your estate, and your property passes according to the laws of intestacy (to die "intestate" means that a person dies without a will). 2. The heirs of a person dying intestate depend on whether the decedent was married or single, whether he or she had children, and whether the property was community property or separate property. 3. For an explanation of how the laws of intestacy affect the distribution of property, see II below. II. LAWS OF INTESTACY A. Distribution of property under the laws of intestacy depends on whether the property is community property or separate property. 1. Separate Property: property acquired before marriage or property acquired during marriage by gift or inheritance. 2. Community Property: any property acquired during marriage that is not separate property. The Basics of Estate Planning Page 1 B. Community Property 1. If your spouse survives and there are no children or descendants, your spouse inherits all community property, real and personal. -
General Statutes
THE GENERAL STATUTES OF TUE STATE OF MINNESOTA, As Amended, by Subsequent Legislation. PREPARED BY 'GEORGE B. YOUNG. EDITED AND PUBLISHED UNDER THE AUTHORITY OF CHAPTER 67 OF THE LAWS OF 1878, AND CHAPTER 67 OF THE LAWS OF 1879. FOURTH EDITION. WITH SUPPLEMENTS, ' CONTAINING ALL THE GENERAL LAWS IN FORCE UP TO THE END OF THE LEGISLATIVE SESSION OF 1883. SAINT PAUL: WEST PUBLISHING COMPANT. 1883. MINNESOTA STATUTES 1878 47.] TVILLS. 567 of that value in the division and distribution of the estate; otherwise it shall be estimated according to its value when given, as nearly as the same can be ascertained. , §13. (SEC. 10.) Advancement—death of child, etc., before the intestate. If any child or other lineal descendant so advanced dies before the intestate, leaving issue, the advancement shall be taken into consideration in the division and distribution of the estate, and the amount thereof shall be allowed accordingly by the rep resentatives of the heirs so advanced, in like manner as if the advancement had been made directly to them. §14. (SEC. 11.) Construction of this chapter. Nothing in this chapter shall affect the title of a husband as tenant by the curtesy, nor that of a widow as tenant in dower; nor shall the same affect any limitation of an estate, by deed or will. See ante. §§ 3 and 4. § 15. (SEC. 12.) Bight of representation—posthumous children. Inheritance or succes sion, ''by right of representation,"" takes place when the descendants of any deceased heir take the same share or right in the estate of another person that their parent would have taken, if living. -
Comments on the Probate Code of California
Comments on the Probate Code of California STATUTORY CHANGES MADE BY THE PROBATE CODE* Having drafted the Probate Code, which took effect on August 14th, 1931, I am now indulging in the pleasure of criticising it. Not that I consider it a bad job; but while working upon the revision numerous changes occurred to me as being advisable, or at least well worthy of * The Code Commission gave careful consideration to the question whether or not an act providing for a Probate Code would be constitutional, particularly in view of the decision in Lewis v. Dunne (1901) 134 Cal. 291, 66 Pac. 478. The first point mentioned in Lewis v. Dunne as a ground for holding the act which attempted to revise the Code of Civil Procedure to be unconstitutional, was that the amended law was not re-enacted in its entirety, as required by section 24 of Article IV of the California Constitution. It is difficult to see how this point can be made against the Probate Code, which does re-enact the revised law, that is, the law relating to pro- bate, in its entirety. The act does not purport to be a revision of the Code of Civil Procedure. If the act had been so entitled, of course, the enactment of only those laws relating to probate would be subject to the first objection raised in Lewis v. Dunne. The second ground mentioned in Lewis v. Dunne for holding the act there under consideration to be unconstitutional was that the act did not relate to a single subject as required by section 24 of Article IV of the state constitution. -
Inheritance Rights of Children in Virginia J
University of Richmond UR Scholarship Repository Law Faculty Publications School of Law 1973 Inheritance Rights of Children in Virginia J. Rodney Johnson University of Richmond, [email protected] Follow this and additional works at: http://scholarship.richmond.edu/law-faculty-publications Part of the Estates and Trusts Commons Recommended Citation J. Rodney Johnson, Inheritance Rights of Children in Virginia, 8 U. Rich. L. Rev. 41 (1973) This Article is brought to you for free and open access by the School of Law at UR Scholarship Repository. It has been accepted for inclusion in Law Faculty Publications by an authorized administrator of UR Scholarship Repository. For more information, please contact [email protected]. UNIVERSITY OF RICHMOND LAW REVIEW VOLUME 12 WINTER 1978 NUMBER 2 INHERITANCE RIGHTS OF CHILDREN IN VIRGINIA J. Rodney Johnson* The rights of children to succeed to a deceased ancestor's property interests in Virginia are treated in some fifteen separate sections of the Virgina Code. The first of these sections was contained in Vir ginia's original code of descent and distribution which was enacted in October, 1785, and the last of these sections was enacted by the 1974 session of the General Assembly. When one considers that these fifteen sections were enacted over a period of 189 years, as the result of legislation introduced by various individuals who were at any given time focusing on a particular portion of this larger prob lem area without always taking into account the "spin-off" effect that their particular legislation might have on all of the other sec tions dealing with the succession rights of children, it is not surpris ing to find that there is a certain amount of gap, overlap, inconsis tency and ambiguity that plagues today's practitioner who is trying to determine the rights of a specific child in a number of instances, and that consequences generally regarded as improper and unjust, from the child's standpoint, are too often required by the present state of the law. -
Ethical Issues in Illinois Estate Planning and Trust /Estate Administration
Ethical Issues in Illinois Estate Planning and Trust /Estate Administration Written by: Richard W. Kuhn Kuhn Heap and Monson 552 South Washington Street, Suite 100 Naperville, IL 60540 (630) 420-8228 or [email protected] www.kuhnheap.com Edited by: Karen E. Levin, Kuhn Heap and Monson © 2018 Richard W. Kuhn, all rights reserved INTRODUCTION The sources of my presentation include the Comments to the Illinois Supreme Court rules, the ACTEC Commentaries, the 3rd Restatement of Law Governing Lawyers, ABA and Illinois Ethics Opinions, and case law. American College of Trust and Estate Counsel (ACTEC) first adopted its Commentaries to the model rules in 1993. Specifically, various interpretations of the Supreme Court rules involving ethics issues for Estate Planning and Trust Administration are cited herein from the ACTEC Commentaries 5th Edition 2016 which was published by the American College of Trust and Estate Counsel Foundation. Neither the Model Rules of Professional Conduct nor the Comments to them provide adequate guidance regarding professional responsibilities for lawyers engaged in Trust and Estate practice. “[The] Model Rules of Professional Conduct (MRPC)… [are] composed largely of general, litigation-based rules that do not address many of the difficult problems that arise in specific areas of practice. Rather than recognize the need to consider ways in which the MRPC might be adapted to meet the needs of lawyers in specific areas, the American Bar Association appears to insist that one rule fits all – without regard to any difference in the nature of a client and the type of representation provided.” John R. Price, J. Michael Farley & Bruce S.