Highlighted In re Trust Under Deed to Walter R. Garrison
“This irrevocable trust no longer meets our needs, what options do we have?” This is a question that clients periodically ask. A recent Pennsylvania Supreme Court case, In re Trust Under Deed to Walter R. Garrison, illustrates a trend among states to grant
Private foundations, also known as “family foundations,” can serve strategic wealth planning goals for high-net-worth individuals while also serving charitable goals. However, private foundations require oversight and annual reporting, and administering a private foundation may be more onerous than it first appears. In this publication, we discuss the key requirements and recommended practices associated with
Every month, the IRS publishes “applicable federal rates” (AFRs) and a § 7520 rate. These are the rates prescribed by the IRS for use by taxpayers for various intra-family transactions and estate planning vehicles. Importantly, these rates have steadily increased over the last few years.
The July 2023 AFRs have been released. The current short-
The Private Client Services team is pleased to share Part II of the “Estate Planning with Digital Assets” series. In the first part of this two-part series (click here to read), author Vanessa Maczko outlined terminology and concepts that estate planners must address with their clients to facilitate the ownership and transition of digital assets
Following up on an advisory we published a year ago on LGBTQ+ Family Estate Planning (click here to read), and as many celebrate Pride Month during June, we offer this update on recent developments in state and federal laws that may have meaningful implications on estate planning strategies for LGBTQ+ individuals and couples.
First, by
The Private Client Services team is pleased to announce the launch of the “Estate Planning with Digital Assets” series. In the first issue, Vanessa L. Maczko discusses terminology that estate planners and their clients must understand to engage in conversations about digital assets in an estate planning context, as well as the necessary information clients
Our world today is more interconnected than ever before, and our clients are increasingly living, working, and investing across borders. That interconnectivity can create risks for trusts. If a trust is deemed a “foreign trust” for U.S. federal tax purposes, that can cause unintended and adverse tax consequences for both the grantor (creator) of the
With educational expenses on the rise, planning for your children’s education while they are still young is usually advisable. Many families find that a “section 529 education savings plan,” or more commonly known as a “529 plan,” works well for this purpose, but there are potential
Courts are often reluctant to enforce no-contest clauses in estate and probate matters. As noted in our prior alert on the Connecticut Appellate Court case Salce v. Cardello, even where the terms of the no-contest clause appear to have been breached, the enforcement of a no-contest clause can be
At the end of last year, the Michigan Court of Appeals issued an opinion in the case of In re Estate of Daniel K. Wallace, noting the importance for a fiduciary to administer an estate and operate the estate’s business interests in accordance with fiduciary