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Beneficiaries Life Insurance Estate Planning

Bowditch & Dewey

Remember to Adjust Your Estate Plan During or After a Divorce

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Married couples often have wills naming one another as their primary beneficiary. People also often name their spouse as beneficiary of retirement accounts and life insurance policies. Upon commencing a divorce action,...more

Husch Blackwell LLP

Unanimous Supreme Court Determines Company-Owned Life Insurance Increases Fair Market Value

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On June 6, 2024, the Supreme Court held 9-to-0 in Connelly v. United States that company-owned life insurance increases the company’s fair market value for estate tax purposes, and the company’s obligation to redeem a...more

UB Greensfelder LLP

The U.S. Supreme Court’s Decision in Connelly Impacts Estate Tax Valuations of Closely Held Businesses

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The Supreme Court’s recent decision in Thomas A. Connelly et al. v. United States has significant implications for certain closely held business owners. The decision is important especially for those with, or planning to buy,...more

Lasher Holzapfel Sperry & Ebberson PLLC

Importance of Beneficiary Designations in Estate Planning

As a bit of background, there is a distinction between probate assets and non-probate assets. Probate assets are distributed according to your will during a probate administration whereas non-probate assets are distributed...more

Winthrop & Weinstine, P.A.

Estate Planning and Transfer on Death Deeds: New Insurance Warnings beginning August 1

A new Minnesota law comes into effect on August 1, 2024, which flags the importance of addressing insurance coverage within your estate plan, especially if your plan utilizes transfer on death deeds. A transfer on death deed...more

Warner Norcross + Judd

Trial Win for Warner Clients in Dispute Over Decedent’s Assets

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Trial attorney David Skidmore from Warner Norcross + Judd LLP’s Probate Litigation Practice Group, a subgroup of the firm’s Litigation and Dispute Resolution Practice Group, recently represented clients in a trial before the...more

Allen Barron, Inc.

Success is Built into Business Succession

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Isn’t it interesting that success is built into business succession. Still, most US companies do not have a business succession plan in place. What is business succession planning and how does it enhance your own success and...more

Allen Barron, Inc.

The Importance of Succession Planning for Business Owners

Allen Barron, Inc. on

What is the importance of succession planning for business owners? Why should you be concerned about the development and implementation of succession planning if you own a business or a significant interest in an LLC, S...more

Allen Barron, Inc.

Estate and Tax Planning for US Expatriates

Allen Barron, Inc. on

What are the most important elements of estate and tax planning for US expatriates?  Are you planning to move out of the United States?  Are you a US taxpayer who lives and works outside of the country?  What are some of the...more

Lippes Mathias LLP

Estate Planning for Unmarried Couples: Considerations to Make

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There are two ways in which your assets pass upon your death: (1) by operation of law to designated beneficiaries (IRA, life Insurance, etc.), pursuant to an agreement (a living trust agreement) or as joint owners with rights...more

Faegre Drinker Biddle & Reath LLP

Splitting the Difference: Why Careful Structuring and Regular Monitoring of a Split-Dollar Life Insurance Plan Might Benefit...

Split-dollar life insurance can serve a multitude of uses. In times of a tight and competitive hiring market, employers may consider split-dollar life insurance as one of many diverse strategies to attract and retain desired...more

Shumaker, Loop & Kendrick, LLP

The Estate Planner, September/October 2023

Preparing for 2026 - Four ways to build flexibility into your estate plan - January 1, 2026, is a significant date for estate planning. On that day, the federal gift and estate tax exemption amount set by the Tax Cuts...more

Pullman & Comley, LLC

Understanding Irrevocable Life Insurance Trusts and Their Tax Benefits in Estate Planning

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A typical challenge encountered by estates of varying sizes and complexities is the lack of liquidity to cover the costs of estate administration. These expenses may satisfy just debts to creditors or estate tax payments. ...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall: You Haven’t Coordinated Beneficiary Designations With Your Will

Perhaps you drafted your will years ago and it references many of your existing assets, including retirement plan accounts and life insurance policies. But you also have paperwork on file with the applicable financial...more

Kohrman Jackson & Krantz LLP

When Should You Hire a Probate Attorney?

If probate is needed, the process usually begins soon after a loved one passes away. The probate process can be long, stressful, and expensive. Some family members are able to manage it on their own without an attorney, but...more

Harris Beach PLLC

Veterans Day: Benefits For Those Planning Their Estates

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With Veterans Day upon us, it is a perfect time to not only thank those who served our country, but remind them of the special benefits available to them as they plan their estates. The U.S. Department of Veterans...more

Harris Beach PLLC

Make Sure Stepchildren are Cared for in Estate Planning

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The state of marriage has morphed tremendously since the Brady Bunch first aired in 1969, giving rise to nearly as many blended families as traditional families. For those in this situation, it is important to incorporate...more

Adler Pollock & Sheehan P.C.

Why Contingent Beneficiaries Matter

Your will is the foundation of your estate plan. Notably, it provides for the disposition of your worldly possessions, including your house, investments and other property. These go to the beneficiaries named in your will. In...more

Shumaker, Loop & Kendrick, LLP

The Estate Planner, March/April 2022

GST taxes - Plan carefully to avoid surprises - If you wish to share some of your wealth with your grandchildren or great grandchildren — or if your estate plan is likely to benefit these generations — it’s critical to...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Do I Need to Update My Estate Plan?

If your life changes, so should your estate plan. Marriage, divorce, death of a spouse, a birth and a changing relationship with a child are just some of the life changes that may affect your estate plan. Unfortunately, as...more

Holland & Hart LLP

Clients’ Failure to Keep Estate Plans Current Can Sabotage the Entire Estate Plan

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Estate planners work hard to set up estate and wealth transfer plans that fit a client’s needs and ensure that everything works together for the client. Unfortunately, as the client’s situation changes, they often don’t...more

Pullman & Comley, LLC

Beneficiary Designated Property: A Trap for the Unwary

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Financial institutions and brokerage firms occasionally recommend that client accounts be structured as joint or beneficiary-designated accounts without full consideration of the impact on the client’s estate plan....more

Rosenberg Martin Greenberg LLP

Maryland Court of Appeals: Change of Beneficiary of Insurance Policy Is “Conveyance” Under Uniform Fraudulent Conveyance Act

In a March 9, 2021 opinion, the Maryland Court of Appeals signaled the end of what it termed “an elaborate web of procedural history” by answering two questions certified to it by the United States District Court for the...more

Farrell Fritz, P.C.

Wills, Trusts & Estates: Plain and Simple – Popular Again: Life Insurance Trusts to Hedge Against Estate Taxes

Farrell Fritz, P.C. on

With the prospect of estate tax exemptions going down and estate tax rates going up, life insurance is being considered again to cover potential estate taxes. One way to use life insurance as a “hedge” against estate taxes is...more

Burns & Levinson LLP

Planning for the Unplanned: The Smith & Alexander Family Saga

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As Tiffany mentioned in her introductory post, during the next few months, we will be dissecting important issues presented in our fact pattern involving the Smith and Alexander families....more

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