News & Analysis as of January 12, 2025

Estate Planning

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

5 Considerations for Personal Estate Planning in 2025

Keating Muething & Klekamp PLL on 1/9/2025

Each new year offers a chance to step back, recalibrate, and plan for the year ahead. Individuals and businesses alike should take the time to ask and answer some simple questions to ensure their estate and business...more

Managing Your Residuary Estate

Adler Pollock & Sheehan P.C. on 1/9/2025

Even with a comprehensive estate plan, it’s likely you’ll have some assets in a residuary estate. Like the sediment at the bottom of your glass after you finish a fine wine, an estate plan may also leave some residue....more

Another Attack on Private Placement Life Insurance

Levenfeld Pearlstein, LLC on 1/9/2025

The use of private placement life insurance (PPLI) by high-net-worth individuals has generated considerable controversy over the years, with proponents arguing that it is a proper use of existing laws that provide many of the...more

Exclusions, Exemptions, Estate Tax – What to Know in 2025

Jaburg Wilk on 1/9/2025

As we enter 2025, it’s important to stay informed about the current federal estate and gift tax laws, including annual exclusion limits and significant changes anticipated by the end of this year. Annual Exclusion Amount- ...more

Decanting Isn’t Just for Wine Anymore – The Connecticut Uniform Trust Decanting Act

Pullman & Comley, LLC on 1/9/2025

Not all trusts age like fine wine. Family situations change, tax laws are updated, and an irrevocable trust created years ago may no longer be ideal for today’s circumstances. ...more

Do Illinois Attorneys Have a Duty to Assess Their Client's Mental Competence?

Hinshaw & Culbertson - Lawyers for the... on 1/8/2025

In a legal malpractice action arising out of revisions to a client's estate plan, the appellate court considered whether an attorney has a duty to evaluate a client's mental capacity and, if so, whether the plaintiff alleged...more

Lost in Translation: Blunders in International Estate Planning

Offit Kurman on 1/8/2025

Welcome to Lost in Translation: Blunders in International Estate Planning; in this blog series, I will delve into the rarified world of international estate planning, shedding light on possible pitfalls and slip-ups....more

Top Ten Reasons You Need an Elder Law Attorney

Cozen O'Connor on 1/8/2025

As the chair of the Elder Law Practice Group, I see a lot of issues that the firm’s clients encounter in their personal lives. As we begin the new year, I thought it appropriate to write about the areas of our practice that...more

GLI Cayman Islands blockchain and cryptocurrency regulation 2025, seventh edition

Carey Olsen on 1/7/2025

Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal...more

2025 Estate and Gift Tax Update

Cole Schotz on 1/7/2025

The arrival of 2025 brings with it increased estate and gift exclusion amounts. For an estate of any decedent dying during calendar year 2025, the Federal applicable exemption will increase from $13.61 million to $13.99...more

The Estate Planner, January/February 2025

Shumaker, Loop & Kendrick, LLP on 1/7/2025

Managing your residuary estate - Even with a comprehensive estate plan, it’s likely you’ll have some assets in a residuary estate. Like the sediment at the bottom of your glass after you finish a fine wine, an estate plan...more

How Intestate Succession Can Derail Your Plans

Saiber LLC on 1/6/2025

Think estate planning can wait? Here’s the thing: putting off or delaying estate planning can leave your loved ones in a difficult position. Among the issues is passing away without a will, one of estate planning’s basic...more

Rulings On One Sided Changes To Mutual Wills overturned

Barnea Jaffa Lande & Co. on 1/2/2025

A new Supreme Court ruling overturns lower courts’ rulings and regulates the application of the “successive heirs” provision of the Succession Law, in instances when a surviving spouse who inherited property by virtue of a...more

A Court Affirmed A Construction Of A Will Regarding The Devise Of Real Property

Winstead PC on 1/2/2025

In In re Estate of Martinez, a decedent left a holographic will, and a potential recipient of property under that will offered it for probate and sought a declaration regarding a devise of property. No. 04-22-00708-CV, 2024...more

Estate Planning 2025 Federal Tax Update

Lathrop GPM on 1/2/2025

As we start the new year, this Federal Tax Update highlights estate planning-related federal tax information as you consider 2025 planning options. ...more

Court Held Order Requiring An Executor To Make A Partial Distribution Was Not An Appealable Order

Winstead PC on 1/2/2025

In Gaddy v. Fenenbock (In re Est. of Fenenbock), a probate court entered an order directing the independent executor of an estate to make a partial distribution of assets from the residuary clause in the decedent’s will into...more

Elder Law and Special Needs Newsletter: December 2024 Issue

Mandelbaum Barrett PC on 12/31/2024

The Great Wealth Transfer: Preparing the Next Generation - The great wealth transfer is underway in America. Through 2045, Baby Boomers will pass down approximately $84 trillion to Gen Z, Millennials, and Gen X. But what...more

10 Reasons Why You Should Make Estate Planning Your New Year’s Resolution

Bowditch & Dewey on 12/31/2024

People often assume that if their estate isn’t taxable, they don’t need to have an estate plan. In 2024, a Massachusetts estate tax return must be filed if the value of the deceased person’s gross estate exceeds $2 million. A...more

Clear Drafting in Estate Planning: Lessons from Abitol v. Clark

Poyner Spruill LLP on 12/30/2024

The North Carolina Court of Appeals’ recent decision on December 3, 2024 in Abitol v. Clark highlights the critical role of clear drafting in estate planning and raises novel legal questions regarding the inheritance rights...more

Grave Reservations: Everything You Didn’t Realize You Want to Know About Cemeteries

Lowenstein Sandler LLP on 12/30/2024

Host Warren K. Racusin, Chair of Lowenstein’s Trusts & Estates practice, talks about the law and lore of cemeteries with Eric D. Weinstock, and Rich Moylan, president of Green-Wood Cemetery in Brooklyn, New York. They discuss...more

The Great Wealth Transfer: Preparing the Next Generation

Mandelbaum Barrett PC on 12/27/2024

The great wealth transfer is underway in America. Through 2045, Baby Boomers will pass down approximately $84 trillion to Gen Z, Millennials, and Gen X. But what constitutes a high-net-worth (HNW) inheritance? In the United...more

End of Year Gifting

Farrell Fritz, P.C. on 12/24/2024

With the end of the year quickly approaching, now is good time to ensure you make your annual exclusion gifts for the year to reduce your taxable estate. For 2024, an individual can give $18,000 (and a married couple...more

Estate Planning for Physicians: Why It’s Important and How to Get Started

Schwabe, Williamson & Wyatt PC on 12/23/2024

When you’re a physician, your life is defined by long hours, major responsibilities, and a focus on the health and well-being of your patients. Though dedication to your practice is commendable, planning for the future is...more

Modernizing an Existing Irrevocable Trust

Lasher Holzapfel Sperry & Ebberson PLLC on 12/20/2024

Many savvy estate plans include the use of an irrevocable trust that was established many years ago. However, the very nature of an irrevocable trust means that once the trust agreement is finalized, the terms of that trust...more

Trump's First 100 Days: Tax, Trusts & Estates

Stinson LLP on 12/19/2024

The Trump administration is expected to work with Congress to extend the Tax Cuts and Jobs Act (TCJA), but this will take longer than 100 days....more

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Estate Planning

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