Law Brief: Alexis Gruttadauria and Rich Schoenstein Discuss Why You Need an Estate Plan
Certain life events demand that estate planners work with client testators to adjust their estate plans. Divorce and remarriage are at the top of that list. When matrimony devolves into acrimony – setting the stage for...more
Through the years, the US Tax Court has provided significant clarification on the gift tax consequences of terminating qualified terminable interest property (QTIP) trusts. Two new cases in 2024, Estate of Sally J. Anenberg...more
Generally, under New York EPTL 5-1.1-A, if a decedent is survived by a spouse, a right of election is given to the surviving spouse to take a share of the decedent's estate “equal to the greater of (i) fifty thousand dollars...more
Recently, a magistrate judge for the Eastern District of Texas recommended granting an insurer’s motion for summary judgment, holding that an insured’s claims for statutory interest and attorneys’ fees under Chapter 542 of...more
On this episode of “Splitting Heirs,” partner Warren K. Racusin, Chair of Lowenstein’s Trusts & Estates practice, invites Beth Shapiro Kaufman, Lowenstein Sandler partner and National Chair of the Private Client Services...more
You may be surprised to learn that over 90% of divorce cases settle out of court, so why did the separation agreement (an agreement signed by divorcing parties) between Shannen Doherty and Kurt Iswarienko recently receive so...more
The CFPB recently issued a blog post, highlighting debt collection impacts on surviving spouses. In the blog, the CFPB warns that debt collectors who try to collect on a spouse’s medical bills from a survivor, who is not...more
On September 20, the CFPB published a blog post that addressed debt collectors targeting surviving spouses for the unpaid medical bills of their deceased partners....more
On July 18, 2024, the Internal Revenue Service (IRS) issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the Setting Every Community Up for Retirement...more
Dying without a valid will in place is never a good idea. In the absence of your testamentary intent your assets are left to the whims of the current intestacy laws of the state in which you reside. In Maryland, those laws...more
The period after a spouse passes away is an emotional time of mourning. However, there are a handful of estate planning adjustments that you should make to protect your estate under the new conditions....more
In Ripple v. CBS Corporation, et. al., the Florida Supreme Court held a surviving spouse is entitled to recovery for wrongful death under the Florida Wrongful Death Act (the Act), codified at Fla. Stat. §§ 768.16-768.26...more
So, you have remarried. Perhaps it has been 30 months; maybe 30 years. When you got together the guy/girl moved into your crib. It’s always been titled in your name and it’s the house you got in your divorce from No. 1. Now...more
What is known as the IRS survivor’s penalty, and is there anything that can be done to provide for a surviving spouse as we age? The “survivor’s penalty” is the likelihood that a surviving spouse will face higher federal and...more
As we’ve previously discussed, portability is an important feature of an estate plan. Portability allows the surviving spouse to die to “save” any of their predeceased spouse’s unused federal estate and gift exemption amount....more
Last week, I blogged about the new statute that closed the block hole that existed when a party who held most or all of the assets died during while a divorce was pending. Specifically, the new statute permits the court to...more
What happens when a party dies in the middle of divorce? Under the law, the divorce action abates and the matter is over. In many cases, that is to the benefit of the surviving spouse because, in most cases, they would...more
As estate planning attorneys, a question that often arises with new and prospective clients is, “What happens if I die without a will?” The short answer is this: if you die without a valid will in Massachusetts, state law...more
On November 14, 2023, the Appellate Division decided an interesting case that implicated the intersection of family law, estate law and federal law. The reported (precedential) decision In the Matter of the Estate of Michael...more
It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more
When I first read the precedential ruling of the Pennsylvania Superior Court in Shell v. Shell, I really didn’t find it noteworthy enough to write about. This is a case where a spouse discovered that her husband was moving...more
Beginning in 2020 a new topic entered the estate planning world based on studies done at Cornell University. Cornell started what they call a “Family Reconciliation Project” and in 2021 they published data indicating that in...more
Back on July 26 we wrote about how trusts have become a new territory within the divorce landscape. At the time the press was just starting to write about California Senator Diane Feinstein’s troubles with the trust her...more
In Kirkland v. Kirkland, a husband and wife created a revocable trust. No. 02-22-00469-CV, 2023 Tex. App. LEXIS 3598 (Tex. App.—Fort Worth May 25, 2023, no pet. history)....more
Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...more