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Documents on Trusts And Estates
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|ABLE Accounts for Families with Disabled Individuals: Important Considerations|
Brian R. Selvin; Greenbaum, Rowe, Smith & Davis LLP;
April 25, 2016, previously published on April 2016Although a majority of states, including New Jersey, have enacted legislation establishing ABLE programs, none have gone into effect to date. New Jersey is scheduled to begin offering ABLE accounts in October of 2016.
|What a Revocable Living Trust Can and Can't Do For You|
Jeanette M. Dostie; Suisman Shapiro Attorneys-at-Law;
March 23, 2016A revocable living trust (or RLT) is a widely used estate planning device, often promoted in magazine articles and at seminars. There is no doubt that individuals and couples can achieve substantial benefits, both tax and non-tax, through the use of revocable living trusts. It is important,...
|Store Credits Not Subject to Unclaimed Property, Says California Court|
Wilson G. Barmeyer, Holly H. Smith, Phillip E. Stano, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
March 15, 2016, previously published on March 15, 2016In a decision with potentially broad implications, a California Superior Court has held that merchandise credits not redeemable for cash are not subject to California's Unclaimed Property Law (UPL). The court also held that these credits qualified for exemption under the California unclaimed...
|The New New Jersey Uniform Trust Code: Creating Uniformity for Beneficiaries, Trustees and the Professionals that Advise Them|
Barbara E. Little; Obermayer Rebmann Maxwell & Hippel LLP;
February 18, 2016, previously published on February 8, 2016As an estate planning attorney, it is hard to contain my excitement that a version of the Uniform Trust Code (“NJUTC”) was enacted in New Jersey on January 19, 2016 with an effective date of July 17, 2016. With its passage, New Jersey joins at least 28 other states (including our...
|What Is Probate? How Do I Avoid It?|
Jim Schleiffarth; Schleiffarth Law Firm LLC;
February 11, 2016, previously published on February 10, 2016Probate is an entirely avoidable event. The process is typically undesirable due its time, expense and administrative requirements. Proper planning, through various methods, can remove all assets from the probate estate, allow for a smooth transfer of a decedent’s property and assure that...
|International Estate Planning - Starting with a Will|
Patrick Hamlin, Patrick Hamlin, Freda Lim, Chua Yee Hoong, Chua Yee Hoong; Withers Bergman LLP;
February 11, 2016, previously published on February 2, 2016Globalisation has changed the way we live. A less discussed topic is that globalisation has also changed the way we die. Cross-border investments and worldwide acquisition of assets have increased dramatically with technological advances and the ease of travel. It is also an increasingly common...
|Grantor Retained Annuity Trusts in a Low Interest Rate Environment Can Be a Valuable Estate Planning Tool|
Nita S. Vyas; Greenbaum, Rowe, Smith & Davis LLP;
January 26, 2016, previously published on January 2016On December 16, 2015, the Federal Reserve announced its decision to raise the benchmark interest rate, for the first time since 2008’s financial crisis, to a range of between 0.25 - 0.5%. With IRS statutory rates still low, from an estate planning perspective, the current rate environment...
|US Government to Penetrate Secrecy in Manhattan, Miami Residential Transactions|
Michael W. Galligan, Marc A. Landis, Tiberio Schwartz; Phillips Nizer LLP;
January 21, 2016, previously published on January 16, 2016On January 13, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) ordered certain title insurance companies to identify the individuals behind the purchase of residential real estate in Manhattan (New York County, New York) and Miami-Dade County,...
|What You Need to Know About Relation Back of Amendments|
Travis J. Graham; Gentry Locke Rakes & Moore, LLP;
January 7, 2016, previously published on December 2015When we say that an amendment to a pleading “relates back” to the filing of the original pleading, we are simply saying that we are going to pretend that the new allegations appeared in the original document, even though they didn’t. The reason for this concept, and indeed the...
|Executors Responsible for New Estate Reporting Requirements|
Sloane Jumper Hankins; Butler Snow LLP;
December 29, 2015, previously published on December 11, 2015Executors (or beneficiaries in certain situations) of estates for which an estate tax return was required to be filed under Section 6018(a) after July 31, 2015 must now supply the IRS and each person acquiring any interest in property included in the decedent’s gross estate for Federal estate...