Do I Need to Amend My Trust Because of the Secure Act? Last month, in our last blog, we addressed the basics of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act’) and how retirement plan beneficiary designations will be impacted for individuals who die…
The Secure Act: Retirement Accounts and Your Estate Plan Beginning on December 20, 2019, the Secure Act substantially changed the rules for designated beneficiaries of retirement plans, with wide raging implications for estate planning. The old rule used to be that upon the death of a retirement account owner, the…
What if Your Beneficiaries Predecease You? When preparing a will, people assume that the beneficiaries that they name will outlive them. Unfortunately, testator’s live beyond the life of their beneficiaries all the time. What happens to the gift left for someone who is now deceased? The original common law understanding…
How Can you Prove Undue Influence? For a Will to be valid, certain conditions must be met. The testator must have legal capacity, at least eighteen years old, must have testamentary intent, and the will must not be a product of undue influence or duress. The first two requirements are…
I Already Have a Will; When Should I Update My Estate Planning Documents? When someone executes a valid will, some people assume that if their wishes do not change, they should never have to revisit their estate plan. However, there are certain common events in life that should cause you…
Estate Planning with Digital Assets: Should I Give My Passwords to My Personal Representative (PR)? Much of our access to information is protected by passwords. In the context of estate planning and probate, passwords can lead to expensive complications and third-party subpoenas. For this reason, an important aspect of modern…
Are Actions Taken Before Appointment as Personal Representative Valid? Yes, if the Actions Were Beneficial to the Estate Florida law states that the duties and powers of a personal representative commence upon appointment. You may be named as personal representative in a decedent’s will, you are not legally considered a…
The Long Arm of the Law – Trust Litigation and Out-of-State Beneficiaries When dealing with trusts, there is a possibility that the potential litigation or present lawsuit involves people from multiple jurisdictions and multiple states. A trust may be created and administered in Florida, but the beneficiaries may live elsewhere.…
Legitimate Taxation or “Confiscation?” Taxing Trust Income Which states can tax a trust’s income? This exact question was taken up by the Supreme Court in their recent opinion North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust. North Carolina was of the opinion that they could tax…
Is it a Gift or a Loan? Your intention matters for your Estate Planning Have you ever given your child money to help them with school or a car or rent? How about loaning money to a friend? Is the intention to give a gift or a loan? How these…