As ABC’s hit sitcom “Modern Family” becomes a reality for many American families, the estate planning industry must evolve as the number of same-sex marriages increases. A Gallup poll released on July 29, 2013, revealed that the majority of Americans, 52%, would vote in favor of legalizing gay marriage in…
August 5, 2013, will mark the 51st anniversary of Marilyn Monroe’s tragic death due to a drug overdose in 1962. Marilyn was an extremely successful American actress, model, and singer, who became a major style icon for young women during the 1950s and early 1960s. After her death at the…
It is still as true today as it was in 1789 when Benjamin Franklin coined the phrase “nothing can be said to be certain, except death and taxes.” Despite his best efforts to avoid falling victim to this inviolable inevitability, Japanese supercentenarian Jiroemon Kimura, who was recognized by Guinness World…
This month the Supreme Court ruled that a widow was not entitled to the proceeds of her husband’s life insurance policy worth $125,558.03. The Court held that her husband’s ex-wife was entitled to the proceeds as the result of an all too common mistake-he forgot to change his life insurance…
In a story that seems to be match made for an Alanis Morissette song (see, e.g., Ironic), the largest sole lottery jackpot winner in U.S. lottery history is none other than eighty-four year old Gloria C. MacKenzie of Zephyrhills, FL. With her net payout expected to be roughly $270 million,…
In Florida, a tenancy by the entirety is a form of property ownership which can only exist between a husband and wife. Under Florida law, when a married couple owns assets as tenants by the entirety, each spouse is said to own the property “per tout,” meaning that each spouse…
There are three issues that were raised by the challenge to the Defense of Marriage Act (“DOMA”). One issue was whether or not Congress overstepped its authority by infringing on a matter that is traditionally left to the states. Historically, states have had authority to regulate marriage and issues relating…
The Case The Supreme Court of the United States recently overturned the Defense of Marriage Act when it found the act to be unconstitutional in United States v. Windsor. The following provides the background of that historic and monumental decision. In 1996, after Hawaii state court seemed likely to permit…
Same-sex marriage has been a hotly debated topic lately, especially because the United States Supreme Court recently ruled on the subject in two separate cases. Because same-sex marriage is not allowed in a majority of states or under federal law, same-sex couples were until recently deprived of many of the…
Estate planning for married couples offers many advantages. Married couples are able to file a joint Federal Income Tax return which can lead to an overall savings. There is also a Federal Estate and Gift Tax marital deduction for passing property to a surviving spouse. This deduction allows the transfer…