Probate & Estate Planning

Genial Englishman Douglas Latchford has been known for his love for ancient sculptures. Latchford even risked land mines to explore Khmer Empire cities in remote Cambodia. Since the 1970s, Latchford has built on of the world’s largest private collections of Khmer treasures. 
Latchford’s collection is mostly made up of Hindu and Buddhist sculpture. Latchford co-wrote three books on the subject, one which is called “Adoration and Glory,” in which he wrote: 

The sculpture and architecture created by the Khmer to honor their gods and their rulers are among the major artistic masterpieces of the world. . .”

Although Latchford openly
Continue Reading GLOBAL HUNT FOR LOOTED TREASURES LEADS TO OFFSHORE TRUSTS

Saturday, October 9, 2021

Article: Singapore Trusts Law

Christopher Hare and Vincent Ooi recently published an article entitled, Singapore Trusts Law, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article.
The development of an autochthonous legal system and jurisprudence in Singapore has meant that Singapore law has come a long way from its English roots. This is manifestly the case for the legal principles relating to trusts, where the efforts of our local judges, academics, lawmakers and practitioners have resulted in a rich jurisprudence that draws on the best legal thinking throughout the
Continue Reading Article: Singapore Trusts Law

3 NY CLE Credits: 3 Skills; Transitional and Non-transitional; 3 NJ CLE Credits: 3 General; 3 CPE Credits for CPAs (NY only)Faculty:  Seymour Goldberg, Esq., CPA, MBA (Taxation), JD
Many taxpayers have accumulated a considerable amount of assets in their retirement accounts.  The Secure Act has created many new technical deadlines that must be followed in order to avoid IRS penalties. 
Tax planning and estate planning for your clients that have substantial retirement assets have become more important than ever.  You need to be aware of common errors that frequently take place.
This 3-credit CLE/CPE program includes:

  • Overview of the


Continue Reading Webinar: Tax & Estate Planning w/IRAs After the Secure Act

In September, the House of Representatives Ways and Means Committee released proposals requiring many employers without retirement plans to establish and automatically enroll employees in IRAs with the default contributions going to Roth IRAs or in simple 401(k) plans. The proposals would also require a person whose employee benefit plans, Roth IRAs, and traditional IRAs have an aggregate balance in excess of $10 million to withdraw at least 50% of the excess balance. Broadening those proposals to require Roth IRAs to comply with the same required minimum distribution (RMD) rules that now govern employee benefit plans and traditional IRAs, would
Continue Reading Is This the Time to Harmonize the Required Minimum Distribution Rules?

Saturday, October 9, 2021

The Next Step for Tax Policy Equity

Albert Feuer recently posted on SSRN his article entitled The Next Step for Tax Policy Equity. Here is the abstract of his article:
In September, the House of Representatives Ways and Means Committee released proposals requiring many employers without retirement plans to establish and automatically enroll employees in IRAs or simple 401(k) plans or in IRAs with the default contributions going to Roth IRAs. The proposals would also require a person whose employee benefit plans, Roth IRAs, and traditional IRAs have an aggregate balance greater than $10 million to
Continue Reading The Next Step for Tax Policy Equity

Friday, October 8, 2021

Article: Closing Gaps in the Estate and Gift Tax Base

Daniel J. Hemel and Robert Lord recently published an article entitled, Closing Gaps in the Estate and Gift Tax Base, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article:
Three transfer tax minimization mechanisms—zeroed-out grantor retained annuity trusts (GRATs), intentionally defective grantor trusts (IDGTs), and family-controlled entities with steep valuation discounts—significantly shrink the federal estate and gift tax base. This white paper explains how Congress can close all three loopholes. We estimate that these actions—along with complementary base-protecting and
Continue Reading Article: Closing Gaps in the Estate and Gift Tax Base

Thursday, October 7, 2021

What’s next in Britney Spears’ conservatorship after her father is suspended? Legal experts weigh in

What’s next for Britney Spears? Well, legal experts say that Spears could still be asked for a mental evaluation to fully determine if termination of her conservatorship is granted.
Last Wednesday, a judge ruled to suspend Jamie P. Spears from overseeing the conservatorship that has “held a firm grip on [Britney’s] life for over a dozen years.” 
Britney Spears’s attorney, Mathew Rosengart—in a not so shy way—told the court that Jamie should have been removed as conservator of Britney’s estate long
Continue Reading What’s next in Britney Spears’ conservatorship after her father is suspended? Legal experts weigh in

The Covid crisis had a significant impact on all sorts of businesses. Many of us heard of and witnessed firsthand the negative impact Covid had on small businesses, and even wealthy businesses.
One positive consequence that was created out of the Covid crisis was the push for wealthy business owners to “hasten retirement and speed up succession plans.”
The “Success and Succession” study, “which looked at the impacts of Covid on business decision making among high-and ultra-high-net-worth business owners, found that two-thirds reported that the pandemic accelerated plans to retire or sell their business.” 
The Ipsos study surveyed 150 business
Continue Reading Covid Forcing Wealthy To Speed Up Business Succession Plans, Retirement

Gayle Benson’s succession plan includes keeping the New Orleans Saints and New Orleans Pelicans around for decades to come. 
According to the Times-Picayune series detailing the plan, “proceeds from the sale of both the New Orleans Saints and New Orleans Pelicans will go to local charities and all purchase negotiations will seek to ensure both teams remain in the city.”
Apparently, the NFL has already approved the deal, and the NBA is expected to do so as well. Both leagues would have to approve any new ownership groups. 
As expected, New Orleans will see a humongous windfall—$5 billion or more—once
Continue Reading Breaking Down Gayle Benson’s Plan To Keep New Orleans Saints, Pelicans Local

Law & Society Association Trusts & Estates Collaborative Research Network Call for Papers, Lisbon 2022Trusts & Estates Collaborative Research NetworkGlobal Meeting on Law and SocietyLisbon, Portugal (& Virtual), July 13-16, 2022
Call for Participation – Deadline for Trusts & Estates CRN Proposals November 10, 2021 11:59 PM ET (USA)
Submission Link: here
The Trusts & Estates Collaborative Research invites proposals for (i) individual papers to be organized into panels; (ii) fully-formed panel proposals; and (iii) proposals for other sessions such as Author Meets Reader, Salon, or Roundtable discussions that explore any aspect of the law, practice or effects of trusts,
Continue Reading Law & Society Association Trusts & Estates Collaborative Research Network Call for Papers, Lisbon 2022

Monday, October 4, 2021

Article: How Soon Is Now: Estate of Moore & The Unraveling of Deathbed Estate Planning

Beckett Cantley and Geoffrey Dietrich recently published an article entitled, How Soon Is Now: Estate of Moore & The Unraveling of Deathbed Estate Planning, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article:
On April 7, 2020 the U.S. Tax Court ruled in Estate of Moore v. Commissioner, T.C. Memo. 2020-40, that certain deathbed transfers should be includible in the decedent’s estate for United States Federal Estate Tax (“estate tax”) purposes. The court applied
Continue Reading Article: How Soon Is Now: Estate of Moore & The Unraveling of Deathbed Estate Planning

Sunday, October 3, 2021

Final regulations establish a user fee for estate tax closing letters

The IRS issued final regulations instituting a user fee of $67 for the Service to issue an estate tax closing letter. 
Other than the adoption of the final regulations, there were no significant changes to the proposed regulations issued in late December 2020.

An estate tax closing letter informs its authorized recipient of the IRS’s acceptance of the estate tax return (generally, Form 706, United States Estate (and Generation-Skipping Transfer Tax Return) and provides some return information, such as the amounts of the net estate tax, any
Continue Reading Final regulations establish a user fee for estate tax closing letters

Friday, October 1, 2021

Article: Prepaid Death

Victoria J. Haneman recently published an article entitled, Prepaid Death, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article:
The cost of an adult funeral exceeds $9,000. Funerals are expensive and death is not considered an appropriate time to bargain shop. The consumer is generally inexpert and vulnerable due to bereavement. Decisions are often time-pressured and perceived as irreversibly final. Accordingly, the death care industry benefits both from information asymmetry and etiquette uncertainty. Protecting the bereaved consumer calls for reversing the current norm of at-need (after
Continue Reading Article: Prepaid Death

Thursday, September 30, 2021

Britney Spears Is Released From Her Father’s Oversight

Judge Brenda Penny has granted the request of Britney Spears’ attorney, Mathew S. Rosengart, to remove Jamie Spears as conservator. The Judge’s decision marks the first time since 2008 that Britney Spears will be without her father’s oversight. 
According to Rosengart, Britney had been pleading for Jamie Spears’ removal and stated, “[t]his man does not belong in her life, your honor, for another day. . .Please hear the plea of my client.” 
After hearing both sides, Judge Penny agreed that suspending Jamie Spears was in the best interest
Continue Reading Britney Spears Is Released From Her Father’s Oversight

Wednesday, September 29, 2021

Article: Dilution of the Doctrine of Survivorship

Sarthak Sharma recently published an article entitled, Dilution of the Doctrine of Survivorship, Wills, Trusts, & Estates Law ejournal (2021). Provided below is the abstract to the Article:
The doctrine of survivorship was a model of property division, prevalent in the Mitakshara school of thought under Hindu legal traditions. It was a heavily patriarchal system which essentially mandated the division of the estate solely among the male claimants, terming them as coparceners. This selective exclusion of female descendants and disqualification of legal heirs’ claim in their ancestral property
Continue Reading Article: Dilution of the Doctrine of Survivorship

Tuesday, September 28, 2021

Postmortem Conception

Kristine S. Knaplund (Professor, Pepperdine Caruso School of Law) has recent published her article entitled Reimagining Postmortem Conception, 37 Ga. St. Univ. L. Rev. 905 (2021). Here is the abstract of her article:
Hundreds, likely thousands, of babies have been born years after a parent has died. Thousands more people have cryopreserved their sperm, ova, and embryos, or have requested that a loved one’s gametes be retrieved after death to produce still more such children. Twenty-three states have enacted statutes detailing how these postmortem conception children can inherit from their predeceased parents.
And
Continue Reading Postmortem Conception