In a recent press release, dated March 8, 2017, the Chamber of Digital Commerce and Steptoe & Johnson LLP jointly announced the formation of the Digital Assets Tax Policy Coalition (“the Coalition”). Made in response to a lack of guidance from the Internal Revenue Service regarding the tax treatment of digital currencies, the Coalition aims to “help develop effective and efficient tax policies for the growing virtual currency markets.”
With tax season well underway, the IRS recently released guidance on recent developments pertaining to the estate tax and generation-skipping transfer (GST) tax.
A validly executed will not only allows individuals to express their wishes, but also allows a court to uphold a will if contested by disgruntled family members. Tennessee is a strict compliance state meaning that if Tennessee’s statutory will execution requirements are not met, then the will may be deemed invalid.
With the simple addition of two words, the Special Needs Trust Fairness Act (the “Act”) empowers mentally competent individuals with disabilities to establish a special needs trust on their own behalf. Effective December 13, 2016, the Act corrects a legislative drafting error that previously made it necessary for such individuals to rely on either their loved ones or a court to advocate on their behalf.
As we settle into 2017, the time has finally come to get started on a few New Year’s resolutions. Every year, we can quickly come up with a list of areas in our lives that need improvement. Achieving those goals, however, can sometimes prove to be a less than simple task. One way to get a jump start on making a change is by creating an up-to-date estate plan. Here are some common New Year’s resolutions and how estate planning can be used to your advantage to help achieve them:
A recent developing story involving Stanley Chais, a friend of the infamous Bernie Madoff and participant in Madoff’s Ponzi scheme, outlines the potential perils that can plague an estate administration involving a bad actor. Stanley Chais’ estate is the subject of a recent settlement in California which, pending approval from a New York federal bankruptcy judge, is expected to provide approximately $15M in restitution to California’s attorney general and over $250M to a trustee recovering funds for Madoff’s victims.
To round out our discussion on conservatorships, this post will focus on securing a conservatorship regarding a minor, which in Tennessee is called a “guardianship” proceeding.
Although we have discussed familiar situations that may trigger the need for a conservatorship, the process of securing one can be difficult. Due to the oftentimes burdensome process of securing a conservatorship through the courts, many individuals use common estate planning tools to ensure a conservatorship is only a last resort.
If a loved one over time becomes unable to adequately care for themselves in certain situations a conservatorship may become necessary. In our next few posts we discuss conservatorship basics including when they may be needed, the basic steps involved in establishing one, and the contentious struggle that can sometimes accompany conservatorship litigation.
This week we conclude our series on estate planning for new parents by focusing on the challenges faced by some children and common estate planning protection tactics to prepare children for those challenges.