How to Properly Fund a Trust
Trusts can be used for different purposes, including probate avoidance and asset protection. We are often asked about how and when to fund a trust.
DetailsIRS Issues Guidance for Estates of Same-Sex Couples Pre-Windsor
With tax season well underway, the IRS recently released guidance on recent developments pertaining to the estate tax and generation-skipping transfer (GST) tax.
DetailsThe Importance of Witness Signatures on a Will
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.
DetailsSpecial Needs Trust Fairness Act Expands Access for Individuals with Disabilities
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.
DetailsTen Estate Planning Resolutions for 2017
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:
DetailsEstate Linked to Friend of Bernie Madoff to Pay $250M to Victims
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.
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