The latest on protecting what you've built, financial planning, and securing your legacy.
Two answers, because people arrive at this article with two different questions. If you are asking whether a bypass trust cuts your surviving spouse off from the money: no. They can receive income and, usually, principal for health, education, maintenance, and support. Often they can serve as tru
IRS disaster relief for Hurricane Isaias postpones estate, gift, GST, and fiduciary income tax return deadlines in 27 Florida and 40 Alabama counties to February. Plus proposed premium tax credit regulations that matter for early retirees’ year-end income, the Oct. 28 comment deadline on the ETF not
Could artificial intelligence end humanity as we know it? The last few weeks have brought some pretty scary headlines when it comes to AI. OpenAI…
In this episode of Splitting Heirs, host Warren K. Racusin invites Lowenstein partner Michael N. Gooen and Dr. Paul Hokemeyer, the founding principal of Drayson Mews, a mental health advisory firm that counsels wealthy individuals and families on mental health issues, to discuss the tax planning tec
In re Ybarra provides important procedural guidance for probate practitioners and litigators concerning the limits of a court’s discretion to control its docket in a will contest. The Third Court of Appeals held that docket management did not permit the probate court to strike a pleading under a dea
Private equity investment in alcohol-related businesses often raises a question that receives far less attention than financing, valuation, or deal structure: who, exactly, will the regulators consider to be an owner?...By: Dickinson Wright
On October 6, 2026, the Internal Revenue Service (IRS) released Revenue Procedure 2026-20, which clarifies, modifies, and supersedes Revenue Procedure 2025-31....By: McDermott Will & Schulte
Fifteen years ago, John and Julie Jones, both of whom were in their mid-60s, created a revocable trust to which they contributed all of the assets comprising their considerable wealth....By: FBT Gibbons LLP
We are often asked by private equity and venture capital professionals how to approach estate planning for the economics they earn through their firms – and, nearly as often, by the firms themselves: what should a sponsor do when a partner holding significant carried interest asks to move those econ
Extended 2025 gift tax returns are due Oct. 15, and a late return forfeits the lifetime QTIP election, a GST opt-out, and gift-date valuation of an exemption allocation, though not gift-splitting. Plus IRS rulings on dividing a grandfathered GST trust and on late portability, a CFTC crypto rulemakin
It's spooky season, and we're sharing estate planning horror stories! In this episode, Tammi Caress explores real-world mistakes that have cost families thousands of dollars, from gifting a home without understanding the tax consequences to outdated beneficiary designations and unfunded trusts. The
AbstractThe article examines the valuation of loss for misappropriation of trust property equitable compensation claims, specifically the impact of the recent case of Mitchell v Al Jaber. The article argues that the general rule governing this area of law (i.e., that loss is to be assessed at trial
New York City second-home owners, including trusts and LLCs, have until Oct. 13 to claim an exemption from the pied-à-terre surcharge, after an appeals court stayed a ruling that had cancelled the city’s notices. Plus a Trump account comment request, a Senate bill to uncap 529-to-Roth rollovers, and
In In re Est. of Wright, Teddy Jack Wright died in Throckmorton County, Texas, in July 2022. No. 11-24-00243-CV, 2026 Tex. App. LEXIS 2532 (Tex. App.—Eastland March 19, 2026, pet. filed). Andy Wright and Glynda Fincannon filed an application to probate Teddy’s 2019 will in the 39th District Court of
In In re Estate of Demel, John Mathias Demel died on January 17, 2024, in a fire at a bar property he rented. No. 14-25-00245-CV, 2026 Tex. App. LEXIS 1103 (Tex. App.—Houston [14th Dist.] February 5, 2026, no pet.). The property was owned by Gail Foster, and after her death, by Travis W. Foster, who
When disputes arise over who controls an estate – and how the authority is exercised – the cost of resistance just went up. Florida’s new probate law gives personal representatives a powerful tool to enforce their authority, while creating potentially significant fee exposure for beneficiaries, fina
In In re Est. of Davidson, Bryan Davidson died in 2021, leaving behind an ex-wife (Debbie Davidson), three adult sons, and Sherry Myers. NO. 01-24-00026-CV, 2025 Tex. App. LEXIS 9840 (Tex. App.—Houston December 23, 2025, no pet.). Sherry Myers claimed she and Bryan Davidson had an informal (common-l
California’s Franchise Tax Board says it must be ready to administer a billionaire tax within six months of passage, and residency lawyers warn that paper moves will not hold up. Plus a Tax Court decision on partner basis and at-risk amounts, an IRS and HMRC whistleblower partnership aimed at offsho
Estate planning doesn’t have to be complicated. In our podcast, attorney Tammi Caress gives you clear answers about wills, trusts, probate, and the steps you can take to protect your loved ones. The post Common Estate Planning Mistakes appeared first on Caress Law, PC.
A federal court says the IRS had no authority to abate a foreign gift penalty once the refund suit went to the Justice Department. Plus a revised staking safe harbor for crypto trusts, the taxpayer service bill’s Senate passage, a California partnership sourcing decision, and two gift and charitable
In this episode of “Splitting Heirs,” host Warren K. Racusin speaks with Lowenstein’s Bridget Harris and Stacy Singer, National Practice Leader for Trust and Wealth Advisory Services at Northern Trust, about the intersection of religion and estate planning. The conversation explores religious divorc
What does it really take to raise two professional athletes while still showing up for your community? In this special episode of The Sandwich Generation Survival Guide, Candace Dellacona sits down with retired NBA player CJ Watson and his mother, Cathy Watson, for the show’s first-ever conversation
An older adult living alone begins missing medical appointments and leaving bills unpaid. A hospital patient is ready for discharge but cannot understand the available care options. Relatives want to help, yet no one has legal authority to act, or no suitable person is available to take responsibili
Most people understand that bringing home a family dog is only the beginning of the responsibility. A dog needs to be fed, exercised, groomed, and taken to the veterinarian for regular checkups....By: Offit Kurman
Will contests (aka caveats or challenges) in the District of Columbia, Maryland, and Virginia (the "DMV" region), as in most U.S. jurisdictions, in fact, share some common features:...By: Offit Kurman
Federal estate tax is due nine months after death (26 U.S.C. §6075(a), §6151(a)). That is the whole problem in one sentence. A family whose wealth sits in 40 limited partnership interests cannot turn them into cash in nine months without consent from every general partner and a secondary discount, a
The IRS grants spouses more time to allocate GST exemption after a preparer mistakenly opted out of automatic allocation on split-gift returns. Plus late portability relief, two tax administration bills cleared for the President, the new charitable deduction floor, and the Dolly Parton estate disput
A California appellate court holds that filing and withdrawing a trust contest can still trigger a no contest clause. Plus the Tax Court on Form 872 extensions, new scholarship credit regulations, SEC proposals on crypto custody and private markets, and Trump account auto-enrollment.
The goal of both probate and trust administration is to distribute a deceased person’s assets. Probate is a public process that moves through the court system where a judge oversees it, and in some states a guardian ad litem is assigned to represent the interest of heirs whose names or locations may
A successful business sale is not the end of the entrepreneurial journey. For many founders, it is the moment when they transition from managing one company to managing an entire family's future. A thoughtfully structured family office can provide the framework to preserve, grow, and transfer the we
For many New Jersey families, one of the biggest questions in special needs planning is simple but critically important: How can a loved one with a disability afford housing without jeopardizing Supplemental Security Income (SSI) and Medicaid benefits?...By: Mandelbaum Barrett PC
Temporary Trump account regulations let private foundations and DAFs fund accounts for broad classes of children, with built-in expenditure-responsibility cover. Plus the 2026–2027 Priority Guidance Plan, 71 obsoleted rulings, a 40% captive penalty, and a divorce decree that left an ex-spouse’s half
A Uniform Transfers to Minors Act (UTMA) account is an irrevocable custodial deposit account that allows an adult custodian to manage assets for a minor child. In Texas, the age of majority — the age when a beneficiary takes control of his or her UTMA account — is 21....By: Bradley Arant Boult Cummi
Trusts are supposed to bring order and certainty to how a person's assets pass to their family. But that certainty can unravel when a last-minute amendment suddenly changes who inherits, cuts out a longtime beneficiary, or shifts control to someone who recently entered the picture. When that happens
Probably not for tax reasons. The federal estate tax exemption is $15,000,000 per person in 2026, and most of the families I work with are nowhere close to that number (IRS, What’s new, Estate and gift tax). South Carolina has no estate tax of its own....By: Smith Debnam Narron Drake Saintsing & Mye
A parent passes away leaving an apartment in Dubai to several family members. One heir wants to sell immediately, another wants to keep the property, and a third has been living in it or collecting rent without accounting to the others. Meanwhile, the title deed is still registered in the deceased o
The IRS treats § 351 ETF conversions as taxable exchanges and flags exchange funds, box-spread ETFs, and tax-aware character trades as potentially abusive. Plus the Tax Court voids an offer in compromise accepted after the taxpayer’s death, proposed § 1062 farmland installment rules, and a cap on tr
We get calls all the time asking whether we can help set up a qualified small business stock (QSBS) stacking trust structure. And we certainly can. But like all good legal work, setting up trusts takes time, patience and money. So, before we agree to lead clients down that path, it is our ethical du
There are hidden ways in which the work we do can take a toll on our well-being. The toll could be a biproduct of the client who comes into our office with a history of trauma they share during the planning process....By: Robins Kaplan LLP
You’ve seen it in overwrought period-movies, where some character — a knight or dashing hero — proclaims, “My word is my bond!” as he looks stoically and deeply into the camera. The audience is meant to believe him; sometimes we discover he was never worthy of our trust....By: Offit Kurman
Wedding season is in full swing. Between venues, guest lists, and seating charts, it is easy to view marriage primarily as a celebration to plan. But marriage is also a legal and financial partnership, and the same care couples put into their wedding day is worth putting into the practical matters t
Treasury finalizes a $76 estate tax closing letter fee effective Oct. 26; Sixth Circuit shields Chase from a trust beneficiary’s suit; IRS seeks $736 million over GRATs paid with forgiven notes.
There is a potentially uncomfortable reality at the heart of professional fiduciary work: Fiduciaries are expected to put the interests of others ahead of their own, but professional fiduciaries also have businesses to run....By: Robins Kaplan LLP
Channeling Ted Lasso, one can hear him coaching his team that, to win, you need to prepare before you perspire. The same holds true when a business owner first begins to think about selling the business in a few years....By: Bradley Arant Boult Cummings LLP
Prior to filing a Will contest, an individual must first determine if they have a right to challenge a decedent’s Last Will and Testament. This is referred to as having “standing”. There are essentially two different classes of individuals/entities who may have standing to contest a decedent’s Last
Governance serves as the operating system of a family office. It establishes decision-making authority, delegation protocols, conflict resolution mechanisms, and accountability across legal, financial, operational, and personal domains. Despite its importance, governance may remain underdeveloped ev
Welcome to our monthly update on current legal issues for trustees of DC pension schemes, designed to help you stay up to date with key developments between trustee meetings and to support the legal update item on your next trustee agenda....By: A&O Shearman
Welcome to our monthly update on current legal issues for trustees of DB and hybrid pension schemes, designed to help you stay up to date with key developments between trustee meetings and to support the legal update item on your next trustee agenda....By: A&O Shearman
A federal court rejects an executor’s refund claim built on a decedent’s carried-back partnership loss after excluding the family’s only participation evidence. Plus the IRS seeks comments on post-OBBBA Opportunity Zone rules, the Tax Court refuses to void an easement FPAA over Appeals access, and a