The latest on protecting what you've built, financial planning, and securing your legacy.
Court of Federal Claims limits treaty exemption for charities investing through pooled foreign funds, plus new Tax Court opinions on whistleblower awards, hobby-loss, and civil fraud, IRS enforcement priorities, and more in today's Daily Update.
A well-prepared will is essential to protecting your family and ensuring your wishes are honored. Below are key considerations we discuss with clients as they begin or update their estate plans....By: Hinckley Allen
On September 21, 2024 Assembly Bill No. 2016 (“AB 2016”) was signed into law, codified in California Probate Code Section 13151, simplifying the probate administration process for qualifying primary residences. For deaths occurring on April 1, 2025 or later, a decedent’s California primary residence
If I had a nickel for every time I heard, “I don’t really need an estate plan yet, I’m not old enough nor am I wealthy enough,” I’d have three nickels, which isn’t a lot, but it is weird that it has happened three times....By: Lasher
Artificial intelligence (“AI”) continues its precipitous rise into everyday life, and many individuals are now relying on it to draft testamentary devices, such as wills and testamentary trusts, without consulting an attorney during the process. While AI-generated estate planning documents are not c
Each year, the Virginia General Assembly enacts changes to the Commonwealth's estate, trust and fiduciary laws. While many of the 2026 amendments are procedural rather than sweeping, they provide greater clarity for estate administration, trust management, powers of attorney, and guardianship procee
Treasury and IRS release proposed regulations (REG-115646-25) under the OBBBA overhauling how U.S. shareholders calculate CFC pro rata shares of subpart F income and GILTI; the Eleventh Circuit affirms an easement deduction crushed to basis in Mill Road 36 Henry; an IRS private letter ruling grants
Nick Reiner stands accused, but not convicted, of killing his parents, Rob and Michele Reiner (Carly Thomas, “Nick Reiner Blocked from Trust Fund Due to ‘Slayer Statute’ Amid Charges for Parents’ Murder”, The Hollywood Reporter, [last viewed on August 23, 2026])....By: Farrell Fritz, P.C.
An in-terrorem (no-contest) provision in a trust-instrument purports to void the equitable property rights of a beneficiary who, in a judicial forum, contests the trust relationship itself or material aspects of it. It is all about litigation deterrence. Such efforts to deter contests of a trust’s v
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. We have a separate update for DB/hybrid schemes....By: A&O S
The IRS denied tax-exempt status to six organizations in one release, granted two portability election extensions, resolved three inadvertent S corporation terminations, and released September AFRs, plus practitioner commentary on AI privilege risk, advisory-firm M&A, and more.
Hosts Danielle Friedman, Herb Fineburg, and Max McCauley, estates and trusts attorneys, break down the risks of using AI tools and online services to prepare wills, trusts, and powers of attorney. Danielle, Herb, and Max walk through the execution formalities that vary by state, the trouble that sur
Both documents direct how your assets will be distributed when you pass away, but they work in different ways. Understanding these differences will help you choose the approach that best fits your family’s needs, finances, and long-term goals....By: Ward and Smith, P.A.
Family offices depend on a web of trusted advisors — lawyers, accountants, trustees, investment managers, and others — sharing sensitive information under carefully maintained protections. Artificial intelligence (AI) tools are quickly becoming part of that web....By: ArentFox Schiff
N.C. Supreme Court holds revocable trusts need not be joined in divorce property fights when all settlors are parties, plus Treasury's proposed Trump Account investment rules, a new IRS Office of Conservation Easements, and more.
Estate plans traditionally focus on homes, bank accounts, investments, life insurance, and personal property. Yet many of our most valuable and meaningful possessions now exist only in digital form. Family photographs, videos, emails, financial records, online accounts, and even medical information
What senior homeowners and their families should know before signing a home equity investment agreement - The central warning: A home equity investment can turn a quick cash payout into a large, unpredictable claim against your home. The absence of monthly payments may make the product feel affordab
There is a certain irony in owning a $10 million apartment on Central Park South that you visit twice a year. The city gets your property taxes, your building gets your maintenance, and your neighbors get silence. Today, certain state governments are keen on having you pay a bit more for the privile
Q: Why should high-net-worth families consider philanthropic structures as part of their financial planning? A: Philanthropic structures serve a dual purpose: They provide significant tax advantages while enabling families to make meaningful contributions to causes they care about....By: Levenfel
The Appellate Division stays the Richmond County TRO that had paused New York City’s pied-à-terre surcharge, letting the rollout resume with the Sept. 18 appeal deadline intact and structural fixes due by the Jan. 5, 2027 taxable status date. Plus: the Tax Court sanctions the same attorney $10,000 t
For many business owners, the company is simultaneously a source of income, a principal investment, a family legacy, and the largest asset in their taxable estate. That concentration makes succession planning unusually complex. A transfer that minimizes estate tax may leave the owner without suffici
The First Circuit breaks with four sister circuits, holding the Tax Court’s 90-day petition deadline is immune to equitable tolling even when the IRS’s notice goes undelivered — a fresh circuit split practitioners can’t afford to miss. Plus: the Tax Court applies the Cohan rule to a driver-turned-in
When a family business becomes entangled in a probate or estate dispute, the litigation landscape can look very different from standard commercial litigation. Fiduciary duties to the business, to the estate or trust, and to the beneficiaries can overlap and conflict in ways that are difficult to unt
Family-owned businesses often have intellectual property (IP) hiding in plain sight. Names, know-how, customer-facing materials, internal processes, inventions, software, and vendor-created content can all carry business value, but the right protection depends on the asset, how it is used, and who c
The Texas Supreme Court has the opportunity to accept a petition for review in an important case dealing with a spendthrift trust, trustee capacity, and trustee due process rights. In Allison v. Borunda, P.C., siblings Caroline and Richard Allison (“Siblings”) hired attorneys on contingent fee agree
The Tax Court sustains a $19.7 million conservation easement deduction and finds reasonable cause defeats every accuracy-related penalty despite a large valuation miss. Plus: proposed regs drop Form 1041-A for passthrough-only charitable trusts, the Eleventh Circuit holds Subchapter S status isn’t b
Unidentified heirs can disrupt your ability to close an estate. It won’t prevent it, but it can get expensive quick. Skipping a proper search can cost the estate thousands of dollars....By: Heir Pros
Why Wills Matter in Arizona- Having a will in place is one of the most important legal steps to take. If someone dies without a will in Arizona, state law determines who inherits property, who oversees the estate, and if minor children, who might care for them. This is known as dying intestate, an
In In re Est. of McCulloch, David McCulloch died August 14, 2022, with a pour-over will leaving all property to the David and Vicki McCulloch Trust. No. 02-25-00036-CV, 2026 Tex. App. LEXIS 2094 (Tex. App.—Fort Worth March 5, 2026, no pet.)....By: Winstead PC
In Criswell v. Polk, Catherine Polk sued Dolores Sharp over Houston real property ownership. No. 01-22-00428-CV, 2026 Tex. App. LEXIS 2290 (Tex. App.—Houston [1st Dist.] March 12, 2026, no pet.)....By: Winstead PC
If you’ve ever read a will, you’ll see the term “executor.” An executor is the person you appoint to carry out your wishes as expressed in your will. The executor’s job lasts a relatively short period of time, typically two to three years, ending with the final distribution of the estate’s assets to
A phone call from the hospital. A sudden diagnosis. A parent who, seemingly overnight, can no longer manage their own finances or medical decisions. For many families, this is the moment they first ask whether they need a power of attorney or whether they need guardianship....By: Stark & Stark
Fifth Circuit withdraws its January Sirius Solutions opinion on rehearing and substitutes a narrower limited partner test for self-employment tax; SEC charges three in a 47 million dollar affinity fraud; Treasury proposes the section 987 CFC exemption election.
Tax Court allows a $925,000 theft loss for an advance-fee fraud victim; the Eleventh Circuit holds an S election is not bankruptcy estate property; the IRS proposes standardized rollover forms under SECURE 2.0 — plus GST trust division, ESBT termination relief, and other rulings from last week's wri
The Eighth Circuit holds that Section 6213(a)'s 90-day deficiency deadline is not jurisdictional and can be equitably tolled, reversing its own 1977 precedent and widening a circuit split. Plus: FinCEN permanently ends beneficial ownership reporting and will delete U.S. person data; a Tax Court less
Have you heard about artificial intelligence-native law firms? They’re firms that have AI in their DNA, so that instead of just using a few tools…
While having an estate plan in place to provide for your possible incapacity and death is important, many people also look for a way to pass down their knowledge, values and memories. This can be done through a non-legal document called an Ethical Will, which can be one of the most important gifts y
Helping an aging parent update a will, change a beneficiary designation, or make a substantial gift may feel like the responsible thing to do. Often, it is. But when the change benefits the child who helped arrange it, even well-intentioned involvement can later become evidence in an estate dispute.
A will does not avoid probate, though there exists a common misconception that it does. In fact, a will is a tool that is often used during the probate process to direct how assets are distributed upon death. Many people mistakenly believe that simply having a will allows assets to pass outside of p
Ninth Circuit lets FTC levy trust assets without a state-law alter ego suit; Treasury proposes Trump account employer contribution regulations; Notice 2026-48 details Savers Match rules; final backup withholding regulations; portability PLR; and more.
When Public Law 119-21, commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was signed into law last year, most families breathed a sigh of relief. The law made the dramatically increased estate tax exemption permanent, seemingly putting estate tax worries to rest for most Americans...
Probate law’s specific requirements vary from state to state. However, all states require due diligence in determining and locating heirs. This applies equally to named beneficiaries by will and heirs at law when the decedent is intestate....By: Heir Pros
In our latest podcast, listen to Tammi discuss how delaying the process of administering a loved one's estate could be one of the most costly mistakes a family can make. The post [Episode 33] What Happens to Your Family When You’re Gone appeared first on Caress Law, PC.
Illinois has enacted a significant change to its income tax treatment of Qualified Small Business Stock (“QSBS”) under Section 1202 of the Internal Revenue Code. Beginning with sales occurring in the 2026 tax year, Illinois will no longer recognize the federal exclusion from gain available for QSBS.
The Tax Court holds that clearing the substantial overlap safe harbor does not defeat the anti-abuse rule, denying 170.8 million dollars of qualified dividend income and 25.6 million dollars of foreign tax credits on a hedged portfolio. Plus a first-impression holding that the BBA partnership petiti
Although in most instances people prepare last wills and testaments prior to their passing, there are still many instances where a person does not have a last will and testament at the time of their passing. The obvious question becomes how their assets/estate will be distributed to their potential
Join us on August 20, 2026, from 12:00 PM to 1:00 PM for a virtual webinar presented by Rob Morris, Esq. of Stark & Stark. While the $15 million Estate, Gift, and Generation-Skipping Transfer (GST) Tax Exemption may create a sense of security, many individuals remain vulnerable to these taxes. This
FinCEN assesses a record $125 million penalty against UBS Financial Services for recidivist Bank Secrecy Act violations; OPR warns that practitioner delay can trigger bypass and direct client contact; the Tax Court denies a developer's deductions for transfers to his own project LLCs; and a district
A recent decision from the United States Court of Appeals for the Seventh Circuit, Havlik v. University of Chicago, underscores that plan administrators must look to the governing state’s power of attorney (“POA”) laws to determine both whether a POA is valid and whether the plan must honor it. In H
This edition of IRS Roundup covers recent administrative guidance, examination trends, and US Tax Court developments. The Internal Revenue Service (IRS) released updated pension-related interest rates and August applicable federal rates (AFRs) while practitioners reported increased examination activ