Thursday, December 27, 2012
Scott Martin (Senior Editor, The Trust Advisor) recently published an article entitled, The 10 Biggest Trust Advisor Stories of 2012, Dec. 23, 2012. Please visit their website to get the complete list of their most popular articles this year, with links and a small summary of the articles. Provided below is the introduction to his article from The Trust Advisor.
Over the last 12 months, the Trust Advisor has evolved from a niche-oriented weekly email letter into a full-fledged wealth management industry news source.
Thank you for your attention and for all the feedback over the last year. We have a lot planned for you in 2013. I think you’re going to like it. If not, let us know!
Once again, you showed us that you’re hungry for advanced multi-generational financial planning stories, especially if they have a celebrity twist. And given the election year and looming financial cliff, any coverage from Washington was extremely popular.
However, picking the iconic stories of 2012 was tougher than usual simply because we grew so much over the course of the year.
We published four times as much content as we did last year and our subscriber list grew enormously.
Because of that, simply adding up the raw readership numbers would weigh the list unfairly toward stories we’ve published over the last few months – there are just that many more of you now than there were back in February.
So what I’ve done here is figure out what proportion of our subscribers at the time were reading a particular story when it came out.
That way, if you’re new around here, you can get a better sense of the breadth of what we cover. And if you’ve been reading all along, you can review a few old favorites.
Wednesday, December 26, 2012
Enrique Zamora (Attorney at Zamora & Hillman, Adjunct Professor at St. Thomas University School of Law) recently published his article entitled Impact of The Cuban Embargo on Inheritances by Cuban Nationals, 24 St. Thomas L. Rev. 525 (2012). A portion of the article is available below:
As I have previously discussed, the owners of the Derzon Coin Co. and sons of late-owner Rebecca Derzon, Alan and Mark Derzon, re-open the store after a long estate battle over their mother's estate ended when a judge voided a will that would have given the store to Rebecca's half sister and a long-time employee. Now, Alan and Mark are demanding that Lori Laatasch (half sister), Diane Mehalko (long-time employee), and the law firm that represented the two women pay them for the time that they improperly had control over their company. More specifically, "[t]he motion demands that Laatsch, of Hartland, return $1.4 million and that Diane Mehalko...repay $646,979." The money that the two brothers are asking for includes the salaries of the two women and any other money that was paid to them in the form of dividends or to cover the costs of the luxury cars that the two women used for business. The motion that was filed also seeks money from other parties that received money from the estate, and seeks to recuperate money that was used by Laatasch and Mehalko to retain control over the estate.
The brothers argued within the motion that even if Laatasch and Mehalko cannot pay them, the law firm that represented the two women should reimburse the estate for the work that they did on the case. The brothers argued that because the judge found that Laatasch acted in bad faith, the firm should also be found to have acted in bad faith. The brothers are asking that the money used to pay the firm from the estate, a sum of $60,000, be returned to them. In total, the brothers are asking for about $2.5 million.
See Cary Spivack, Coin Shop Heirs Seek Repayment, Milwaukee Journal Sentinel, Dec. 20, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) and Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
Tuesday, December 25, 2012
The IRS had decided to take a six-day absence from issuing Employee Identification Numbers (EINs) upon the eve of the end of $5.12 Million lifetime federal estate and gift tax exemption. This will likely place a number of estate planners and their clients who are looking to set up trusts to make last minute lifetime gifts in a difficult situation. Trusts, which are considered to be tax entities, need an EID. The IRS released this notification on its webpage, the place where estate planners would go to obtain an EID for a their client’s particular trust. The IRS stated that this six-day period will begin at 6:00 a.m. on December 27th and last through 6:00 a.m. on January 2nd.
This is the not the first time that attorneys have had difficulties with the IRS’s webpage. Many times, the webpage will not produce an EID when an attorney applies for one. There is one exception that some attorneys can use but only if they are establishing a grantor trust. A grantor trust is a board spectrum term that usually applies to when the grantor, or the settlor as he or she is otherwise known, “retains certain rights or powers.” In this instance, “a grantor trust is not treated as a separate entity for income tax purposes and the grantor…must pay tax on trust earnings.” In that case, an attorney can use the grantor’s social security number.
See Deborah L. Jacobs, IRS Is Grinch Who Stole Tax ID Numbers, Forbes, Dec. 23, 2012.Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
Monday, December 24, 2012
Alice Reiter Feld advises clients on "spiritual" estate planning, which focuses on how to pass down money based on values. Many baby boomers are turning to "spiritual" estate planning because they want to make sure their values are passed along with their money. The main goal is to leave money behind with a purpose.
Those who are drawing up an estate plan should first determine who is among their kin. It becomes more challenging to make this decision as family relationships become more complicated. Parents should also consider if they have passed their values on to their kids. And if parents do not plan to leave the money to children equally, they should sit down with the children and discuss why they decided to distribute their money as they did.
See Donna Gehrke-White, 'Spiritual' Estate Planning on Rise, Sun Sentinel, Dec. 23, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
David Horton (Acting Professor of Law, University of California, Davis) recently published his article entitled Testation and Speech, 101 Geo. L.J. 61 (November 2012). The introduction to the article is available below:
||Planning in the Digital Age
Gerry W. Beyer,
Texas Tech University School of Law,
Date posted to database: October 24, 2012
Last Revised: November 12, 2012
||Valuation Discounting and the Lottery Cases
Wendy C. Gerzog,
University of Baltimore - School of Law,
Date posted to database: November 20, 2012
Last Revised: November 20, 2012
|3||95||Justifying Fiduciary Remedies
Paul B. Miller,
Queen's University (Canada) - Faculty of Law,
Date posted to database: October 28, 2012
Last Revised: October 28, 2012
|4||62||Resident Rights and Responsibilities in Virginia's Continuing Care Retirement Communities: Building Trust and Stronger Communities
Katherine C. Pearson,
Pennsylvania State University - Dickinson School of Law,
Date posted to database: December 2, 2012
Last Revised: December 2, 2012
|5||48||Louisiana Prenuptial Agreements: Issues for Contemporary Spouses
Elizabeth Ruth Carter,
Louisiana State University, Baton Rouge - Paul M. Hebert Law Center,
Date posted to database: November 2, 2012
Last Revised: December 11, 2012
|6||44||The Therapeutic Function of Testamentary Formality
Louisiana State University - Paul M. Hebert Law Center,
Date posted to database: November 3, 2012
Last Revised: November 3, 2012
|7||36||Would Enactment of the Uniform Premarital and Marital Agreement Act in All Fifty States Change U.S. Law Regarding Premarital Agreements?
J. Thomas Oldham,
University of Houston - Law Center,
Date posted to database: December 9, 2012
Last Revised: December 9, 2012
|8||35||Sex Post Facto: Advising Clients Regarding Posthumous Conception
Benjamin C. Carpenter,
University of St. Thomas School of Law (Minnesota),
Date posted to database: December 4, 2012
Last Revised: December 8, 2012
|9||35||Fiduciary Duties and Exculpatory Clauses: Clash of the Titans or Cozy Bedfellows?
Louise L. Hill,
Widener University School of Law,
Date posted to database: November 29, 2012
Last Revised: November 29, 2012
|10||31||LGBT Issues and Adult Guardianship: A Comparative Perspective
Nancy J. Knauer,
Temple University - James E. Beasley School of Law,
Date posted to database: November 9, 2012
Last Revised: November 9, 2012