Anyone creating an Estate Plan wants to ensure that the plan will work as intended and will withstand legal challenges. Sometimes though, beneficiaries need to bring a legal contest to enforce the terms of the decedent’s plan and force fiduciaries to act in accordance with their duties. This article examines a recent court case that could have ended in a failure of the decedent’s Estate Plan.
Blog
Heirs and Spares: Contingent Beneficiaries
When the Titanic went down in 1912, several women chose to remain on board and drown with their husbands; most famously was Ida Straus, whose family co-owned Macy’s Department Store. Although Titanic-scale disasters are extraordinarily rare, you should nevertheless include a contingency beneficiary in your will or trust in case life or death throws you […]
Estate Tax Exclusion Will Rise in 2025
The start of 2025 brings notable changes to federal estate and gift tax exclusions, impacting estate planning strategies for individuals and families. In 2024, the federal estate tax exclusion is set at $13.61 million, allowing estates up to this value to avoid federal estate taxes. In 2025, this exclusion will increase to $13.99 million, offering […]
Now is a Good Time for a Donor Advised Fund
As year-end approaches, many individuals look for ways to lower their income tax burden. Charitable contributions allow individuals to offset a portion of their income, but not all charitable contributions are created equally, and each has certain requirements to obtain the charitable deduction. Certain charitable-giving vehicles allow a donor to get more bang for their buck
Cutting the Cord Sooner: When to Retire
Many people retire sooner or later than the typical age of 65. An entire movement known as FIRE (for Financial Independence Retire Early) grew up around a 1992 bestseller, which advocated a savings and investment discipline designed to enable adherents to retire relatively young. Financial readiness is everything. Many people who opted for early retirement […]
Step-Up in Basis Rule is an Heir’s Best Friend
The step-up tax adjustment has been under siege for decades but has so far survived the onslaughts. The provision, which reduces capital gains tax for estates, has been controversial since the 1970s. Policymakers would still love to get their hands on the bonanza in tax revenues it represents. There is a counterargument: If the law […]
See Larger Map Get Directions