Estate Planning Articles

PLR 201128011, the IRS has ruled that a reformation of a grandfathered generation skipping transfer trust will not trigger adverse tax consequences

In PLR 201128011, IRS has privately ruled that no adverse income or transfer tax consequences will result from reformation of a grandfathered generation-skipping transfer (GST) tax trust. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state),

IRS reads “it is my desire” in decedent’s will to be a specific bequest rather than precatory, causing a reduction in the marital deduction

In PLR 1126030, the language “it is my desire” in Article III of Decedent’s Will was determined by the IRS to be given mandatory construction as passing the described property interests to the Decedent’s children as specific bequests, thereby reducing the marital deduction under § 2056 and increasing the taxable estate, taking into consideration the rules of abatement under Statute in regard to Decedent’s debts and obligations.

Ins and outs of multi-state estate planning and probate

July 2011 Author: Attorney David M. Beliveau Published by: Massachusetts Lawyers Weekly It is becoming more common for estate planning attorneys to have clients who own real estate in multiple states. Whether it is a cottage on a lake in New Hampshire or a snowbird getaway in Florida, understanding the similarities and differences of estate planning and probate law in the states most commonly encountered by Massachusetts attorneys is essential to competently managing such matters. All

Massachusetts Secretary of State Wants More Regulation of Power of Attorneys

Massachusetts doesn’t regulate powers of attorney — a signed, notarized letter of appointment is the only requirement — and advocates for the elderly say the absence of oversight makes it too easy for an unscrupulous person to exploit the position for personal gain. Secretary of State William Galvin aims to remedy the problem with a proposal he submitted to the Massachusetts legislature earlier this year that would bar people with power of attorney from enriching themselves

Do surviving spouses have a right to a 401(k) or an IRA?

When choosing a beneficiary for a retirement plan, it’s important to understand how your spouse will be treated under the plan. The rules are different for 401(k)s and IRAs. With a 401(k) plan, a surviving spouse is the automatic beneficiary of the plan. If you want to name someone other than your spouse as a beneficiary, your spouse must agree to this in writing. There are some exceptions; for example, the rule might not apply if

Here’s yet another example of why trusts in a will are a good idea

In a recent case, a Texas man inherited $400,000 in cash from his aunt. The man’s ex-wife went to court and claimed that as a result, his child support payments should be increased. The Texas Court of Appeals agreed with the ex-wife. It said that even though the $400,000 wasn’t wages or earnings, it was still a “resource” that had to be considered in determining how much the father had to pay for his two children.

…More implications of the new tax law from Congress

The new tax law, which temporarily raises the estate and gift tax exemptions to $5 million, has many important implications. Almost everyone should have their estate plan reviewed in light of this significant change. Here are just a few of the other important consequences: Many wills that were drafted years ago need to be revised right away. Frequently, these wills were set up to avoid taxes by giving children an amount of property equal to the

Congress creates ‘window’ in 2011 and 2012 for big tax savings

Congress has created a temporary “window” – between now and the end of 2012 – in which many people can save a lot of money in estate and gift taxes. You might be able to take advantage of this opportunity by transferring significant assets to a trust. But as they say on TV, hurry – this is a limited-time offer from the federal government. During 2011 and 2012, the federal estate tax exemption will be $5

New Statutory Notice Requirements for Trustees in Florida effective June 21, 2011

Effective June 21, 2011, Section 11 of Ch. 2011-183, Laws of Florida, amended s. 736.0813(1)(a) and (b) to require trustees to give notice to the qualified beneficiaries of the trust that “the fiduciary lawyer-client privilege in s. 90.5021 applies with respect to the trustee and any attorney employed by the trustee. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and

New Statutory Notice Requrements for Personal Representatives (Notice of Administration) in Florida effective June 21, 2011

Section 8 of Ch. 2011-183, Laws of Florida, amended s. 733.212(2)(b), Fla. Stat., effective June 21, 2011, to require that notices of administration contain a statement that “the fiduciary lawyer-client privilege in s. 90.5021 applies with respect to the personal representative and any attorney employed by the personal representative.” Until such time as the pre-printed forms have been updated, you may include the above statement in your existing notice form. The Beliveau Law Group: Massachusetts |

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