Wednesday, August 20, 2014

453779831 (1)In our previous posts, Estate Planning for Digital Assets and Bitcoins and other Hidden Assets, we discussed how to protect online assets with a digital estate plan.  Administering an estate with digital assets such as e-mail, online accounts, social media accounts, and online photo albums is an ever-growing issue among estate planners. As the digital age continues to grow, a client’s online presence has become another asset of value, but how such assets pass remains elusive to many. Although digital assets are a form of personal property, ownership rights and privacy controls are governed by a myriad of federal laws, state laws, privacy laws, copyright laws and intellectual property laws. (more…)

Monday, August 18, 2014

krsCongratulations to our own, Kathy Sherby, on being named “Lawyer of the Year” for her specialty in Trusts and Estates by Best Lawyers in America, the oldest lawyer-rating publication in the U.S.

Best Lawyers names a single lawyer in each specialty in each community as ‘Lawyer of the Year.’  Those honored have received particularly outstanding ratings in the surveys by earning a high level of respect among their peers for their abilities, professionalism and integrity.

Monday, August 11, 2014

casey-kasem-reuters-208x300More than a month after his death at age 82, Casey Kasem’s body still has not been buried and now is missing from the Washington state funeral home where it was being held, according to a recent statement from the publicist for his daughter, Kerri Kasem.

Kasem’s body disappeared around the same time that Kerri Kasem was granted a temporary restraining order she sought to prevent Casey Kasem’s second wife (and the step mother of three of his four children, including Kerri), Jean Kasem, from cremating Casey’s remains or removing them from cold storage. Kerri was seeking a court order allowing Kerri to obtain an autopsy of her father’s body. Kerri has stated that in light of threats by Jean to sue Kerri for elder abuse and wrongful death she is concerned about how the results of any autopsy that Jean may have commissioned might be used.

According to news reports, Casey’s three older children believe Jean had his body moved to a funeral home in Canada, but do not know if his remains have been disposed of. (more…)

Monday, July 21, 2014

The 7520 rate for August is holding steady at 2.2%.

The August 2014 Applicable Federal Interest Rates can be found here.

 

Monday, July 14, 2014

ClintonSenateWhile constant attention is being given to Hillary Clinton’s potential decision to run for the presidency in 2016 and the release of her latest book, Hard Choices, last month, news sources recently reported that she and former President Bill Clinton have taken advantage of several of the estate planning techniques recommended by trusts and estates attorneys for high net worth individuals.

This is interesting, in part, because the Clintons support the estate tax and have not been in support of its repeal.

According to reported sources, each of the Clintons created a qualified personal residence trust and each contributed his or her 50% ownership interest in their Chappaqua, New York house to his or her respective trust. A qualified personal residence trust, commonly called by its acronym QPRT, is an IRS sanctioned estate planning technique.  The creator of the trust places a residence or interest in a residence in the trust, retains the right to live in the trust for a term of years, and after the term the trust asset or the residence passes to a beneficiary.

The Internal Revenue Code has special rules which help calculate the value of the “gift” made by the creator to the QPRT. The gift portion, which could offset some of the $5,340,000 exemption allotted to individuals in 2014 is not the entire value of the residence, but the value of the residence when transferred reduced by the value of the retained use by the creator for the trust term.

By having each of the Clintons create a separate QPRT with only a 50% interest in the residence, the value of such interest may also be eligible for a discount for owning less than a majority interest.

In order for a QPRT to work, the creator of the trust must outlive the trust term.  But for a relatively healthy individual, it is quite likely for this to happen.

(more…)

Wednesday, July 9, 2014

465435421POLST, or Physician Orders for Life-Sustaining Treatment, is an approach to end-of-life care that encourages discussions between patients and their health care providers. The goal of POLST is to enable patients to choose the treatment they want or do not want, and to ensure that those preferences are honored. (more…)

Monday, July 7, 2014

153437909Frequently, taxpayers are surprised by the fact that the ownership or receipt of a life insurance policy can result in taxable income, as was the case in Gluckman v. Commissioner.

(more…)

Thursday, July 3, 2014

462913017Apparently, this life lesson was not learned, or if learned, was forgotten, by Roy Greenbaum, the Personal Representative in Estate of Tanenblatt v. Comm’r. The issue in this case concerned the valuation of a 16.667% interest in an LLC included in the Diane Tanenblatt’s gross estate. (more…)

Wednesday, July 2, 2014

The firm announced recently that Jarriot Rook has joined us in our St. Louis office as an associate.

Rook received his J.D., cum laude, and his LL.M. in tax from Washington University in 2010. He also earned his B.A. in psychology from Washington University.

Monday, June 23, 2014

The 7520 rate for July is holding steady at 2.2%.

The July 2014 Applicable Federal Interest Rates can be found here.

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