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Final IRS Regulations Clarify Tax Rules for Same-Sex Couples

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Effective September 2, 2016, the Internal Revenue Service formally put into place amendments to regulations that define who is married for tax purposes.   The new regulations finalize proposed regulations issued in 2015, with only a few minor changes.  The IRS Regulation states that it will interpret the term “husband and wife” as any two people who are married to each other, even if they are a same-sex couple.

Same-Sex Married Couples: What to Do Now?

samesexmarriageIn light of the recent Supreme Court decision in Obergefell v. Hodges, we are re-posting this blog, which was originally posted on October 10, 2014.

We thought we’d share some of the information presented by our attorneys at the CLE presentation in our St. Louis office on Wednesday morning, “Same Sex, Different Day:  Estate Planning for Same Sex Married Couples (Post Windsor decision), co-sponsored by the Bryan Cave LGBT Affinity Group.  Presenters were Kimberly Civins, Stephen Daiker, and Douglas Stanley, along with Tony Rothert from the ACLU of Eastern Missouri.

Get income tax advice regarding amending returns and filing returns going forward

The sooner the better, as there is a 3 year statute of limitations for amending returns if filing as married achieves a better tax result!

Same-Sex Marriage Legal Nationwide

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In a landmark opinion, the Supreme Court rules today that states cannot ban same-sex marriage. The majority opinion in the 5-4 decision was written by Justice Anthony Kennedy.  Today’s ruling overturned a decision from the Sixth Circuit Court of Appeals in Cincinnati, which said states had legitimate reasons for maintaining the traditional definition of marriage.

“No union is more profound than marriage, for it embodies the highest ideals of love, fidelity, devotion, sacrifice, and family. In forming a marital union, two people become something greater than once they were,” Kennedy wrote. “As some of the petitioners in these cases demonstrate, marriage embodies a love that may endure even past death.”

Ownership Succession for Family-Owned Banks : Building the Right Estate Plan

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This article describes what to do to protect the bank, your family and your investment.   Originally published on BankDirector.com.

For a number of community banks, the management and ownership of the institution is truly a family affair. For banks that are primarily controlled by a single investor or family, these concentrated ownership structures can also bring about significant bank regulatory issues upon a transfer of shares to the next generation.

Unfortunately, these regulatory issues do not just apply to families or individuals that own more than 50 percent of a financial institution or its parent holding company. Due to certain presumptions under the Bank Holding Company Act and the Change in Bank Control Act, estate plans relating to the ownership of as little as 5 percent of the voting stock of a financial institution may be subject to regulatory

Sometimes, You Might Not Actually Need a Will, and Other Times, You’re Going to Need a Lot More

GTY_whitney_houston_bobbi_kristina_brown_sk_140325_16x9_992It’s true. Even if you don’t have a will, your state has written one for you, and it serves as the default plan for individuals who die without a will (aka “intestate”). Your local Probate Code will have all the juicy details. For the most part, intestacy statutes try to mimic what the average person would have done with their assets if they had a will. For instance, if you’re single and without children, it generally reverts to your parents. If you’re married with minor children, it would generally go to the spouse with whom you had the children, and in some states (like Georgia), a spouse shares with the children. The people who receive your assets under such a statute are generally referred to as your “heirs at law”.

Same-Sex Married Couples: What to Do Now?

samesexmarriageIn light of all of the changes in same-sex marriage laws happening over the past couple of weeks, we thought we’d share some of the information presented by our attorneys at the CLE presentation in our St. Louis office on Wednesday morning, “Same Sex, Different Day:  Estate Planning for Same Sex Married Couples (Post Windsor decision), co-sponsored by the Bryan Cave LGBT Affinity Group.  Presenters were Kimberly Civins, Stephen Daiker, and Douglas Stanley, along with Tony Rothert from the ACLU of Eastern Missouri.

Get income tax advice regarding amending returns and filing returns going forward

The sooner the better, as there is a 3 year statute of limitations for amending returns if filing as married achieves a better tax result!

Get estate documents reviewed/updated to take advantage of spousal

Same-Sex Couples: What To Do Now if Considering Marriage?

guysheartsIn light of all of the changes in same-sex marriage laws happening over the past couple of weeks, we thought we’d share some of the information presented by our attorneys at the CLE presentation in our St. Louis office on Wednesday morning, “Same Sex, Different Day:  Estate Planning for Same Sex Married Couples (Post Windsor decision), co-sponsored by the Bryan Cave LGBT Affinity Group.  Presenters were Kimberly Civins, Stephen Daiker, and Douglas Stanley, along with Tony Rothert from the ACLU of Eastern Missouri.

Plan, plan, plan:

  • Will/Living Trust
  • Healthcare Directives
  • Pre-nuptial Agreement
  • Beneficiary Designations
  • Asset re-titling

Consider income tax consequences

Consider whether various federal agencies will honor marriage based on residence state

Consider state of residence laws regarding other family issues such as adoption and divorce

Consider ceremony jurisdiction

Update: Rev. Proc 2014-18s Effect on Same-Sex Married Couples and Portability Elections

Under the portability rules a surviving spouse can elect to have the deceased spouse’s unused estate tax exemption (currently $5.34 Million) added to the surviving spouse’s estate tax exemption amount. But to do this, a federal estate tax return has to be filed within 9 months of the death of the first spouse, even if there is no taxable estate for estate tax purposes. The federal estate tax return is the only way to take advantage of the portability election.  The nine month time limit has proved to be an issue in regards to same-sex spouses, whose marriages were not recognized by the IRS until the Windsor decision on June 26, 2013.  Click here, here, and here to read about the Windsor decision. We believed the Windsor decision may have opened the door to the otherwise “late” portability elections for same-sex spouses, but were not sure how

Estate Planning and Your Pets – Real Life “Aristocats”

Recently, a man who died in Tennessee left his two cats a life interest in his estate. Upon the death of the surviving cat, the remaining estate will pass to the man’s family. Comments on the internet have focused on the cats’ safety, which reminds me of the old Disney move, The Aristocats, where a wealthy old lady leaves her estate to her cats for their lives and the remainder to her butler. After the will is drawn up, the butler tries to dispose of the cats, so he will inherit the estate immediately upon the lady’s death. When her cats expose the butler’s plan, with the aid of several other animals, the lady writes him out of her will and adds the animals that helped save her cats into her will.  You can read more about the Tennessee Aristocats here.

Leaving one’s entire estate to the pets is

Welcome Prince George of Cambridge—Is Your Parents’ Estate Planning Up to Date?

baby-cambridge-1-660On July 22, 2013, the question everyone wanted answered, boy or girl, was answered when Catherine, Duchess of Cambridge, gave birth to the royal baby, a baby boy, who is now third in line to the throne, after his grandfather, Prince Charles, and his father, Prince William.

On July 24, the next question everyone wanted answered, what’s his name, was answered with the announcement that the baby prince’s name is George Alexander Louis, and that he will be known as Prince George of Cambridge.

Now, the question that we’re sure is burning in everyone’s mind is, are Will’s and Kate’s estate planning documents up-to-date so that Prince George will be properly taken care of in the event something happens to his parents?

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