Thursday, May 18, 2017

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In a recent Notice, the Internal Revenue Service set forth some administrative procedures helping taxpayers recalculate gift and generation-skipping transfer tax exemption with respect to gifts and bequests made to or for the benefit of a same-sex spouse, or descendants of same-sex spouses before the Supreme Court Case United States v. Windsor was decided, even though the statute of limitation for claiming such exemption had expired.

Prior to the Windsor decision, the U.S. government (and by extension, the Internal Revenue Service) did not recognize marriages of same-sex couples. In the Windsor case, the estate of a decedent sought to claim the estate tax marital deduction for bequests to the decedent’s same-sex spouse (the couple was legally married in Canada and their marriage was recognized by their home state of New York prior to the decedent’s death).  The Court in Windsor allowed the estate to claim the estate tax marital deduction, and in so doing struck down Section 3 of the Defense of Marriage Act.  Following the decision, same-sex marriages recognized by a U.S. state became recognized by the U.S. government.  The question then arose – would retroactive relief be available in the case of a decedent who was part of a same-sex marriage but who died prior to the Windsor decision? (more…)

Friday, May 5, 2017

divorce-jpgOriginally posted on BryanCaveFiduciaryLitigation.com.

Divorce should put an early end to the marriage vow of “’til death does us part.” But, when it comes to estate disputes, neither divorce nor death can part the path to the courthouse.  In In re: Estate of Boyd, the husband and wife may have suspected their marriage could end: after 15 years of marriage, they separated, reconciled, and then entered into a post-nuptial agreement.  The agreement provided how assets would be distributed if the parties were married at the time of either’s death and provided for distribution of assets if the parties separated or filed for divorce prior to death.  The latter provision is relevant. (more…)

Monday, August 22, 2016

 

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Michael Covak/ Getty Images

People.com is reporting that Amber Heard, who received a $7 million settlement in her divorce from Johnny Depp this week, is donating the entire $7 million settlement to charities with “a particular focus to stop violence against women” as well as the Children’s Hospital of Los Angeles.

In light of this newsworthy charitable donation, we thought now would be a good time to remind everyone of some of the basic income tax deductions available for gifts to charities. (more…)

Wednesday, August 17, 2016

 

Divorce decree, gavel and folder shot on warm wooden surface

 

At a minimum, we recommend that our clients review their existing estate planning documents every few years, and also when big life changes are happening.  Going through a divorce is one of those times.  Here are some things to consider when you are considering divorce or separation, and after your divorce is final: (more…)

Monday, August 15, 2016

 

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In the recent decision, Pfannenstiehl v. Pfannenstiehl, the Massachusetts Judicial Supreme Court overruled the appeals court decision and concluded that assets held in a discretionary trust created by a third party, where the husband is but one potential beneficiary of the trust, is not a marital asset to be divided on divorce. (more…)

Monday, June 2, 2014

123820206It’s June.  Wedding season is upon us.  It is a good time to think about prenuptial agreements. If you are engaged to be married, should you have a prenuptial agreement? At the minimum, you should at least consider the implications of marriage with or without such an agreement. (more…)

Tuesday, July 16, 2013

Private Client Partner Renee Gabbard participated in the attached presentation on Trust Alternatives to Prenuptial Agreements.  We are pleased to provide you with the audio of this presentation through the link below.

http://trustbryancave.com/wp-content/uploads/2013/07/trust_alternatives_to_prenup.mp3

Tuesday, December 13, 2011

Maybe it is all the time spent with friends and family, or the spirit of giving, or maybe it’s just all the mistletoe, but whatever the reason, the few months from Thanksgiving through Valentines Day always seem to be filled with engagements. As all of these happy couples begin to plan their weddings, and their lives together, many spend more time thinking about the band, picking out the perfect cake or looking for that perfect starter home than they do preparing for what may happen if things unravel down the road. Unfortunately, today the odds are not in favor of happily ever after.

Divorce is a difficult reality that many couples will eventually face. Entering into a prenuptial agreement before walking down the aisle can protect both parties should divorce become a reality. A prenuptial agreement is an agreement between the engaged couple to address how specific issues will be handled should the marriage end in divorce and on death. While these agreements may not be necessary for everyone, they are not just for the rich and famous!

Yes, they are important for the super wealthy, particularly important if one spouse brings substantially more wealth into the marriage; however, they may also be important for a host of other reasons. (more…)