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Bankruptcy Law Estate Planning Legal Topics

Home Sweet Homestead

Updated 3/14/16: On remand, the bankruptcy court ordered the property turned over to the trustee. The bankruptcy court denied the homestead exemption on an alternative basis, and the bankruptcy appellate panel affirmed in Elliott v Weil (In re Elliott) (BAP 9th Cir 2016) 544 BR 421.

Suppose a debtor denies owning a home and then gives a false address so creditors don’t find out about the home. Can the debtor still claim the homestead exemption in bankruptcy?

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Elder Law Estate Planning Legal Topics

Trust Property for Cats Sold to Pay for Settlor’s Care

178110810What if the dead hand is still living? A recent trust case prompts the macabre metaphor.

Categories
Estate Planning Legal Topics Tax Law

529A Accounts for Severely Disabled Individuals

153833909Many are familiar with section 529 college savings accounts, from which tax-free distributions must be used for qualified higher education expenses. The “Achieving a Better Life Experience Act of 2014” or the “ABLE Act of 2014” adds a similar account under IRC §529A that individuals who become severely disabled before age 26 may establish to use for “qualified disability expenses,” which can include education, housing, and transportation.

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Criminal Law Estate Planning

Notice of Incarcerated Beneficiaries: No More Splitting “Heirs”

489194765The law requiring notice of incarcerated heirs has just been extended to beneficiaries, too. Practitioners have long recommended giving notice of at least those incarcerated beneficiaries who might take property by intestate succession. But now it’s the law.

Categories
Constitutional Law Estate Planning Family Law Legal Topics New Legal Developments

Supreme Court Takes Up Federal Right to Same-Sex Marriage

153140057From the former capital of the Confederacy in Richmond, Virginia, comes the spark for a Supreme Court decision that could extend same-sex marriage to all fifty states within a year.

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Elder Law Estate Planning Legal Topics Tax Law

Tales of Hoffman: Postmortem Planning for Actor’s Estate

2013-07-catastrophe-122552905The tragic death of actor Philip Seymour Hoffman has given us an opportunity to consider his estate planning, with lessons and strategies for the rest of us.

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Bankruptcy Law Business Law Elder Law Estate Planning

Are Inherited IRAs Exempt Property in California Bankruptcy?

493855361Updated: The bankruptcy court in In re Sherr (Bankr ND Cal, Sept. 27, 2016, No. 16-10283) 2016 Bankr Lexis 3521 has held that the exemption for “retirement funds” applies to inherited IRAs under California law.

The law says that retirement funds are exempt property in bankruptcy, but the Supreme Court has held that this exemption doesn’t apply to inherited IRAs. End of story? Not quite.

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Business Law Estate Planning Legal Topics

Bing Crosby’s Estate Wins Publicity Rights Following Fred Astaire’s Footsteps

Bing_Crosby_in_Road_to_Singapore_trailerWhat do Bela Lugosi, Fred Astaire, and now Bing Crosby have in common? Astaire and Crosby appeared together in the film Holiday Inn, but all three have shaped the law on a deceased personality’s right of publicity.

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Estate Planning Legal Topics Tax Law

The Net, Net Gift That Keeps on Giving (But It’s Risky)

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Good news, bad news. The Tax Court has approved a gift tax avoidance scheme, but there’s a catch.

Categories
Estate Planning Legal Topics Tax Law

Act Now on Direct IRA Distribution to Charity

180779637Under IRC §408(d)(8), IRA owners over age 70 ½ can distribute up to $100,000 per year directly to charity and never recognize any income on the distribution. But to get this benefit, you must act fast because the law expires at the end of this year.