Commentary Omnibus.2017.06.24: Will Contests, Partnership Tax Audits, Settlor Intent in Estate Litigation, Donating Fund Interests + More

  • What You Can Do To Minimize the Likelihood of Someone Contesting Your Will: Moskowitz LLP describes a few actions individuals you can take to avoid will contests.
  • Transferring Property To A Trust: It’s Not What You Meant, It’s What You Said:  Bryan Cave discusses intent in construing estate documents. Abstract below:
    • When we put pen to paper, sometimes the words don’t come out right.  If that happens, hopefully there’s an opportunity to explain what we meant.  Most times that’s true – even in estate planning. For example, we have seen how scrivenor’s errors can be explained.  But, for the second time in less than a year, Georgia has limited the role evidence of the settlor’s intent plays under Georgiatrust law. In Gibson v. Gibsonthe Georgia Supreme Court strictly applied a statute governing the transfer of property to a trust to determine that mistitled brokerage accounts were never transferred to two trusts regardless of the settlor’s intent.
  • Is Amazon Coming To Crush Lawyers?  Above The Law says that Amazon is coming and that lawyers should be afraid, very afraid.
  • Before You Pay for Financial Advice, Read This Guide:
    • The NY Times reports: “Many people turn to a professional for financial advice when they have a big problem to solve: How much do I need to save for my children’s college? Can I afford the bigger house? Will I run out of money in retirement? The answers to these questions could vary — widely — depending on the type of financial adviser you work with. If you find yourself sitting across from an annuity sales agent, for example, chances are that person will find some way to justify an annuity. And that may not be the right solution.”
  • Is Your Partnership Ready For IRS Audit Changes? : Businesses across the nation are buzzing about Congressional action on tax reform – action that may not even occur. And yet, many partnerships and limited liability companies (LLCs) have not yet delved into significant IRS audit rule changes that are already scheduled to appear. By: Tarter Krinsky & Drogin LLP
  • Donating Fund Interests: A “Why Now?” and “How To” Primer: Due to increased valuation of public and private equities, coupled with the upcoming end of the sunset provision that allows hedge fund managers to defer taxation on fees earned offshore,[1] there is an increased interest among hedge fund and private equity managers to donate a portion of their fund interests to charity.  The goal is to allow a manager to avoid ordinary income or capital gains tax and/or to obtain a tax deduction while accomplishing his or her philanthropic goals.  In order to make the most of any such charitable giving plan, managers need to appreciate that the amount of any charitable deduction will vary depending on the character of the donated property and the type of organization that receives the gift. By: Coblentz Patch Duffy & Bass
  • Texas Supreme Court Will Decide Whether Texas Recognizes A Tortious Interference With Inheritance Claim:  Winstead PC reports on Anderson v. Archer, the trial court’s judgment awarded the plaintiffs $2.5 million in damages based on a tortious interference with inheritance claim. No. 03-13-00790-CV, 2016 Tex. App. LEXIS 2165 (Tex. App.—Austin March 2, 2016, pet. granted).

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.