A few weeks ago, someone suggested that I write about the family dispute about the Tyrannosaurus Rex, “Sue,” and the fortune the family received from her sale. I was intrigued because my son has been obsessed with dinosaurs for as long as I can remember. I had a vague recollection of hearing about Sue many years ago and I found the case engaging. For the unaware, in 1990 fossil hunters discovered the remains of a tyrannosaurus rex on the Cheyenne River Reservation property owned by Maurice … [Read more...] about What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Estate Planning
Estate Planning Lessons from the Movies – Part I
I like to draw inspiration for my blogs from articles and other blogs that I read. Anytime those sources pull from real life, it piques my interest. After all, Estate Planning focuses on real life and the most real and inevitable part of life, death. Earlier this week, a headline titled “Eight Lessons from Killers of the Flower Moon” caught my eye, and the idea for this blog took hold. The article talks about the movie titled “Killers of the Flower Moon” that hit theaters late last month to … [Read more...] about Estate Planning Lessons from the Movies – Part I
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
As we gather with our family, friends, and loved ones to celebrate Thanksgiving, let’s take a moment to savor the food and our time together. This time of the year offers a special opportunity to show our loved ones just how much we care. We can do this in any number of ways, including gifting.Let’s make this year the year we give gifts that benefit both the recipient and the donor. Annual exclusion gifts provide a benefit not only to the recipient but also to the donor. Annual per donee … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
Earlier this year the IRS released Revenue Ruling 2023-2. That Ruling examined a common situation in advanced estate planning. The grantor had set up an irrevocable trust and had gifted assets to the trust in what was a completed gift for gift tax purposes. The taxpayer retained powers which caused the trust to be taxed to the grantor for income tax purposes but did not cause inclusion for estate tax purposes. There are several such powers, such as the power to substitute assets under Code … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
While this week’s article wasn’t intended to be the third in a series, resolution of Aretha Franklin’s Estate merited examination, particularly because of the various Estate Planning issues raised both during the pendency of the proceeding and with its final resolution. Two prior installments of this blog explored issues surrounding the Queen of Soul’s death: Aretha Franklin Died Intestate: What Does It Mean for Her Family? and Estate Planning – Something You Shouldn’t Do Yourself. Today’s blog … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
A Real-Life Look at the Application of the Slayer Statute
Mercifully, in my many years in private practice, I rarely, perhaps never, had cause to review the slayer statutes. After all, the only time that an attorney needs to review those statutes exists in tragic cases in which someone tries to derive a financial benefit from another person in whose death they may have played a role. I reviewed them in preparing this blog and found them adequate and oddly comforting. I remember being intrigued the first time I heard about Kouri Richins. She’s not a … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
Understanding and Manipulating Estate and Gift Taxes
After that title, who doesn’t want to read this blog? Here’s the disclaimer – this blog was written by a nerd for other nerds. Non-nerds may continue reading at their own risk…of becoming a nerd. Any practitioner in the Estate Planning world considers the impact that estate, gift, generation-skipping transfer, and inheritance taxes will have on a plan. Clients inquire about tax impact during consultation and beneficiaries wonder not only if taxes will result from their inheritance but also who … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
When most folks think about Estate Planning, they focus on who gets what along with who distributes what. In some cases, clients consider their taxes, but that often occurs only when their estate will exceed the Applicable Exclusion Amount (currently $12.92 million in 2023). Comprehensive Estate Planning focuses on the foregoing but encompasses much more. The first part of this two-part series explored the various tax considerations and the impact of state law on Estate Planning. This second … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
The Intersection of Bank Failure and FDIC Insurance
I remember the shock I felt in 2008 when I learned that my bank, Washington Mutual, collapsed after a 9-day bank run. Thankfully, J.P. Morgan Chase bought the banking subsidiaries and most depositors continued with the new bank as though nothing had happened. Fifteen years later, not one, but three, banks have failed in one week’s time. Leaders are working hard to differentiate the events of the last week from those in 2008, but similarities exist.Trouble started when Silvergate, a … [Read more...] about The Intersection of Bank Failure and FDIC Insurance
Show Your Love by Creating an Estate Plan
Love comes in many forms and all should be celebrated. Estate Planning offers a practical and easy way to show your loved ones that you care.Simply put, an Estate Plan serves as a set of instructions regarding how you want your assets to pass, to whom you want them to pass, and when you want them to pass. The plan sends a message to your loved ones that you care enough to leave your affairs in order and protect them. A basic Estate Plan consists of documents that provide instructions for … [Read more...] about Show Your Love by Creating an Estate Plan
