Estate Planner - September-October

in Estate, Trust & Probate, News

Here’s a brief glance at what you’ll find in the September/October issue of the Estate Planner 2015 – Estate Planner – September October

  • Part 2 of a 3 part series written by Weston Hurd partner Angela Carlin on “Does Ohio Recognize Virtual Adoption?” Part 2 continues its discussion of the recent Georgia Supreme Court decision in Sanders v. Riley, No. S14A1314 decided March 16, 2015 and also discusses whether Ohio recognizes virtual adoption.
  • A TRU balances interests of current, future beneficiaries – Trusts often create conflicts between current beneficiaries, who receive the income that the trust generates, and remainder beneficiaries, who receive what’s left at the end of the trust’s term. A total return unitrust (TRU) can better balance both current and remainder beneficiaries’ interests. Using a fictional example, this article details how a TRU can benefit all beneficiaries. A sidebar looks at whether an existing trust can be converted into a TRU.
  • International affairs – Special estate planning is necessary if you’re a non-U.S. citizenMany traditional estate planning strategies are based on the assumption that everyone involved is a U.S. citizen. But for those couples with a noncitizen spouse, special rules apply that require additional planning. This article examines some of the estate tax issues for noncitizens, both resident and nonresident.
  • Tenancy-in-common: A versatile estate planning toolFor those who hold significant real estate investments, tenancy-in-common (TIC) ownership can be a versatile estate planning tool. This article explains what TIC is and offers three ways TIC interests can be used in estate planning.
  • Estate Planning Red Flag – Your plan doesn’t provide for items of sentimental valueBecause many people focus on high-value assets in their estate plans, personal property items with relatively low monetary values that can have significant sentimental value may get overlooked. Using a personal property memorandum can help the estate’s executor on the disposition of personal property not covered by a will or living trust. This brief article explains the benefits of a personal property memorandum.