Joint bank accounts are often viewed as a convenient way to manage finances or pass assets seamlessly upon death. However, in Pennsylvania estate disputes, joint accounts can become a major source of conflict among heirs and...more
A Hollywood Legend’s Final Act: A Lesson in Estate Planning - The world recently bid farewell to legendary actor Gene Hackman, who passed away on February 18, 2025, at the age of 95. Just six days earlier, his wife, Betsy...more
Recently, the U.S. Supreme Court ruled unanimously in Connelly v. United States, that the valuation of a decedent’s shares in a closely held corporation for federal estate tax purposes must include insurance proceeds received...more
On June 6, 2024, the Supreme Court held 9-to-0 in Connelly v. United States that company-owned life insurance increases the company’s fair market value for estate tax purposes, and the company’s obligation to redeem a...more
The Supreme Court’s recent decision in Thomas A. Connelly et al. v. United States has significant implications for certain closely held business owners. The decision is important especially for those with, or planning to buy,...more
In the recent case, Connelly v. United States, 602 U.S. (2024) (slip op.) the U.S. Supreme Court unanimously ruled that life insurance proceeds received by a closely held corporation which is used to fund the redemption of a...more
Amidst many recent sharply divided decisions, the United States Supreme Court (SCOTUS) on June 6, 2024 issued a rare unanimous ruling in Connelly v. United States, which addressed estate tax considerations relative to...more
On June 6, 2024, in the case of Connelly v. United States, the United States Supreme Court determined that corporate-owned life insurance proceeds used to redeem a decedent’s shares in the corporation must be included when...more
On June 6, 2024, the United States Supreme Court issued its opinion regarding Connelly, as Executor of the Estate of Connelly v. United States. This final decision will directly impact all closely held business owners that...more
The Supreme Court of the United States issued an important ruling on June 6, 2024, clarifying the federal tax consequences of certain succession plans for closely held businesses. The Court held in Connelly v. United States,...more
In Connelly v. US, 602 US ___ (6/6/2024), the US Supreme Court affirmed a decision of the US Court of Appeals for the Eighth Circuit in favor of the government concerning the estate tax treatment of life insurance proceeds...more
All U.S. closely held businesses just received a warning from the highest court in the land that they should review their succession plans (or else risk a higher tax bill for the estates of their owners). On June 6, 2024, the...more
There is much to commend in O’Brien, Proposing a Model Antilapse Clause, 48 ACTEC L. J. 257 (2023), particularly its flagging of the doctrinal and practical flaws in Uniform Probate Code §2-707, which would apply the...more
Unknown to many Floridians, Florida enacted the Community Property Trust Act which went into effect on July 1, 2021, and established the ability to convert non-community property into community property. The community...more
On September 15, 2019, Ric Ocasek, singer, songwriter, and guitarist of The Cars, died in his Manhattan residence. He was found that morning by his wife, Paulina Porizkova, a supermodel and celebrity in her own right, as she...more
An account that is titled in your name and that of your child “with right of survivorship” passes to your child upon your death “by operation of law.” That is, your Will does not control the disposition of this account. When...more
One of the most common questions clients ask is whether they need a trust. While they are usually seeking a “yes” or “no” answer, as with most legal questions, the correct answer usually is, “It depends.” The answer depends...more
There are lots of “do-it-yourself” Will programs floating around on the internet. You may be able to save legal fees by drafting your own Will – at least up front; but in the long run, the cost usually comes after you die...more
Predictability that joint owners/tenants need today: This spring, the Tennessee Supreme Court ruled that joint property owners can eliminate the survivorship rights of jointly held property, changing their ownership to...more
In this article: - I. Introduction - II. Valid Survivorship Accounts - III. Joint Accounts Between Spouses - IV. Burden Of Proving Enforcable Survivorship Accounts - V. Proving Contents Of...more
With the introduction of the American Taxpayer Relief Act of 2012 (Act), the world of estate planning has been injected with a dose of certainty after more than 10 years of uncertainty as to federal estate, gift and...more
Earlier this year, Governor Pat Quinn signed the Illinois Religious Freedom Protection and Civil Union Act (the “Civil Union Act”). ...more