Friday, March 25, 2011 Press Coverage of Estate Planning this Week (March 25, 2011)
Anne Tergesen of the Wall Street Journal reviews which states allow a person, while still living, to defend their will against challenges. One handicap of wills is that they traditionally do not become effective until the person’s death, and then wills are sometimes challenged when the will writer is not there to say what they really intended. Some states now allow will writers to notify beneficiaries and the disinherited of the contents of their will, and if those notified do not contest it within a certain time period, they are barred from contesting it in the future. See A Will and a Way (Mar. 21, 2011).
Ms. Tergesen also writes about qualified personal residence trusts (QPRT) and suggests that depressed real estate values, combined with recently passed estate and gift tax law changes, make this an opportune time for homeowners to consider transferring their homes to their children to save on future estate taxes. See A Matter of Trust: Giving Away the Home (Mar. 19, 2011).
Robert Frank of the Wall Street Journal writes about the increasing use of pet trusts. A pet trust is a legal arrangement that sets aside money for a pet’s care if their owner predeceases them. Leaving too much money to your pet can invite problems, such as that experienced by Leona Helmsley’s dog Trouble, who lost $10 million of a $12 million inheritance after lengthy legal battles. See Trust Funds for Pets Are on the Rise (Mar. 17, 2011). |