During a two-day trial last summer, a Michigan jury concluded that a handwritten note penned by Aretha Franklin in 2014, found in a drawing book beneath sofa cushions in her home, holds legal validity as a will. The jury determined that this 2014 document was...
Wealthy American families are rushing to relinquish wealth before the end of 2025 when Trump’s 2017 estate tax cuts are set to expire. Families with a net worth of approximately $10 million or higher are working with their advisors to find opportunities to make...
With the implementation of the Secure Act's new rules for inherited retirement distributions, older Americans are facing the challenge of finding ways to pass assets on to their grandchildren without a large tax bill attached. This law, which took effect in 2020,...
Background The Secure 2.0 Act (Secure 2.0), a sweeping retirement bill included in Division T of the Consolidated Appropriations Act of 2023, was a major bipartisan accomplishment of the 117th Congress. The bill included 82 provisions to expand coverage and increase...
The Corporate Transparency Act of 2020 (CTA) passed through Congress on Jan. 2, 2021. The CTA was enacted to prevent companies from being able to conceal ownership of businesses where concealment could facilitate illicit activity such as money laundering, financing of...
For more than 130 years, Ohio has strictly prohibited postnuptial agreements and spouses were not able to enter into agreements with each other that altered their spousal rights. Additionally, Ohio has restricted amendments and termination of prenuptial agreements....
Federal regulators took over Silicon Valley Bank after shutting it down on Friday – two days after SVB’s announcement that it had lost almost $2 billion in Treasury bonds. The bank, which caters to many of the world’s most powerful tech investors, is the largest to...
Quality Matters: Estate Planning Is No Exception The other day, my hot water tank broke. At first, I just thought the pilot light went out. I was easily able to follow the directions to get the pilot light back on, but the water didn’t heat up. So, I went back and...
If probate is needed, the process usually begins soon after a loved one passes away. The probate process can be long, stressful, and expensive. Some family members are able to manage it on their own without an attorney, but it is typically a much too involved and time...
At the very end of 2022, President Biden signed the $1.7 trillion omnibus spending package which includes the SECURE 2.0 Act. SECURE 2.0 builds on The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, revising existing rules around retirement...