“The Priority Guidance Plan indicates that 2016 could be an eventful year for estate and life insurance planning. The potential uncertainty of the scope, content and timing of the planned guidance emphasizes the importance of having access to not only updated technical information but also to practical analyses of these tax developments, their real world application, and how advisors and clients should respond.”
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“Planning with estate “freezes” has been popular in this low interest rate environment. The potential for rising rates before year-end may incentivize clients to move sooner rather than later on these opportunities.”
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“There are many painful, emotional issues surrounding crises like mental illness and addiction that affect children. But there are concrete financial steps parents can take that won’t worsen their child’s condition, enable their child’s addiction or, in the case of mental illness, run afoul of limitations on the number of assets a person can have and still qualify for government benefits. One starting point is a special-purpose trust, which can provide care for the suffering child and peace of mind for the parent.”
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“The deceiving simplicity of designating plan beneficiaries can sometimes lead to unwanted outcomes under the law, particularly when participants experience life-changing events and fail to change their beneficiary designations in accordance with the plan’s required procedures. The terms of the plan documents and the plan’s administrative processes will govern to ensure obligations under ERISA are satisfied.”
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“Studies show that the ability to perform math problems, as well as handling money matters, are typically one of the first skills to decline in diseases like Alzheimer’s.”
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“Some individuals who set up grantor retained annuity trusts, or GRATs, in previous years now are swapping out the investments they put into those trusts—and replacing them with other holdings, cash or promissory notes that are of equal value today.”
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“Kenneth Feinberg determined payouts to victims of such tragedies as the Sept. 11 attacks and the shootings at Virginia Tech, giving him pause about how to handle his own money in the face of life’s vicissitudes.”
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“For many clients, retirement plans constitute a significant portion of their retirement savings and net worth. Determining the proper beneficiary for a client’s retirement plans should be an integral part of the client’s overall legacy plan.”
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This case provides a reminder that courts will look through corporate and legal structures to hold individuals personally liable for egregious breaches of fiduciary duty. Be very conscious of ERISA’s (1) fiduciary duty of undivided loyalty, (2) the “prudent man” standard, (3) prohibition against self-dealing, and (4) prohibition against transactions “likely to injure a plan” including transactions benefitting a “party in interest.”
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“If you have just gotten divorced, you may be focused on getting on with your life. But make sure you also have updated the financial arrangements that kick in at your death.”
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