Category: Estate Planning
NEW JERSEY SUPREME COURT TAKES A SURPRISING APPROACH TO ADDRESS A DECEDENT’S LACK OF ATTENTION TO DETAIL AFTER GETTING DIVORCED
In a recent New Jersey Supreme Court case, Matter of Estate of Jones, 25 N.J. 584 (2025), a unanimous court found that a decedent’ s ex-wife was entitled to retain United States savings bonds that the decedent owned and that designated her as the beneficiary, notwithstanding the fact that the…
IRS ISSUES CONSEQUENTIAL RULING ON TRUST MODIFICATIONS
Chief Counsel Advice (“CCA”) 202352018, an internal legal advice memo from the IRS National Office to field agents, released December 29, 2023, addressed the gift tax consequences to the beneficiaries of modifying an irrevocable trust that is a “grantor trust” under the tax code provisions of Internal Revenue Code (“I.R.C.”…
The Use of Irrevocable Trusts in Long-Term Care Planning
The Use of Irrevocable Trusts in Long-Term Care Planning In Revenue Ruling 2023-2 the IRS has ruled that assets held in a trust that is a “grantor trust” (a trust that is treated for income tax purposes as the alter ego of the grantor to the trust because of the…