Beneficiary Designation Divorce Legislation Passed

Under current law, provisions of a will or trust which affect the spouse are void upon divorce or annulment of the marriage. For example, if W (former wife) received anything under H’s (husband) will or trust,  W would be treated as predeceasing H subsequent to the divorce or annulment of…

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Portability of Estate Tax Exemption

Many of you already know that under the 2010 Tax Act surviving spouses can take advantage of their deceased spouse’s unused federal estate tax exemption. What was not clear is how and when to do this. Because of the confusion the Internal Revenue Service (the “Service”) gave us some relief.…

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