Family Trust Planning: Back to Basics
While many clients establish trusts and execute estate plans to eliminate or reduce the estate tax burden of their estates, there are non-tax benefits to creating trusts that are especially relevant to the clients of family lawyers. With the possibility of estate tax repeal on the horizon, the timing is right to focus on these non-tax benefits and remind ourselves and our clients of the valuable protections and control available through the use of trusts. Regardless of whether or not the federal estate tax is permanently repealed, the possibility of such repeal allows us to put aside many of the complexities of tax planning and focus on the key family issues and concerns that motivate clients to initiate trust planning.
Supreme Court Discusses Gay Adoption Rights
The Supreme Court considered gay rights at the justices' first private conference of the new year on Jan. 7. The Florida gay adoption case, <i>Lofton v. Secretary of the Florida Department of Children and Families</i>, is one of dozens of cases the Court discussed at its conference with an eye toward granting or denying review.
Defining Income for Child Support Purposes
It has become important to keep track of national trends with respect to the definition of income for support purposes. More often than not, your state will not have decided the specific question with which you are struggling, ie, whether or not a particular item constitutes income. The odds are increasing that other states will have dealt with the issue. This article presents some examples of cases over the last few years.
Significant Changes in Delaware Business Laws
Effective July 1, 2004, the Delaware General Assembly adopted significant amendments to the Delaware General Corporation Law, the Delaware Limited Liability Company Act, and the Delaware Revised Uniform Limited Partnership Act as part of its periodic amendments to these Acts for the purpose of keeping them current and maintaining their preeminence among U.S. business laws. <br>This article summarizes the most pertinent of those changes.
Survey Shows Diversity Increasing At Big NY Firms
Slightly more than 2% of the lawyers at 23 of New York City's largest firms identify themselves as being lesbian, gay, bisexual or transgender, according to a New York County Lawyers' Association survey. The survey, the first of its kind, also found that the participating firms prohibit discrimination against employees because of their sexual orientation or identity. Those firms also uniformly reported extending family benefits coverage they provide to married couples to same-sex couples registered with the city as domestic partners.
Second Opinion: New Tax Requirements for Nonqualified Deferred Compensation
The American Jobs Creation Act (the "Act") was passed by the House of Representatives on Oct. 7, 2004, and received final approval from the Senate on Oct. 11, 2004. President Bush was expected to sign the Act into law before the end of 2004. The Act enumerates an array of requirements intended to curb perceived abuses in the realm of executive compensation. In many ways, the thrust of the new requirements is to conform a number of aspects of the operation of nonqualified deferred compensation arrangements to those applicable to tax-qualified "401(k)" plans. Consequently, to be tax-effective under the new requirements of the Act, deferred compensation arrangements will need to operate in a fashion more akin to true retirement arrangements.
A New World for Nonqualified Deferred Compensation Plans
Employment lawyers have been inundated in the last few weeks with calls from clients asking how and whether the new American Jobs Creation Act affects various severance pay plans and other deferred compensation plans. If you are still recovering from the recent presidential election, or are preoccupied by the pending elections in Iraq, this one may have slipped by you. The smart thing to do would be to consult your benefits partner, as I did. In this article, I explain this new law in layman's terms and help you respond to those callers clamoring for information about this creatively titled statute.
Supreme Court's Sentencing Guidelines Decision
On January 12 the Supreme Court, in <i>United States v. Booker</i>, found portions of the Federal Sentencing Guidelines unconstitutional. For the last few years corporate officers and directors have been forced to take a personal interest in criminal justice and in the Sentencing Guidelines. This has been especially true after the United States Sentencing Commission raised the guideline's penalties for white-collar crime in response to the Sarbanes Oxley Act of 2002.
