The Alabama Supreme Court and Estate Planning - Unintended Consequences
Succession law does not operate in a vacuum, but instead addresses the disposition of property in a manner that is consistent with other laws. As many clients wish to leave property to their family members, changing laws regarding what constitutes a family have a direct impact on trust and estate laws. In a recent case, LePage v. Center for Reproductive Medicine, the Supreme Court of Alabama ruled that embryos kept in a cryogenic nursery are “children” for purposes of Alabama's Wrongful Death of a Minor Act. This summary provides covers some of the unintended and unresolved questions the decision raises about estate planning.
The Corporate Transparency Act
Beginning January 1, 2024, the Corporate Transparency Act (“CTA”) requires all Reporting Companies to provide FinCEN with identifying information about the Reporting Company, the Beneficial Owners of the Reporting Company, and the Company Applicant. Our summary provides a practical summary of definitions and requirements under this law.
Pending Federal Legislation on Transfer and Wealth Taxes (updated November 9, 2021)
Includes a summary of pending legislation as of November 9, 2021, including:
- (Newly added) The latest version of the Build Back Better legislative text that was released on November 3, 2021 and amended November 4, 2021
- House Ways and Means Proposals to raise $3.5 trillion for the Build Back Better Plan
- For the 99.5% Act, introduced by Senator Bernie Sanders as of March 2021
- The American Housing and Economic Mobility Act of 2021, introduced by Senator Elizabeth Warren
- The Ultra-Millionaire Tax Act of 2021 (aka the Wealth Tax Proposal), introduced by Senator Elizabeth Warren
- The Sensible Taxation and Equity Promotion Act (the STEP Act), introduced by 5 Senate Democrats
- Review of proposals from the Biden Administration including:
- Proposals put forward during the campaign
- The American Families Plan's proposal for the elimination of the "basis step up"
- The Biden Green Book (General Explanations of the Administration's Revenue Proposals
2021 Connecticut Legislative Wrap-Up (updated June 28, 2021)
Includes a summary of legislation that passed (and did not) as Connecticut's regular legislative session and special session both concluded this month, including:
- No change to Connecticut estate and gift taxes
- A new tax amnesty program
- Technical corrections to the Uniform Trust Code
- Expiration of remote notarization and will execution in Connecticut
- Probate court legislation
- The Connecticut Parentage Act
