Showing 2 posts from 2016.
Sticking to Your Guns: Accounting for firearms in an estate plan
An estate plan is designed to ensure a smooth transition of assets from a decedent to beneficiaries, as well as minimizing expenses, fees, and taxes associated with the transfer. Most estate planners may be concerned with the transfer of real property and other substantial assets, but what may be overlooked is the way in which a decedent’s firearms are accounted for. Failure to properly account for these items may produce unwanted results, all the way up to excessive fines and even prison time. More >
Planning for Digital Assets and the Struggle for Uniformity
As digital assets become more and more ubiquitous, they are increasingly becoming a headache for representatives of an estate and other fiduciaries acting on behalf of an incapacitated principal. This growing problem manifests itself in several ways, such as when a decedent elected to receive important documents such as tax documents, bills and bank statements electronically; created automatic and recurring payments online; or owned valuable online assets such as electronic currency, domain names or other digital property. Fiduciaries face a myriad of problems in accessing these items as transactions occur more and more in the digital realm. In 2014, the Uniform Law Commission – a group of lawyers, judges, legislators and academics charged with promoting uniformity across state laws where it is practical – tackled the problem head-on with the approval of the Uniform Fiduciary Access to Digital Assets Act (“UFADAA” or “the Act”). The road to enactment of this uniform law, however, has been bumpy at best. More >