Informed consent by spouse necessary to waive plan benefits

Article Abstract:

A married person with a retirement plan should specify an approximate amount and growth in a retirement account to be covered by waiver in order to satisfy the "informed consent" required to waive surviving spouse benefits. Failure to provide the detailed information defined by the IRS will create a frustrated beneficiary who may decide to sue all people associated with providing retirement plan advice. When a spouse specifies the figures associated with the qualified preretirement survivor annuity, informed consent criteria are usually satisfied.

Contracts, Retirement planning, Survivors' benefits, Consent (Law)

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Steps to take when stolen art work is found in an estate

Article Abstract:

Stolen artwork or other collectibles in an estate can put an estate and its administrator in financial jeopardy if it is subject to a claim by a former owner. The estate's fiduciary has the duty to take reasonable precautions to protect estate assets. Due diligence in the case of stolen artwork probably requires hiring a professional service capable of doing a comprehensive search. Certification documents from such a service is likely adequate to support a latches defense which is the only defense the courts have allowed.

Claims against decedents' estates, Art thefts, Executors and administrators, Executors

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Choosing the most appropriate marital deduction formula clause

Article Abstract:

Estate planners should discuss with their clients the benefits of the marital deduction and how to best take advantage of them. This should involve an introduction to the various planning techniques available, including QTIPs, disclaimers of marital share, and the marital deduction formula clause. These concerns are discussed, with an emphasis on the deduction formula clause.

Public Finance Activities, Personal Income Tax Deductions, Planning, Tax deductions, Personal income tax, Qualified terminable interest property, Qualified terminable interest property trusts, Marital deduction

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