LEGAL UPDATES

Build flexibility into your estate plan with powers of appointment

There are several tools you can use to build flexibility into your estate plan. Flexibility is especially important now because of an uncertain estate planning environment. The federal gift and estate tax exemption currently…

Now may be the time to forgive intrafamily loans

If you have outstanding loans to your children, grandchildren or other family members, consider forgiving those loans to take advantage of the current, record-high $11.58 million gift and estate tax exemption. Bear in mind that…

Rent obligations in commercial leases in the wake of COVID-19

Forced to close their businesses or severely restrict operations as a result of the COVID-19 outbreak, financially distressed tenants of commercial properties are taking a closer look at their leases to find any potential…

The rules have changed regarding your IRAs, RMDs and estate plan

Many people’s estates typically include IRAs. Be aware that two major laws passed into law recently, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic Security…

Are employers liable for COVID-19 illness in reopened workplaces?

As some businesses slowly begin to restart operations with skeleton crews, they must observe the CDC safe conduct rules, with employees wearing masks and gloves, and common areas, such as lunchrooms, shut off. Yet…

Your legacy: Charitable giving is vital during the COVID-19 crisis

The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Indeed, during a time when food banks, disaster relief and other nonprofit services are needed most…

Will your estate plan benefit from a trust protector?

You may have several different types of trusts in your estate plan. In general, to achieve the greatest tax savings, these trusts must be irrevocable, thus requiring you to give up control over the…

Have you coordinated your payable-on-death accounts with your estate plan?

Payable-on-death (POD) accounts provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit or even brokerage accounts. Setting one up is…

Latest legal developments in employment in response to COVID-19

Below we summarize several legal developments that affect many of our clients. Please review them and contact any of the MMB attorneys with whom you have worked if you have questions and wish to…

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