By Phoebe Stone, JD, MA (Bioethics) 

When creating an estate plan for a married couple, there are many ways to plan for its division into marital and nonmarital shares upon the death of the first spouse. The circumstances and the client’s wishes (as informed by your professional guidance) will dictate the most appropriate design. For example, planning for couples of very modest means will likely include different choices than planning for high-net-worth couples; planning for an elderly couple in a decades-long marriage who have only shared children may look different from planning for blended families. To best serve your clients, it is critical that you understand the options available and are able to communicate the benefits and burdens associated with each option in ways your clients will understand so that your expertise can appropriately guide their choices.

From a Michigan jury’s decision that a document found in Aretha Franklin’s couch is her valid will to recent decisions regarding what constitutes reasonable accommodations for religious and disabled employees, we have recently seen significant developments in estate planning, elder law, and business law. To ensure that you stay abreast of these legal changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning and business law practice.

With wealth transfer tax exemptions at historical highs (in 2023, the gift and estate tax exemption is $12.92 million—$25.84 million per married couple), income tax planning is an increasingly important part of trust-based estate plans. This is particularly true when dealing with income tax-deferred retirement plans. Accordingly, beneficiary deemed owner trust (BDOT) provisions can lead to meaningful tax savings when applied appropriately within retirement trusts.