Some attorneys decide to practice estate planning right after graduating from law school. Others practice in other areas, only to become curious about transitioning fully or partially into estate planning. Most attorneys who make this transition feel great satisfaction and little or no regret about making this career shift. There are many reasons why estate planning is such a rewarding practice area and many additional reasons why now could be the ideal time to make the switch.

From a US Supreme Court decision that proceeds of life insurance purchased by a closely-held corporation to redeem a deceased owner’s shares must be reflected in the fair market value of the corporation for estate tax purposes, to the Texas Supreme Court’s decision requiring prior occupancy for a home to be excluded from countable resources for Medicaid eligibility and a US Supreme Court case ruling that the Federal Arbitration Act requires a stay, not dismissal, of suits pending arbitration, we have recently seen significant legal developments.

From a new Internal Revenue Service (IRS) notice that extends relief for some beneficiaries of inherited individual retirement accounts (IRAs) to the release of a final rule by the Social Security Administration (SSA) omitting food from Supplemental Security Income (SSI) in-kind support and maintenance calculations and a US Supreme Court case clarifying the harm that must be shown for employees to make a Title VII discrimination claim, we have recently seen significant legal developments. To ensure that you stay abreast of these changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning, elder and special needs law, and business law practices.