Current Developments in Estate Planning and Business Law: January 2022

By WealthCounsel Staff on Jan 21, 2022 10:00:00 AM

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From an Internal Revenue Service (IRS) Chief Counsel Advice affecting GRATs to decisions regarding the deduction of business losses, we have recently seen significant developments in estate planning 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.

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Ohio Appeals Court Rules on How Alimony Effects Available Income Calculation

By Jill Roamer, JD, CIPP/US on Jan 12, 2022 9:39:00 AM

Ohio Appeals Court Rules on How Alimony Effects Available Income Calculation

How is available income for Medicaid-eligibility purposes calculated in Ohio when the applicant pays spousal support? Is gross income reduced by the spousal support payments in the available income calculation? This issue was litigated in the Twelfth Appellate District of Ohio.

Here, we have Jerome, who suffered from a stroke and required long-term care. His son, Glenn, found a nursing home to provide the needed care. The nursing home filed an application for Medicaid benefits for Jerome and advised Glenn to establish a Miller Trust (also called a QIT Trust) for Jerome in case Jerome’s income level was too high to qualify for Medicaid benefits.

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Malpractice Insurance Company Must Defend Attorney Despite Exclusion Clause

By Jill Roamer, JD, CIPP/US on Jan 4, 2022 1:10:00 PM

Malpractice Insurance Company Must Defend Attorney Despite Exclusion Clause

Malpractice. The single word can send shivers down the spine of every attorney. Most attorneys have malpractice insurance to protect themselves and clients in the event the attorney makes an error. But how far does a malpractice insurance company have to go to defend the attorney? How does an exclusion clause affect the analysis? These issues were recently litigated in an Illinois appellate court.

Lisa died, leaving a last will and testament that named her two minor children as beneficiaries. Randy was appointed executor of the estate and he retained attorney Alan’s firm to represent him in the probate case. The probate court converted the case to supervised administration, whereas Randy could not pay Alan’s firm without prior court approval.

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