From penalties for the nonwillful failure to file reports of foreign financial accounts to new consumer privacy legislation, 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.

The Virtual Conference for Experienced Estate Planners Returns

WealthCounsel’s Advanced Estate Planning Summit is returning this fall with some exciting new speakers and sessions that will give you fresh insight for your law practice. Whether you are hoping to stay ahead of the tsunami of proposals coming from the Hill, learn groundbreaking planning strategies for your clients, or gain practical skills regarding document drafting—this Summit has something for everyone.

When an agent steps into the shoes of a principal, does that require the agent to ensure every cent belonging to the principal go towards the principal’s care? What if the agent instead gifts that money to family? Is that fraudulent? This issue was explored in a recent case out of the United States Bankruptcy Court, District of Massachusetts, Eastern Division.

Doris named her son, Jonathan, as agent under a financial power of attorney. Doris’ health was failing and she entered into a nursing home, Pleasant Bay. The private pay rate for Pleasant Bay was nearly $8,000 per month. Doris did not have enough income to pay for her stay at Pleasant Bay, so Jonathan sold her condominium.