From new SECURE Act guidance to the invalidation of a forum selection clause by a California court, we have seen some significant developments in estate planning and business law over the past month. 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.
Current Developments in Estate Planning and Business Law: October Review
By WealthCounsel Staff on Oct 9, 2020 10:19:41 AM
What is a Home Worth? Maher v. Illinois Department of Human Services
By Jill Roamer, J.D. and Marchesa Minium, J.D. on Sep 29, 2020 10:14:00 AM
Recently, WealthCounsel published a blog regarding case law out of New Jersey regarding how the state Medicaid office imposed a penalty when a home was sold for less than fair market value. The Medicaid applicant had argued that the home was in disrepair and so the tax assessor’s value was incorrect. Now, a similar case has come out of Illinois.
In this case, an appellate court affirmed the Illinois Department of Human Services’ decision to subject the decedent, who had applied for Medicaid benefits, to a penalty for selling his home for less than fair market value in the five years before applying for benefits.
The plaintiff, administrator of the decedent’s estate, argued that the Department applied the incorrect section of the Administrative Code in determining the fair market value of the decedent’s residence and therefore incorrectly determined the fair market value of the property, imposing a penalty in error.
Equal Justice under the Law: Ruth Bader Ginsburg, the United States Supreme Court, and Lasting Impact on the Practice of Estate Planning
By WealthCounsel Staff on Sep 25, 2020 10:00:00 AM
Justice Ruth Bader Ginsburg, known by her initials RBG, passed away last week leaving a long legal legacy in her wake. She will lie in state in the United States Capitol, the first woman ever to have been so honored.