Lowenstein Sandler's Trusts & Estates Podcast: Splitting Heirs

On this episode of “Splitting Heirs,” Warren K. Racusin welcomes back Sharon L. Klein, President of Family Wealth for the Eastern US Region of Wilmington Trust Company and member of the Estate Planning Hall of Fame, to continue their discussion of Lovey and Hubby, two clients who celebrated their 50th wedding anniversary and then became embroiled in an extremely contentious divorce. The discussion centers on whether irrevocable trusts, into which marital assets were transferred during the course of the marriage, can be considered part of the marital balance sheet during a divorce. Warren and Sharon also address spousal limited access trusts, the concept of the “floating spouse,” tax liability for grantor trusts, and how estate planning attorneys guide clients through the most difficult periods in their lives. 

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & EstatesSharon L. Klein,  EVP, President - Family Wealth, Eastern U.S. Region & Head of National Divorce Advisory Practice, Wilmington Trust, N.A. 

On this episode of “Splitting Heirs,” Warren K. Racusin talks with Lowenstein partner Nick San Filippo, Chair of the firm’s Business Divorce practice, and Jeff Savlov, a partner in the family business and wealth consulting firm Blum & Savlov, about the challenges facing family-owned businesses when disputes arise between parents and children, siblings, or other relatives. Observing that an unwillingness to address uncomfortable issues about succession planning and the future of the business often leads to conflict when the matriarch or the patriarch passes away, San Filippo emphasizes the need for a clearly constructed shareholders’ agreement so that all parties are clear on governance, documentation, and succession issues: who will lead the business, how will  owners get paid, how should distributions should be made out of the business to cover taxes or distribute profits? The lawyers also encourage families to review these documents periodically as life circumstances and priorities may evolve over time.

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & EstatesNicholas San Filippo IV, Partner Co-chair, Business DivorceJeff Savlov, Partner, Blum & Savlov

Today on “Splitting Heirs,” host Warren Racusin speaks with Molefi McIntosh and Mavis Gragg about the “heirs’ property problem--” or what happens to real estate when it is passed down within families without benefit of a will. The guests address the historical and legal impact as well as the economic and racial inequities that resulted from the fractionalization of real estate down through multiple generations, as well as recent efforts to right the injustices of the past through such legislation as the Uniform Partition of Heirs’ Property Act, and new technology that leverages data to clear title.

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & Estates Molefi McIntosh, Associate, Private Client Services Mavis Gragg, Co-Founder, HeirShares

Host Warren K. Racusin welcomes Melissa L. Wiley of Lowenstein’s Tax practice and Elie Honig, CNN senior legal analyst, former federal prosecutor, and special counsel in Lowenstein’s White Collar Criminal Defense practice, to the “Splitting Heirs” podcast to discuss the case of DeGuzman vs. the Commissioner of Internal Revenue, where a wealthy couple splits up and gets into a fight about  responsibility for tax liability incurred during their marriage. The lawyers examine the concept of “the innocent spouse,” the differences between criminal tax fraud and civil tax fraud, how tax laws can be used to bring down organized crime bosses, (and why Hermes bags always seem to figure prominently in these kinds of cases).   

Speakers: Warren K. Racusin, Partner and Chair, Trusts & EstatesElie Honig, Special Counsel, White Collar Criminal DefenseMelissa Wiley, Partner, Tax

Unlike most countries in the world, if you are a citizen or resident of the United States, the government gets to tax all of your worldwide income, regardless of where it's earned or where you live. And if the IRS decides that your tax home is the US your family may get hit by an estate tax, even if you aren’t a citizen or resident. In this episode of "Splitting Heirs,” host Warren K. Racusin speaks with fellow partner Megan E. Wernke about international and cross-border tax planning, and the different obligations and documents required for individuals with assets or income in the U.S. but who are domiciled elsewhere; have renounced their U.S. citizenship completely; or who are considered non-resident aliens. 

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & Estates Megan E. Wernke, Partner, Private Client Services

In this episode of “Splitting Heirs,” Warren K. Racusin, partner and Chair of Lowenstein’s Trusts & Estates practice, speaks with Sharon L. Klein, EVP, President - Family Wealth, Eastern U.S. Region & Head of National Divorce Advisory Practice, Wilmington Trust, N.A., about estate planning for divorcing couples, including  “grey divorce”—when couples in their 50s and older—often with significant assets—decide to go their separate ways. They address the importance of—before initiating divorce proceedings—reviewing all of one’s estate planning documents, including beneficiary designations, executors, trusts, and prenuptial agreements, to make sure that they reflect your current wishes, and they illustrate the dangers of failing to prepare for a split with examples of disastrous celebrity breakups.

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & EstatesSharon L. Klein,  EVP, President - Family Wealth, Eastern U.S. Region & Head of National Divorce Advisory Practice, Wilmington Trust, N.A. 

In this episode of “Splitting Heirs” host Warren K. Racusin of Lowenstein’s Trusts & Estates practice is joined by Jeffrey J. Wild, Lowenstein partner and litigator whose practice focuses on fiduciary issues; the Honorable Paul D. Wilson, Associate Justice of the Massachusetts Superior Court; and Zachary Racusin, professional baseball player and owner/director of player development of Rax Hax Pro Performance, to explore the dynamics of competition when family members fight over inherited property. How can litigants prove a decedent’s wishes regarding his or her intentions, when is it worth the time and expense of going to trial, and when should parties and advocates put aside their respective rivalries and move on?

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & Estates Jeffrey J. Wild, Partner, Business Litigation Honorable Paul D. Wilson, Associate Justice for the Massachusetts Superior Courts Zachary Racusin, Professional Baseball Player and Owner & Director of Player Development, Rax Hax Pro Performance

In this episode of Splitting Heirs, Warren K. Racusin and Bridget Harris of Lowenstein’s Trusts & Estates practice discuss end-of- life decision making with Cynthia X. Pan, MD FACP, AGSF, Chief of the Division of Geriatrics & Palliative Care Medicine at New York-Presbyterian Hospital-Queens, exploring the nuances of healthcare directives, advance care planning, and the extent of ‘extraordinary measures.’ In light of the complex medical, ethical, legal, and spiritual issues at stake, the lawyers emphasize the importance of clearly documenting one’s end-of-life wishes well before it seems necessary, in order that those wishes can be effectively carried out by family and healthcare professionals when the time comes.

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & Estates Bridget Harris, Counsel, Trusts & Estates Cynthia X. Pan, MD FACP, AGSF, Chief, Division of Geriatrics & Palliative Care Medicine, New York-Presbyterian Hospital-Queens

Welcome back to season two of Splitting Heirs, Lowenstein Sandler’s Trusts & Estates podcast. In this new episode, Warren Racusin is joined by partner Mike Vito and Brooklyn Law Professor of Legal Writing Alissa Bauer to discuss why lawyers communicate the way they do and how they can make themselves easier to understand. They also provide listeners with a clear, easy-to-understand glossary of some of the more commonly used — yet often opaque — terms that frequently arise in conversations about trusts, wills, and taxes.

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & Estates Michael P. Vito, Partner, Trusts & Estates Alissa Bauer, Assistant Professor of Legal Writing, Brooklyn Law School

Host Warren K. Racusin, partner and Chair of Lowenstein’s Trusts & Estates practice, talks about how to incorporate charitable giving into your estate plan. Partner Lesley P. Adamo, Vice Chair of the firm’s Tax group, describes different vehicles such as private foundations and donor-advised funds; and Gabriel van Aalst, President and CEO of the New Jersey Symphony Orchestra, describes how charitable gifts can enhance a donors’ legacy and positively impact the entire community.

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & Estates Lesley P. Adamo, Partner, Vice Chair, Tax Group Gabriel van Aalst, President and CEO, New Jersey Symphony Orchestra