Alternative dispute resolution: its value to estate planners

Article Abstract:

Alternative dispute resolution (ADR) can be valuable for estate and trust disputes because the family's privacy is protected, ongoing relationships may be less damaged and it takes less time and is less expensive. Estate planners should choose between the various forms of ADR, such as binding arbitration, non-binding mediation, summary jury trials and mini-trials, based on the particulars of the circumstances. A mandatory ADR clause is advisable for most wills and the support for ADR by state governments may make ADR a more commonly used alternative to litigation.

Analysis, Negotiation, mediation and arbitration, Dispute resolution (Law), Estates (Law)

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New guidance on ethics for estate planners

Article Abstract:

The American College of Trust and Estate Counsel (ACTEC) has adopted the ACTEC Commentaries on Model Rules of Professional Conduct in order to guide estate planners towards ethical standards of practice. The Commentaries are made up of the standard lawyer and fiduciary guidelines that have special significance to state planners. Examples are included in the Commentaries. Issues dealt with include fiduciary duties, the representation of multiple clients and terminating an active phase of representation. The guidelines are discussed.

Standards, Ethical aspects, Financial planners, Fiduciary duties, American College of Trust and Estate Counsel

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Steps to prepare and file estate tax returns effectively

Article Abstract:

Few law firms are responsible for enough estate tax returns each year for practitioners to remain skilled and therefore the use of a computer program and a checklist is advisable to avoid malpractice suits. The return should be filed as soon after the decedent's death as possible, though the due date is not until nine months later, to give practitioners adequate time to explore all available elections. Some important elections include estate tax deferral, marital deductions and special-use valuations.

Methods, Planning, Estate tax, Estate taxes, Tax returns

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• Abstracts: The complexity of ethical responsibility and the estate planner. Family business valuations and Chapter 14 of the Internal Revenue Code

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