Avoiding malpractice claims in planning and administration
Article Abstract:
Estate practitioners can avoid attorney malpractice suits by using engagement letters or agreements, resolving conflicts of interest, educating clients as to expected fees, and thoroughly reviewing estate documents and client documentation. Efficient estate planners will meet deadlines, keep current on statutory changes, plan for clients' contingencies, and ensure proper execution and attestation of will documents. During administration, attorneys should meet important dates such as tax deadlines, while communicating clearly with beneficiaries and their fiduciaries.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1995
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When should equitable adjustments be made?
Article Abstract:
An equitable adjustment may be necessary in the proper administration of a decedent's estate. This type of adjustment involves reallocating assets from one beneficiary's account to another beneficiary's account to make the sharing of tax benefits and burdens more equitable. Conflicts between state laws and Section 642(g) of the Internal Revenue Code and the timing of distributions of income and principal may necessitate an adjustment.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1992
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Marshaling assets when a client chooses multiple fiduciaries
Article Abstract:
Proper estate planning can prevent conflicts when multiple fiduciaries are involved in marshaling assets upon the client's disability or death. Such multiple fiduciaries could include court-appointed conservators, trustees, or general partners. Conflicts arise when different fiduciaries each attempt to control assets subject to joint tenancy or managed under a power of attorney, or held in a partnership or revocable trust.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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