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Jan 22, 2025 | 
journal.step.org | Joshua Rubenstein
Joshua S Rubenstein TEP on settings you did not know your family blender even had CPD Estate planning Matrimonial United States of America There has been an astonishing amount of change in the private client field in recent years, in the areas of tax, legal, reporting, scientific, medical, political, security, safety, privacy and more. However, probably nothing has changed more than the nature of the modern family and the new ways in which it can be blended.
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Dec 12, 2024 | 
jdsupra.com | Joshua Rubenstein
Remote Electronic Notary ActAs discussed in last year's advisory, the North Carolina Remote Electronic Notary Act (referred to as RENA or the Act) was enacted on July 8, 2022. This Act permanently codified remote electronic notarization (REN) and restored North Carolina's "temporary" emergency video notarization and remote video witnessing (EVN). The Act initially provided that the temporary EVN laws would expire on June 30, 2023, when the REN provisions became effective.
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Dec 12, 2024 | 
jdsupra.com | Joshua Rubenstein
It has been a quiet year in Texas on the Private Wealth front as the Texas State Legislature enjoyed its biennial recess. Nevertheless, Texas' increasingly business-friendly environment saw some activity with its special new courts. Last year, we reported that the Texas legislature established special courts to oversee complex business cases.
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Dec 12, 2024 | 
jdsupra.com | Joshua Rubenstein
Several legislative proposals and new laws have been introduced in Florida affecting Private Wealth. A brief summary of the 2024 changes follows. Right-to-Know for Denial of Homestead ExemptionsFlorida is one of a few states in the nation that allows for a property tax break for taxpayers who have a Florida home as their primary residence (otherwise known as a "homestead exemption").
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Dec 11, 2024 | 
jdsupra.com | Joshua Rubenstein
Federal Estate, GST and Gift Tax RatesThe federal estate, gift and GST applicable exclusion amounts are as summarized below. In simple terms, these dollar figures represent the amount of wealth that each individual can transfer during their lifetime and/or at death (in the aggregate) before incurring any federal transfer taxes (which currently are assessed at a maximum rate of 40 percent):The federal estate tax exemption that applies to non-resident aliens was not increased under the TCJA.
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Dec 11, 2024 | 
jdsupra.com | Joshua Rubenstein
The "big ticket" item of the Tax Cuts and Jobs Act (TCJA) is the significant increase to the lifetime gift, estate and generation-skipping tax (GST) tax exemptions. Under the TCJA, the exemptions were increased from $5 million (adjusted for inflation) to $10 million (adjusted for inflation). In 2024, these amounts are $13.61 million and in 2025, are $13.99 million.
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Dec 10, 2024 | 
mondaq.com | Jonathan Byer |Joshua Rubenstein |Diane B. Burks
As discussed in last year's advisory, the North Carolina
Remote Electronic Notary Act (referred to as RENA or the Act) was
enacted on July 8, 2022. This Act permanently codified remote
electronic notarization (REN) and restored North Carolina's
"temporary" emergency video notarization and remote video
witnessing (EVN). The Act initially provided that the temporary EVN
laws would expire on June 30, 2023, when the REN provisions became
effective.
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Dec 10, 2024 | 
jdsupra.com | Jack Bradley |Jonathan Byer |Joshua Rubenstein
The following is a summary of some of the key legislative and judicial updates from Illinois in 2024. Control and Protection of Trust PropertyOn August 9, 2024, Senate Bill 3343 (SB 3343) was signed into law, which amends Sections 809 and 810 of the Illinois Trust Code. Section 809 of the Illinois Trust Code, titled "Control and Protection of Trust Property," currently requires that a trustee take reasonable steps to take control of and protect trust property.
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Apr 29, 2024 | 
mondaq.com | Joshua Rubenstein
In a Citywealth article on the rise in litigation
levels in multiple jurisdictions due to financial and geopolitical
uncertainties, Partner Joshua Rubenstein, National Chair of
Katten's Private Wealth Department, discussed why the increase
in trusts and estates litigation. Josh noted that matriarchs and
patriarchs are living longer, increasing uncertainty over
inheritances. He also discussed court backlogs making results less
predictable. This has led to more litigants settling.
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Dec 22, 2023 | 
mondaq.com | Joshua Rubenstein
We have certainly had our share of turbulent waters in the
estate planning world from 2020-2022. With two significant
elections, it is hard to remember a previous time with such
substantial uncertainty about how tax planning and estate planning
would evolve. That uncertainty required estate planners and their
clients to be especially nimble, creative to a degree not seen
before (more on that in a moment), and ready to act.
