Attendees of the May 15, 2018 Brown Bag Lunch (BBL) were in high spirits as they welcomed a day of warm spring weather to complement one of the final BBLs of the season. Participants engaged in a lively discussion covering a wide array of topics relating to estates and trusts law.
The BBL opened with a topic that estates lawyers are all too familiar with: delays. Participants bonded over the frustration of delays in Probate court, offering suggestions for how to best manage them and sharing any updates they have heard on the issue.
The discussion then shifted to gifting mutual funds to charity beneficiaries. It was noted that there may be logistical issues when donating open mutual funds, because not every charity has brokerage capacity.
Next, BBLers discussed the benefits of jointly held, second-to-die life insurance policies. It was pointed out that these can have great cost benefits because insurance money is paid out exactly when needed – when income tax is due upon the second death.
The conversation then moved on to the effectiveness of hotchpot clauses when a corporation forms part of an estate. Participants discussed the complexity of using a hotchpot clause in situations where one beneficiary has already received money from a corporation for which the testator is a shareholder.
Lastly, participants discussed how one can ensure that an Attorney for Property receives compensation for their efforts in selling a property when the owner passes away prior to sale. While an attorney will receive compensation for their work towards distributing the assets of the estate, participants acknowledged that ensuring that one receives compensation for their earlier work may be more complicated.
The last Brown Bag Lunch of the season will be on June 19, 2018!