WebCPA:  “with the passing of Boss George Steinbrenner, there may soon be even more reason to loathe the Bronx Bombers and all they stand for. The reason here isn’t some new ace pitcher they bought from another team, but rather the estate tax law.”

Forbes:  “There's no estate tax this year, but tangled new income tax rules apply. Here's how to thread your way through the morass. . . .  But behind the scenes, lawyers and accountants are wrestling with a far more practical problem that affects all inheritors this year: the tangled new income tax rules that apply to assets inherited in 2010. “

Gilbert Ortega was an Arizona self-made millionaire who died in 2003 and left his large estate to his family.  The family is in court fighting over their inheritance.  Arizona Republic story says  “a bitter family legal battle over the estate, at one time estimated at $40 million, threatens the turquoise and silver empire. The dispute involves a lawsuit and countersuit between the Ortega siblings, their mother, Linda Ortega, and David Stocking, an accountant for the family business.”

The Probate Lawyer Blog:  “It's been a relatively-quiet couple of months in the Gary Coleman estate, after the two weeks of craziness that followed his sudden death on May 28, 2010.  It looks like that's about to change.”

The Probate Lawyer Blog has a two part article about Dr. Albert Barnes and his art collection valued at $25 – $30 billion.  He died in 1951 after creating a foundation to care for and display his art collection.  Dr. Barnes tried to control the foundation from the grave to the nth degree, but his control ultimately lead to the his collection being used in ways that he would never have allowed.  Part 1 and part 2 are very interesting reads.  The Probate Lawyer also recommends a recent documentary now on DVD about Dr. Barnes and his art collection called “The Art of the Steal.”

The New York Post has a story on the late Yankee owner George Steinbrenner's last will and testament that was recently filed in a Tampa, Florida, probate court.  The big question for the estate is whether Congress will enact a retroactive estate tax that applies to people like George Steinbrenner who die in 2010 while there is no federal estate tax.

Two stories in which the author's speculate on what Congress will do about the federal estate tax.  The first is “Be prepared for return of estate tax” which states “There’s never really a bad time to do estate planning. But in the months ahead, you may have an extra incentive to look at your estate plans. Why? Because changes are coming to estate tax laws — so you’ll want to be ready.”  The second article is “Congress likely to punt on estate tax until fall – or later,” which starts: “But reversion to 55% tax and $1M exemption not seen as likely.”

Colorado attorney Lew Dymond, one of my favorite estate planning mentors, posted an article on the WealthCounsel blog about the consequences of the expiration on January 1, 2011, of the “Economic Growth and Tax Relief Reconciliation Act of 2001,” aka EGTRRA.

Dayton Daily News:  “There are many reasons people cite for not filling out important documents like a will or papers dealing with medical decisions.  First, there’s the fear of death . . . . Then there’s good old-fashioned procrastination . . . . None are good reasons . . . . Getting your important documents in order can offer peace of mind and can avoid future costs.”

Morningstar:  “Not doing so can have unintended consequences.  But improper titling–or failing to change asset titles when your life situation changes–can lead to unintended consequences. For one thing, the way your assets are titled will trump anything that's in your will. So if you pass away and you've titled your assets in a way that doesn't reflect your current situation and true wishes, the work you've put into estate planning may be for naught.”

Contractor Mag:  “From a tax-planning viewpoint, once the first (could be second, third, etc.) marriage ends, the ex-husband falls into one of three distinct categories [looking for the next spouse, next marriage, significant other]. Each category requires different economic and tax strategies. Let's take them one at a time.”

Contractor Mag:  “From a tax-planning viewpoint, once the first (could be second, third, etc.) marriage ends, the ex-husband falls into one of three distinct categories [looking for the next spouse, next marriage, significant other]. Each category requires different economic and tax strategies. Let's take them one at a time.”

Forbes:  “Don't trust the courts to follow your wishes–plan the distribution of your own assets.  Many people believe that when they die, their personal belongings and all of their worldly possessions will automatically go to their next of kin–even if they don't have a will. Unfortunately, they're wrong. In fact, if an individual dies intestate (without a will) the probate courts will determine how to distribute that person's assets.”

Phoenix Business Journal:  “When Congress returns in September, it will have four months to do what it has failed to do in the past nine years: fix the absurd situation it created for the estate tax.”

Wealth Strategies just published the first of a six part series on lesser known trusts written by attorney Wendy Goffe.  She says, “Part I of the article provides a brief outline and introduction.  Part II discusses unusual trusts that still conform to the usual trust model.  Part III discusses commercial trusts, or corporations masquerading as trusts.  Part IV discusses trusts without a beneficiary, the so-called “purpose trusts.”  Parts V and VI discuss miscellaneous trusts, constructive trusts, and trusts that defy categorization.  Finally Part VII discuses sham trusts — creative criminal acts using a trust name.” Part 2 of the article covers the following commercial trusts: Statutory Business Trusts Investment Trusts Environmental Remediation Trusts Statutory Land Trusts Liquidating Trusts Voting Trusts. Part 3 covers the following

The Wall St. Journal has a timely article on the consequences arising from the death of people during 2010 when the stepped up basis rules applicable to inherited property is replaced by a carry over basis rule.  The article states, Under current law, heirs of 2010 estates who sell assets at any point in the future could owe capital-gains taxes measured from the original owner's purchase price. . . . If you plan on leaving your heirs valuables, be warned: The tax code requires that objects worth more than $3,000 must have their value confirmed by an appraiser.”

Forbes:  “Check your estate plan now. A common trust arrangement could leave a surviving spouse with too little. . . . Since the estate tax has been eliminated for persons dying in 2010, a decedent's trust created by the traditional language–‘the largest taxable estate on which no federal estate tax is payable'–will contain all of the couple's assets and the survivor's trust will have no assets!”

New York Times:  “Family limited partnerships are primarily used to reduce the size of an estate for tax purposes. What makes them so attractive is that the value of whatever is in the partnership . . . can be discounted . . . . But now, with continued scrutiny by the Internal Revenue Service, some people are taking another look.”

Herald Tribune:  “The life of Bobby Fischer was one strange odyssey . . . .  His death is proving no less fascinating . . . . an almost surreal scene earlier this month, when officials gathered . . . to exhume his body for a DNA sample to determine whether he was the father of a 9-year-old girl.”