Part 3 of a 4-Part Series on Innocent Spouse Basics
(a) The Former Requirements: Rev. Proc. 2003-61, 2003‑32 I.R.B. 296, 2003 WL 21708514 (Aug. 11, 2003)
(b) The New Requirements: Rev. Proc. 2013-34, 2013‑43 I.R.B. 397, 2013 WL 5179241 (Oct. 21, 2013) Continue reading →
I.R.C. § 414(p) and 29 U.S.C. § 1056
Morris v. Metropolitan Life Ins. Co., 751 F. Supp. 2d 955 (E.D. Mich. 2010)
(a) Facts: When the husband and the wife were divorced, the state court divorce decree extinguished all rights held by one in any life insurance of the other. But the husband retained the wife as beneficiary of his employer-provided life insurance. Upon his death, the plan paid the proceeds to the first wife, and the husband’s second wife sued to recovery the proceeds. Continue reading →
In North Carolina, estate planning can be difficult with the high divorce rate. Most who are estate planning want the property to go where it is intended. The gift tax annual exclusion for 2015 is $14,000 per donor per donee. This means a married couple can, together, give $28,000 to a son. If they also make a gift to the daughter-in- law, that means $28,000 times two or $56,000 can be transferred from a married couple to a son and his wife, for example. Great estate planning, but what happens when the donees get a divorce. Continue reading →
North Carolina Divorce Lawyers Blog