December wrap up- holiday gifts and estate planning

Print Article

The holidays are just about over and a new year is upon us! In December we discussed holiday gifts, estate planning, and Rupert Murdoch’s court case to change his irrevocable trust.

Holiday Gifts

It’s the season of giving. One thing you might not have thought about is whether or not your holiday gifts are taxable. In 2024, you can gift $18,000 per person without having to file a gift tax return. You can gift more than $18,000 to someone this year, but, you need to file a gift tax return. Filing a gift tax return doesn’t necessarily mean you will be taxed on the gift though. Instead, this will lower your lifetime gift exemption by the amount you gifted. Here’s why you might make lifetime gifts from your estate. Just note, the numbers in this newsletter are a bit outdated.

Thinking of making a non-cash gift this year? A study surveying 2,000 people found that 21% of Britons received an unwanted holiday gift– a burial plot was considered one of the worst gifts.

Murdoch Trust

Rupert Murdoch, owner of Fox News and the Wall Street Journal has been attempting to amend his irrevocable trust for the last several months. The changes to the trust would solidify Rupert’s son, Lachlan’s, control over the media empire. Earlier this month, a court official in Reno, Nevada, ruled against Rupert and Lachlan saying that they operated in bad faith and not in the interests of other family members. All information regarding the case is based on a copy of the order received by the New York Times. The actual court records from the case remains sealed.

The court case has left many wondering how this effects them and their trust? And the answer is, probably very little.

Estate Planning

Estate planning is a common topic in the news around the holidays. Many make creating or updating an estate plan a new years resolution. Others are inspired to revisit their estate plan after seeing family they forgot to include, or that they realize they should no longer include. Whatever the reason, people are talking about estate plans.

The Wall Street Journal explored what sorts of mediums actually count as a will. In many states digital recordings or videos do not, but in some (like Arizona) an electronic writing or note might. Other outlets explore topics like how unusual assets like cryptocurrency may require additional planning. Forbes discusses how ultra high net worth individuals might incorporate security into estate planning in light of the recent shooting of UnitedHealthCare’s CEO.

Warren Buffet also offers some estate planning advice to parents in a letter to Berkshire Hathaway shareholders– “When your children are mature, have them read your will before you sign it. Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death.” Should you follow his advice? For some, this transparent approach to estate planning may be the right answer, for others, it is a more complicated decision.

Other Stuff

Stay up to date

Subscribe to our Newsletter to get our takes on some of the situations families, seniors, and individuals with disabilities find themselves in. These posts help guide you in the decision making process and point out helpful tips and nuances to take advantage of. Enter your email below to have our entries sent directly to your inbox!

Robert B. Fleming

Attorney

Robert Fleming is a Fellow of both the American College of Trust and Estate Counsel and the National Academy of Elder Law Attorneys. He has been certified as a Specialist in Estate and Trust Law by the State Bar of Arizona‘s Board of Legal Specialization, and he is also a Certified Elder Law Attorney by the National Elder Law Foundation. Robert has a long history of involvement in local, state and national organizations. He is most proud of his instrumental involvement in the Special Needs Alliance, the premier national organization for lawyers dealing with special needs trusts and planning.

Robert has two adult children, two young grandchildren and a wife of over fifty years. He is devoted to all of them. He is also very fond of Rosalind Franklin (his office companion corgi), and his homebound cat Muninn. He just likes people, their pets and their stories.

[email protected]

Elizabeth N.R. Friman

Attorney

Elizabeth Noble Rollings Friman is a principal and licensed fiduciary at Fleming & Curti, PLC. Elizabeth enjoys estate planning and helping families navigate trust and probate administrations. She is passionate about the fiduciary work that she performs as a trustee, personal representative, guardian, and conservator. Elizabeth works with CPAs, financial professionals, case managers, and medical providers to tailor solutions to complex family challenges. Elizabeth is often called upon to serve as a neutral party so that families can avoid protracted legal conflict. Elizabeth relies on the expertise of her team at Fleming & Curti, and as the Firm approaches its third decade, she is proud of the culture of care and consideration that the Firm embodies. Finding workable solutions to sensitive and complex family challenges is something that Elizabeth and the Fleming & Curti team do well.

[email protected]

Amy F. Matheson

Attorney

Amy Farrell Matheson has worked as an attorney at Fleming & Curti since 2006. A member of the Southern Arizona Estate Planning Council, she is primarily responsible for estate planning and probate matters.

Amy graduated from Wellesley College with a double major in political science and English. She is an honors graduate of Suffolk University Law School and has been admitted to practice in Arizona, Massachusetts, New York, and the District of Columbia.

Prior to joining Fleming & Curti, Amy worked for American Public Television in Boston, and with the international trade group at White & Case, LLP, in Washington, D.C.

Amy’s husband, Tom, is an astronomer at NOIRLab and the Head of Time Domain Services, whose main project is ANTARES. Sadly, this does not involve actual time travel. Amy’s twin daughters are high school students; Finn, her Irish Red and White Setter, remains a puppy at heart.

[email protected]

Famous people's wills

Matthew M. Mansour

Attorney

Matthew is a law clerk who recently earned his law degree from the University of Arizona James E. Rogers College of Law. His undergraduate degree is in psychology from the University of California, Santa Barbara. Matthew has had a passion for advocacy in the Tucson community since his time as a law student representative in the Workers’ Rights Clinic. He also has worked in both the Pima County Attorney’s Office and the Pima County Public Defender’s Office. He enjoys playing basketball, caring for his cat, and listening to audiobooks narrated by the authors.

[email protected]