By Jordan Alford, Law Office of Jordan Alford LLC

On November 13, 2013, our Section breakfast featured Kathleen M. Womack, a fellow Atlanta estate planning attorney, who specializes in planning for same-sex couples. Her presentation was especially timely, considering the changing dynamics around the country in respect to the legality of same-sex marriage. Ms. Womack provided the section with an illuminating report on the estate planning difficulties faced by same-sex couples in Georgia and the nuances that each practitioner should know when dealing with these obstacles.

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By Jeff Mangieri, deAndrade Mangieri LLC 

Matthew Howard, of Moore Ingram Johnson & Steele, helps his clients tap alternative risk transfer mechanisms and create 831(b) captive insurance companies. On October 9, 2013, at our Section breakfast, he shared the benefits of his extensive experience with microcaptives that meet the requirements of Internal Revenue Code Section 831(b). 

 

Mr. Howard stated that the name "microcaptive" refers to small insurance companies - those with less than $1.2 million in annual premiums - that provide insurance to, and are controlled by, their owners.  Code Section 831(b) allows these companies to elect to have their federal taxes based only on their investment income - not on insurance profits.   

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Our Section's September 26, 2013 luncheon featured Professor Jeffrey N. Pennell, of the Emory University School of Law. Professor Pennell provided attendees with information regarding a number of important developments in the estate planning arena, as well as with some thoughts about what the future may hold. As usual, his written materials contained a wealth of information beyond that covered during the meeting. Those who were unable to attend the meeting may download a copy of the materials from the Section's website. Pennell began by predicting that there will be no significant new wealth transfer tax legislation in the remaining months of 2013. This prediction likely comes as a great relief to many Section members who remember the chaos which occurred in late 2012 as clients and advisors scrambled to make large gifts and take advantage of estate, gift, and generation-skipping transfer tax exemptions which were, at that time, about to expire.

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By Millie Baumbusch, Gaslowitz Frankel LLC 

A primary concern should be title. There are generally no title registration requirements for artwork and collectibles, so proving title can be onerous and costly. Title needs to be considered when purchasing and when selling or donating art. There are a few companies that will provide title insurance for artworks; such policies will pay for the defense of the claim and for the loss of the art if the defense is unsuccessful. Some charities are now requiring donors to purchase this coverage before they will accept the donation of a piece of art.

By Rhylan Simmons, Georgia State University School of Law 3L 

Johnson et al. v. Fitzgerald, 324 Ga. 160 (2013), Decided November 18, 2013, Case No. S13A0762. 

The executor of a will offered a copy of the original will, which could not be found, for probate in solemn form to the probate court. After evidence and argument, the court allowed the will to be probated. This decision was appealed, and after a jury trial, the Superior Court affirmed. The decision was then appealed to the Supreme Court of Georgia, who also affirmed.

By Julia Hightower, Georgia State University School of Law 3L

Two of testator's three daughters petitioned to admit a Will to probate on May 27, 2008. The purported Will appointed all three daughters co-executors of Testator's estate. Duncan, the non-propounding third daughter, filed a caveat. After a hearing on the caveat, the trial Court approved the Will propounded by the two daughters and issued letters testamentary as co-executors to only the two daughters on December 13, 2011.