Married couples have long enjoyed the right to jointly file their federal income tax returns, streamlining the reporting process and potentially decreasing their overall tax bill. By the IRS's count, nearly 93 percent of married filers for the 2023 tax year filed jointly (with more than 54 million joint returns processed for that year). But the ubiquity of joint filing obscures a risk: joint returns mean joint liability.

Revocable trusts are widely used and highly effective estate planning tools, offering a range of practical benefits. Nevertheless, clients often ask us whether assets placed in a revocable living trust are exempt from Nebraska inheritance tax. The short answer is no - a revocable trust does not, on its own, avoid inheritance tax. To understand why, it is important to examine how Nebraska's inheritance tax system works and how it differs from probate.

McGrath North is pleased to announce that 16 of its lawyers have received recognition in the 2026 Super Lawyers rankings. This recognition includes 14 McGrath North attorneys named to the Great Plains Super Lawyers list and 2 as Great Plains Rising Stars. This recognition reflects McGrath North's continued commitment to delivering excellence.

McGrath North is happy to announce that attorney Nick Viavant has joined the firm's Business & Corporate Practice Group.

A recent Delaware Chancery Court decision illustrates the risks of attempting to use AI to avoid a legal obligation. In Fortis Advisors, LLC v. Krafton, Inc., Krafton's CEO wanted to avoid a contractual payout of up to $250 million involving the highly anticipated video game Subnautica 2. When his executive team and lawyers failed to suggest a way he could avoid the obligation, the CEO turned to ChatGPT.