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Helping Trustees Avoid Liability — The Duty of Enforcement and Defense of Claims

When there is a potential legal claim involving a trust, the trustee must act. A trustee has the duty to evaluate affirmative claims of the trust and to pursue those claims when enforcement would benefit the trust. A trustee...more

8/13/2019  /  Beneficiaries , Trustees , Trusts

Helping Trustees Avoid Liability — The Duty of Record Keeping and Identification of Trust Property

The duty of record keeping and identification of trust property requires that a trustee maintain the material information necessary to protect the beneficiaries’ interests. Not only is maintaining the records its own duty,...more

Helping Trustees Avoid Liability – The Duty of Control, Protection and Delivery

The duty of control, protection and delivery seems straightforward enough. It requires a trustee to “take reasonable steps” to collect the trust property, safely hold it and distribute it as required by the trust instrument....more

Helping Trustees Avoid Liability — The Duty of Prudent Administration

Prudent administration of a trust requires the trustee to exercise reasonable care. Most significantly, the trustee must follow the Prudent Investor Act. It generally requires the trustee to evaluate the merits of any...more

Helping Trustees Avoid Liability — The Duty of Impartiality

When a trust has multiple beneficiaries, the trustee must treat all of them fairly. This is easier when all the beneficiaries are in the same class. It becomes more difficult when dealing with income and remainder...more

Helping Trustees Avoid Liability The Duty to Administer the Trust

The most basic of a trustee’s duties is to administer the trust. Everything else builds from there. The trustee must administer the trust in good faith and in accordance with its terms and purposes and the interests of the...more

2/13/2019  /  Beneficiaries , Trustees , Trusts

Fielding Decision Creates Opportunities (and Potential Obligations) for Minnesota Trusts

On July 18, 2018, the Minnesota Supreme Court issued its decision in Fielding v. Commissioner, declaring that it was unconstitutional for the state to consider four trusts to be Minnesota “resident trusts” — and tax them...more

The Tax Cuts and Jobs Act: An Overview and Four 2018 Planning Suggestions

For the first time in more than 30 years, the countdown to the New Year was also the countdown to major revisions to the tax code. The Tax Cuts and Jobs Act (Act) became law in late December 2017 and contains sweeping changes...more

So You've Been Named as Trustee…Now What?

You’ve just discovered that you’ve been named trustee of a trust. Not only are you unsure of whether you should accept, you’re also wondering what exactly the role entails, the types of problems you might face, and whether...more

Discounts for Transfers of Interests in Family-Controlled Entities May Be Limited Severely Under IRS Proposal

The Internal Revenue Service has issued long-anticipated proposed regulations under Section 2704 of the Internal Revenue Code. These proposed regulations are broad and far-reaching. If the proposed regulations are finalized...more

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