For parents with young children, naming the guardian who will raise their children upon the parents’ passing can be one of the most important and foundational questions of an estate plan. And in fact, because this decision is...more
For parents with young children, naming the guardian who will raise their children upon the parents’ passing can be one of the most important and foundational questions of an estate plan. And in fact, because this decision is...more
On this podcast, we talk about the importance of flexibility in irrevocable trusts and estate planning. Once a trust is irrevocable, we can explore methods to modify that trust to address changed circumstances. But in the...more
As we have discussed on this podcast, legacy planning is not just about transferring money. It’s also about transferring values and relationships. And often the transfer of specific property goes hand-in-hand with the...more
Many clients like the idea of helping a child, grandchild or other beneficiary with the purchase of a home to give the person a “head start” and a sense of independence. But this kind of transfer can have unanticipated,...more
Because each donor is treated as a separate party for tax and other purposes, donors often involve others in making gifts. For example, a donor might transfer assets to his or her spouse, so the spouse actually makes the gift...more
This podcast often discusses the elements of a trust, and how to grant access, control and flexibility to beneficiaries and trustees. But for tax and other purposes, the donor typically cannot retain those kinds of...more
In previous episodes, we discussed the exemptions that apply for gift, estate and generation-skipping transfer tax. Many of these exemptions are adjusted for inflation each year. In Episode 16, we’ll review those exemptions...more
The beginning of the year is a good time to think about annual gifts to descendants and other beneficiaries. Episode 17 will walk through some options to make efficient use of annual gifting and also address some potential...more
If you had to say where your will is located right now, could you? Despite the importance of that document, many clients are not sure where the original is located. In this episode, Steve discusses the case of Aretha...more
Steve Murphy, chair of the private wealth services group, dives deeper into the subject of SLATs in this episode. SLATs can work well with estate tax benefits and creditor protection benefits, all while giving the spouse...more
Steve Murphy, chair of the private wealth services practice group at McGuireWoods, discusses the Spousal Lifetime Access Trust, also known as the SLAT. Steve explains the rights that your spouse can have in this trust through...more
In this episode, Steve discusses the importance of the rule-based power to remove and replace a trustee. He explores this topic through the Leo Kahn Revocable Trust case in Massachusetts. In this case, the settlor named three...more
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following...
...more
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following:...more
In Boyle v. Anderson, No. 210382 (Va. April 14, 2022), the Supreme Court of Virginia addressed an emerging topic in trusts and estates: whether a settlor can require that trustees and beneficiaries submit any disputes to...more
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: ...more
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following:
In...more
In the Matter of the William J. Raggio Family Trust, 460 P.3d 969 (Nev. April 9, 2020). Nevada Supreme Court found that the settlor’s surviving spouse, as trustee, did not have a duty to consider her other assets, including...more
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following...
...more
In the Matter of Cleopatra Cameron Gift Trust Dated May 26, 1998.
The Supreme Court of South Dakota held that a California court’s order requiring payment of child support from a trust was not entitled to full faith and...more
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following:
Smith...more
On June 24, 2019, Connecticut enacted HB 7104, adopting the Uniform Trust Act. One important provision of the act was the “Connecticut Qualified Dispositions in Trust Act,” permitting the establishment of self-settled...more
On April 9, 2019, the Indiana Legislature enacted S.B. 265 to amend the Indiana Code concerning trusts and fiduciaries. The Indiana governor signed the act May 5. One important provision of the act was the addition of a new...more
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following:
Ali v....more