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Personal Planning Strategies - December 2016

2017 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...more

For Love or Money: Considering Prenuptial Agreements

The question of prenuptial agreements comes up often in multi-generational family- owned businesses. The question is typically raised by mom or dad, or maybe grandmother or grandfather, and goes something like: “We’re all...more

French restructurings: Could a 'high yield' noteholder block a safeguard procedure?

The issuance of international bond debt, aka high yield notes, has been a very popular financing option for French companies for the last few years, whether it was to finance their industrial investments or to fund an LBO...more

Buy-Sell Agreements in a Divorce (Part 1)

My prior articles have discussed how to monetize one spouse’s equity interest in a privately held company that has no other owners. However, many businesses are started by two or three partners contributing their ideas,...more

Trust Planning for Your Lake Home

Part of your family legacy takes place on the lake. Lake homes are significant investments. You have memories of family trips, of children, and maybe even grandchildren, growing up at the home. Preserving the lake home and...more

How to Protect Your Personal Treasure in a Legal Lockbox

When you are in a high-profile profession—doctor, attorney, business owner—you have a lot to lose. Being in your position, you are a high liability target for lawsuits and claims. No one wants to lose their...more

Recent Cases of Interest to Fiduciaries

Berlinger v. Wells Fargo, N.A., Case No. 2:11-cv-459-FtM-29CM, 2015 WL 6125529 (M.D. Fla. Oct. 16, 2015) - Discretionary distributions to beneficiary which were used in part to satisfy alimony obligations were not...more

Employing the term "family" in trust instruments and trust-related legislation is asking for trouble

Employing the term “family” in trust instruments and trust-related legislation is asking for trouble. In §8.15.6 of Loring and Rounds: A Trustee’s Handbook (2016) the authors explain why the meaning of the term in a given...more

Tax and Estate Planning Newsletter - Winter 2015

Dear Clients and Colleagues: The holiday season brings thoughts of the New Year, with reflections on recent changes and resolutions for the future. During this season of reflection and planning, consider the effect of...more

Succession Planning: “If I get hit by a bus tomorrow…”

Let’s face reality. We are all going to pass on someday, so we might as well be prepared and lessen the burden for those following behind us. One of the first steps in effective succession planning is to gather in one place...more

Whether the trust relationship should be fundamentally transmogrified into a juristic entity/person

In re Estate of Fournier, 902 A.2d 852 (Me. 2006) illustrates how a fundamental conversion of the trust relationship by legislation or otherwise into a juristic entity/person might well limit the trust’s practical...more

Dead Hand Proxy Puts Create Litigation Risk for Lenders

Why it matters - In a noteworthy decision, the Delaware Court of Chancery ruled that a lender could be held liable for aiding and abetting a breach of fiduciary duty by directors of a public company borrower by including...more

A trust is not an agency

The trustee is not an agent of the beneficiary. The trustee's duty not to delegate the administration of the trust could well be implicated if the trustee without authority were to behave as if he were the beneficiary's...more

Why trustees need to know something about will residue clauses

The Anglo-American trust is an invention of the judiciary, specifically the English Court of Chancery. The will, a testamentary instrument, on the other hand, is a creature of statute. The testamentary trust is a product of...more

Article Abstract – Preferred Interest Partnerships to Use DSUE Amounts Received by a Surviving Spouse

These abstracts are provided as a service to the readers of Rubin on Tax to advise them of articles that may be of interest to them, both as they are published and as a research tool...more

Can a Receiver’s Appointment Be Declared Void by Another Court?

QUESTION: I am a receiver appointed pursuant to stipulation in an action pending in superior court between a husband and a wife over the operation of a business they own. After operating the business for many months, I agreed...more

Family Law: Corporate and Trust Challenges to Service of Process and Jurisdiction (Updated)

The president of a corporation, manager of a limited liability company, trustee of a family trust, or principal of another business entity receives a summons in a Florida divorce case. One spouse contends the other’s control,...more

The Massachusetts Uniform Trust Code: Context, Content, and Critique

The law review article "The Massachusetts Uniform Trust Code: Context, Content and Critique," 96 Mass. L. Rev. 27 (2014), co-authored by Courtney J. Maloney and Charles E. Rounds, Jr., contains a detailed discussion of the...more

Is a quiet (silent) trust illusory?

Is a quiet or silent trust illusory? The question is intentionally ambiguous. Is the question whether the trust itself is illusory, or just its quietness? A quiet or silent trust has been defined as “an irrevocable trust...more

LLC Preferred Interest Qualifies For Marital Deduction

In a recent private letter ruling, the question was raised whether an LLC interest that received a preferred return with additional LLC cash flow going to other common interests could qualify for the marital deduction if...more

The charitable corporation: A trust in disguise?

The charitable trust can have certain practical advantages over the charitable corporation, at least in some quarters and under certain circumstances. Operational simplicity and low-cost maintenance are some of the pluses....more

Insight on Estate Planning - October/November 2013

In This Issue: - To preserve your wealth, consider a DAPT - Estate planning for same-sex spouses: What the Supreme Court’s DOMA ruling means - Using an FLP or LLC? Beware the step transaction...more

Post Asset Search Legal Tools

Conducting an asset search on a subject is the first step for businesses and individuals to receive payments that are due to them. Most thorough asset searches cost less than $300.00 and provide existing assets of a subject...more

Business Valuation in Divorce - Choosing a Valuation Expert

Whenever a privately held business is among the assets in a dissolution proceeding, certain fundamental issues must be addressed in the context of determining the value of the business. If the business is relatively small in...more

How Your Company Can Benefit From an Asset Search

How Your Business or Company Can Benefit From an Asset Search It has become increasingly important over the past few years for businesses and companies to collect debts that are owed to them. The economy has been in poor...more

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