Wills, Trusts, & Estate Planning Finance & Banking

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2016 Year-End Estate Planning Advisory

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Revised Uniform Unclaimed Property Act Finalized for State Enactment—Legislative Drafting Notes and Interpretative Comments Added ...

The fourth iteration of a uniform unclaimed property act—entitled the Revised Uniform Unclaimed Property Act (RUUPA or Act)—has been finalized by the Uniform Law Commission for state enactment. The new Prefatory Note,...more

States Pass "Digital Assets" Legislation

Financial transactions are increasingly occurring online. Many of us pay bills electronically, or have them automatically charged to credit cards or debited from checking accounts. Many of us also receive asset and credit...more

Have Your Cake and Eat it Too? “Zeroed Out” Grantor Retained Annuity Trusts

With IRS-prescribed interest rates at historic lows and much like Intra-Family Loans described in a previous blog, a Grantor Retained Annuity Trust (GRAT) presents an excellent opportunity to transfer wealth to lower...more

Looking over the edge of the Cliff - The Use of Pooled Income Funds to Reduce the Taxation of Offshore Repatriated Carried...

The addition of IRC Sec 457A effectively ended the ability of investment managers to defer the tax recognition of the carried interest in the investment manager’s offshore fund. Under IRC Sec 457A, hedge fund managers must...more

Make Your Charity Great Again; Double-Check Your Compliance With State Registration Laws

Earlier this month, the New York Attorney General’s office ordered Donald Trump’s foundation to immediately stop soliciting charitable donations in the state. The attorney general also demanded that the Trump Foundation...more

Trusts and Estates Newsletter - October 2016

Connecticut Has a New Power of Attorney Act - A financial Power of Attorney (“POA”) is a document by which an individual can grant another individual (an “agent”) authority to act on his or her behalf with respect to...more

Choosing an Investment Adviser for a Special Needs Trust

Trustees of special needs trusts have a duty to properly manage the funds in their care. However, most trustees, especially non-professional ones, are not sophisticated investors and they should not be directly managing the...more

Pennsylvania Statute Amended to Exclude Powers of Attorney in Loan Documents and Commercial Transactions from Acknowledgment and...

Pennsylvania’s power of attorney law was amended on October 4, 2016 to provide exceptions for certain powers of attorney commonly used in commercial and loan transactions from certain provisions of the law. On July 2,...more

Recent Tax Court Case Rules on Treatment of Madoff Account

In a recent Tax Court decision, Harry H. Falk, and Steven P. Heller, Co-Executors, v. Commissioner of the Internal Revenue, the United States Tax Court ruled that in the case of the Madoff Ponzi scheme, an estate which paid...more

Using the Uniform Transfers to Minors Act for Minor Investors in EB-5 Investment Funds

The USCIS stated in a stakeholder call on July 28, 2016 that minors can be primary applicants on I-526 petitions for visas under the EB-5 Program, but bear the burden of proving by a preponderance of the evidence that they...more

A controversy is brewing over whether a Hungarian trust is a true trust, or just a type of contract

A controversy is brewing over whether a Hungarian trust is a true trust, or just a type of contract. Istvan Illés and Charles E. Rounds, Jr. conclude that it is not and explain the rationale for their conclusion in a law...more

Wealth Management Update - October 2016

October Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The October Section 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Jointly-Owned Property: Not Always the Right Plan

For any number of reasons, you have decided to add a partner, child, or close friend as a joint owner on one or more of your assets. Perhaps you are concerned about becoming disabled, and want to know that your loved one can...more

Understanding the Tax Consequences of Inheriting a Roth IRA

Passing down a Roth IRA can seem like a good idea, but it doesn't always make the most sense. Before converting a traditional IRA into a Roth IRA to benefit your heirs, you should consider the tax...more

Jumbo Reverse Mortgages Are Increasingly Available for High-Value Homes

Seniors with pricier homes now have an increased ability to get a jumbo reverse mortgage in order to raise cash for retirement. As the housing market has improved, jumbo reverse mortgages are becoming more popular even though...more

Intra-Family Loans: An Estate Planning Strategy in a Low-Interest Rate Environment

In the current economic environment, IRS-prescribed monthly interest rates for certain intra-family transactions are at historic lows. As a result, an excellent opportunity exists to transfer wealth to lower generation family...more

[Webinar] U.S. Tax and Estate Planning for Foreign Persons - Meritas Capability Webinar - September 27th - 1:00p.m. U.S. CDT

Many successful people come to the United States from other countries, either permanently or on study or work assignments that are intended to last just for a few years. These people may earn income in the United States and...more

A Different Kind of Board: Bret Magpiong Explains the Phenomenon of Family Boards of Advisors

When most people think about boards, they usually consider boards of directors for public or private companies, or non-profit boards. But there are other types of boards that rarely come to mind. Bret Magpiong, Chief Practice...more

Court Of Chancery Denies Inspection When The Board Has An Obvious Defense To A Claim Of Wrongdoing

In general, the bar is low for exercising inspection rights to investigate claims of wrongdoing. Plaintiffs need provide only some evidence to suggest a credible basis from which the Court can infer possible mismanagement or...more

Has the non-commercial trust relationship for the most part managed to avoid the cross hairs of the Financial Crimes Enforcement...

FinCEN issued (05/11/2016) final rules under the Bank Secrecy Act “to clarify and strengthen customer due diligence requirements” for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants...more

Wealth Management Update - September 2016

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

CFPB’s proposal for collection of decedent debt: a misguided approach (Part II)

In my blog post yesterday, I shared my concerns regarding the potential consequences of the CFPB’s proposed 30-day hold on all collection contacts after the date of a consumer’s death. A 30-day holding period in which...more

Do not break the trust after a trust is created - The law on concurrence examined

Dentons Rodyk acted for Mdm Harianty Wibawa, the settlor of an offshore discretionary trust which has a value exceeding US$45 million (taking into account distributions of some US$10 million). One of the beneficiaries and the...more

Valuation Discounts for Transfers of Interests in Family Entities May Be Severely Curtailed – You May Want To Act Now

On August 2, 2016, the Treasury Department and the Internal Revenue Service (the "IRS") issued proposed regulations under section 2704 (the "Proposed Regulations") of the Internal Revenue Code of 1986, as amended (the...more

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