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Wills, Trusts, & Estate Planning Securities

Read Wills, Trusts, & Estate Planning updates, articles, and legal commentary from leading lawyers and law firms:

Commercial Division Rejects Third-Party Claim as Derivative in Trusts’ Suit Concerning Upper West Side Beaux-Arts Building

Asserting a claim on behalf of a trust in the Commercial Division can be risky, as the party asserting the claim must establish that the claimed injury is independent of any injury to the trust, and that they are therefore...more

Duty to Diversify – Texas Bankers Association’s Real Estate, Oil and Gas Conference

by Winstead PC on

David F. Johnson, lead writer for the Texas Fiduciary Litigator blog, presented “Asset Concentrations and the Duty to Diversify” to the Texas Bankers Association’s Real Estate, Oil and Gas Conference, in San Antonio on March...more

Asset Concentrations And The Duty To Diversify

by Winstead PC on

David F. Johnson, lead writer for the Texas Fiduciary Litigator blog, presented “Asset Concentrations and the Duty to Diversify” to the Texas Bankers Association’s Real Estate, Oil and Gas Conference, in San Antonio on March...more

Would equity deem an enforceable irrevocable power of attorney (IPA) to be a trust rather than an agency?

by Charles E. Rounds, Jr. on

At law and in equity the classic agency is terminable at the will of either the principal or the agent, and in any event upon the death or mental incapacity of either. The durable power of attorney is one statutory partial...more

Emerging Trends Newsletter - Q4

by Stinson Leonard Street on

The Volcker Rule Under the Trump Administration - The so-called Volcker Rule—named after Paul Volcker, a former chairman of the Federal Reserve Board—was part of the Dodd-Frank Wall Street Reform and Consumer Protection...more

Estate Planning Pitfall: You’re donating high-basis stock to charity

As the end of the year approaches, many may begin thinking about making gifts to qualified charitable organizations as a way to reduce potential estate and income tax liability while supporting a worthy cause. This brief...more

Impact Investing and Private Foundations

by Bryan Cave on

Bryan Cave recently organized a half-day symposium examining the opportunities and legal considerations related to responsible and impact investing strategies. The Responsible and Impact Investing Symposium, held on November...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

Exclusion for Qualified Small Business Stock

by Foley & Lardner LLP on

The Protecting Americans from Tax Hikes Act, passed in December 2015, extended an often overlooked provision of the tax code with the potential to provide significant savings to small business owners and non-corporate...more

Proposed 2704 Regulations: Significant Impact on Valuation Discounts for Family Businesses

by Tucker Arensberg, P.C. on

Background: On August 4, 2016, the Treasury Department and Internal Revenue Service issued proposed regulations addressing the valuation of certain business interests for federal estate, gift and generation-skipping tax...more

IRS phases out valuation discounts - planning likely required before the end of 2016

by DLA Piper on

Earlier this month, the US Treasury issued proposed regulations that, when finalized, will significantly increase the transfer tax cost of transferring interests in family-controlled entities to other family members, both...more

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

by Charles E. Rounds, Jr. on

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

Important news for family-held businesses: IRS proposes imminent changes in family valuation discounts

On August 2, 2016, the Treasury Department issued Proposed Regulations to Section 2704 of the Internal Revenue Code. These proposed regulations are directed at family controlled entities (many of which hold operating...more

Treasury Department Issues Proposed Regulations on Valuation Discounts

by Lathrop Gage on

On Aug. 2, 2016, the Treasury Department issued proposed regulations on valuation discounts. These proposed regulations make sweeping changes to the valuation rules for family-owned entities. If the proposed regulations...more

Executrix Held Liable Under Federal Claims Statute For Actions Taken Prior to Appointment as Executrix

by Charles (Chuck) Rubin on

A decedent died while owing over $340,000 in unpaid federal income tax liabilities. His estate was insolvent. The assets of his estate consisted almost entirely of a 100% interest in one corporation and 50% of another...more

Sole interest or best interest: Equity's traditional default loyalty principle is under attack

by Charles E. Rounds, Jr. on

Some in academia have been advocating that trustees generally be held to a best-interest-of-beneficiary default standard rather than the traditional and more rigorous sole-interest-of-beneficiary default standard. See Loring...more

Court Affirms Holding That A Trust Owns Stock That Was Issued To The Trustee In His Individual Capacity

by Winstead PC on

In Dutcher v. Dutcher-Phipps Crane & Rigging, Inc., a trust owned twenty percent of a family limited partnership that in turn owned a family business. No. 08-15-00202-CV, 2016 Tex. App. LEXIS 3809 (Tex. App.—El Paso 2016, no...more

Ten Tips for Preventing Feuds from Wrecking Your Family Business

Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more

New York Supreme Court Dismisses ACE Action Re-Asserting Repurchase Claims against DB Structured Products

On March 29, 2016, Justice Marcy Friedman of the New York Supreme Court rejected the trustee’s attempt to renew previously dismissed claims in ACE Securities v. DB Structured Products, Inc. As we previously reported, the...more

Multiparticipant Trusts and Conflicting Duties

by Holland & Knight LLP on

A recent article in the Real Property, Trust and Estate Law Journal [Volume 50, Number 2, Fall 2015] discussed the phenomena of grantors of trusts "increasingly naming trust protectors, particularly for a trust that may...more

Preserving Your Family Business (or Sale Proceeds) for Generations

by Davis Wright Tremaine LLP on

As promised, below is a follow-up to my February 29th post. There, I discussed estate tax planning. Below, I want to introduce generation skipping tax planning, using some similar tools. As of 2016, each person has a...more

Plan Ahead to Avoid or Minimize US Estate Tax

If you are not a US resident or a US citizen and are considering buying assets in the US, there are ways to avoid or minimize US estate tax on those assets. ...more

Parties Settle Closely Watched Tax Court Cases Involving Defined Value Clause

by McGuireWoods LLP on

The IRS and executors have settled two cases in the United States Tax Court involving members of the Woelbing family, who own Carma Laboratories, Inc., of Franklin, Wisconsin, the maker of Carmex skin care products, and a...more

SEC Issues Guidance Clarifying Rule 144(d)(1) Holding Period Requirements For REIT Shares Exchanged For Operating Partnership...

by Proskauer Rose LLP on

On March 14, 2016, the staff of the SEC's Division of Corporate Finance issued a no-action letter (the "No-Action Letter") concluding that, for purposes of Rule 144 promulgated under the Securities Act of 1933, as amended...more

Financial Services Quarterly Report - First Quarter 2016: UK Investment Trust Companies for Credit Portfolios – Their Time Has...

by Dechert LLP on

According to statistics published by the Association of Investment Companies (AIC), the UK trade association for closed-end investment companies, in 2015 net fundraising for closed-end investment companies, including...more

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