Wills, Trusts, & Estate Planning

BVI Trusts: Private Trust Companies

by Harney Westwood & Riegels on 5/24/2013

INTRODUCTION - Since 2007, it has been possible in BVI to establish a Private Trust Company (“PTC”) which may act as trustee of trusts without the need to obtain a BVI trust licence as long as certain conditions are...more

A Not-So-Good Domestic Asset Protection Trust Case

by Charles (Chuck) Rubin on 5/24/2013

Several states have adopted asset protection trust statutes that allow a grantor to establish a trust that is protected from the grantor’s creditors, even though the grantor is a discretionary beneficiary....more

Domicile Election for Non-UK Domiciled Spouses and Civil Partners

by Rasha Albazaz, Martyn Gowar, Clare Morison | McDermott Will & Emery on 5/24/2013

Non-UK domiciled individuals who have a UK domiciled spouse or civil partner now have the option to elect to be treated as domiciled in the United Kingdom for inheritance tax (IHT) purposes. This will enable them to receive...more

Group Health Plan Can Enforce Reimbursement Rights Against Trustee

by Lori Oliphant | Winstead PC on 5/24/2013

On the heels of the United States Supreme Court’s recent holding in U.S. Airways v. McCutchen, where the Court held that a group health plan’s reimbursement rights are not automatically subject to equitable defenses, it...more

Non-Tax Considerations in Estate Planning

by Reeve Chudd | Ervin Cohen & Jessup LLP on 5/24/2013

In estate planning, we often focus heavily upon (a) reducing estate taxes and (b) avoiding probate. But equally important are the considerations regarding our family who survive us, and the legacy we wish to leave behind....more

BVI Trusts: VISTA Trusts

by Harney Westwood & Riegels on 5/23/2013

INTRODUCTION The Virgin Islands Special Trusts Act (“VISTA”) came into force on 1 March 2004 and was introduced in order to allow a shareholder to establish a BVI trust over a BVI company which disengages the trustee from...more

The Gwartz Decision: The GAAR Is Not A Filler

by Jehad Haymour | Dentons on 5/23/2013

In Brianne Gwartz v. The Queen, 2013 TCC 86, the Crown attempted to utilize the GAAR to recharacterize as dividends certain capital gains which had been realized by a family trust and allocated to the minor-aged taxpayers in...more

Terms of Service and Deceased User’s Account

by Field Law on 5/23/2013

In Ajemian v. Yahoo Inc. (May 7, 2013), a Massachusetts court considered this question. Two brothers, who administered their brother John’s estate, brought a lawsuit against Yahoo for access to email messages of their...more

Estate Planning Alert: Minnesota Legislature Adds New State Gift Tax And Expands Estate Tax Provisions For Nonresidents

by Michelle Rehbein | Leonard, Street and Deinard on 5/23/2013

Just before midnight on May 20, 2013, the Minnesota Legislature passed the Omnibus Tax Bill....more

Why You Need an Estate Plan Post 2013 Tax Act

by Craig Dalton, Westray Veasey | Poyner Spruill LLP on 5/23/2013

Estate planning is the process of designating, during your life, the disposition of your assets upon your death in a manner that attempts to eliminate administrative uncertainties, reduce taxes, and maximize asset protection....more

New amendments keep BVI trusts at cutting edge

by Henry Mander | Harney Westwood & Riegels on 5/23/2013

The British Virgin Islands is a well respected and sophisticated jurisdiction for the establishment of trusts. The general principles of BVI trust law are derived from those of English law and they have been supplemented by...more

Estate Planning Alert: New Civil Marriage Law Could Increase Income Tax Costs, May Offer Estate Tax Benefits

by Michelle Rehbein, Shane Swanson | Leonard, Street and Deinard on 5/22/2013

On May 14, 2013, Governor Dayton signed a bill modifying Minnesota Statutes Sections 517 and 518. The bill enacts changes in Minnesota's marriage law, effective August 1, 2013....more

BVI Trusts: An Overview

by Harney Westwood & Riegels on 5/22/2013

INTRODUCTION - A trust is a legal relationship created when a person (the settlor) places assets under the control of another person (the trustee) for the benefit of beneficiaries or a specific purpose. The trustee is...more

Today’s Take: Don’t Mess With Elders

by Rodney Lee | Ervin Cohen & Jessup LLP on 5/21/2013

It is an unfortunate reality that as people get older, they become more and more susceptible to influence, abuse, and neglect. In fact, California has recognized that its elders are a disadvantaged class, that the cases of...more

It's not just any old business...it's your LEGACY!

by Sabrina Winters, Attorney at Law, PLLC on 5/21/2013

Estate Planning is so much more than the distribution of “things” and “money”. Estate Planning, if you truly look to the underlying motivation of why we even create an Estate Plan, is really about our values, our beliefs,...more

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

by Orrick - Structured Finance Group on 5/20/2013

On May 13, Justice Kornreich of the Supreme Court of the State of New York denied DB Structured Products, Inc.’s (DBSP) motion to dismiss an RMBS putback action brought against it by the trustee for the relevant RMBS trust. ...more

Changes to BVI Trust Legislation – Fine-tuning the Law to Promote Flexibility

by Margarita Hadjitofi, Henry Mander, Emily Yiolitis | Harney Westwood & Riegels on 5/20/2013

The British Virgin Islands is a well respected and sophisticated jurisdiction for the establishment of trusts. The general principles of BVI trust law are derived from those of English law and they have been supplemented by...more

Florida Medical Record Disclosure Law Preempted by HIPAA

by Jennifer S. Geetter, James Saling, Heather Egan Sussman | McDermott Will & Emery on 5/20/2013

The U.S. Court of Appeals for the 11th Circuit recently ruled that a Florida law requiring nursing homes to disclose patient records of deceased patients was preempted by the Health Insurance Portability and Accountability...more

The Health Care and Education Reconciliation Act’s Tax on Net Investment Income

by William McNairy, Sara Vizithum, Sue Young | Brooks Pierce on 5/20/2013

One of the provisions included in the health care reform legislation enacted in 2010 will subject certain individuals to a 3.8% tax on net investment income (or "unearned income"). The new law is effective in 2013 and imposes...more

FBAR Penalties and Estate Administration

by Sanford Millar on 5/20/2013

The death or disability of a taxpayer who has failed to timely file a Report of Foreign Bank or Financial Account (FBAR) can present difficult problems for fiduciaries like trustees, estate executors and conservators. The...more

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

by Loeb & Loeb LLP on 5/18/2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...more

If You Will®: Short Takes on Estates, Taxes and Trusts - May 2013

by Burns & Levinson LLP on 5/17/2013

"IF YOU WILL®: Short Takes on Estates, Taxes and Trusts” is a quarterly glance through an informal lens at selected news items, court decisions, legislative changes and/or important issues pertinent to estate planning. It is...more

Eliminate fighting over personal property

by Sabrina Winters, Attorney at Law, PLLC on 5/17/2013

It is quite often the personal property that causes the most heartache and disruption in families after a death. Although, money doesn’t usually have any sentimental attachment, it can cause issues of its own on an entirely...more

Following in Ohio’s Footsteps: The Expansion of Asbestos Transparency Legislation

by Rachel Reynolds | Sedgwick LLP on 5/16/2013

Asbestos personal injury trusts proliferated after many of the early primary asbestos product manufacturers reorganized under bankruptcy law. It is estimated that nearly 100 companies have declared bankruptcy in the face of...more

IRS Releases "Dirty Dozen" Tax Scams for 2013

by Ronald Adams on 5/16/2013

Some of this year's top scams are directed at innocent taxpayers, while others are committed by taxpayers in a futile and costly attempt to avoid taxes. For each of the last several years, the Internal Revenue Service has...more

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