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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

Court Affirms Order Requiring Partition of Property Where Fiduciary’s Homestead Argument Failed

In Byrom v. Penn, Byrom was appointed executor of his mother’s estate, and he was later removed as executor for breach of fiduciary duty by using estate funds to build a house for himself. No. 12-15-00033-CV, 2016 Tex. App....more

T&E Litigation Newsletter- July 2016 #2

The first two weeks of July have brought us some warm weather and three new decisions worth noting: First, in Bank of America, N.A. v. Commissioner of Revenue, Docket No. SJC-11995 (July 11, 2016), the Supreme Judicial...more

Court Affirms Power Of Attorney Holder’s Right To Revoke Gift

In Wise v. Mitchell, a power of attorney holder, Mitchell, filed a revocation of a deed that the principal issued to Wise. No. 05-15-00610-CV, 2016 Tex. App. LEXIS 6502 (Tex. App.—Dallas June 20, 2016, no pet. history). After...more

Court Reverses A Probate Order Requiring An Executor To Distribute Real Property Free Of Any Liens

In In re Estate of Heider, a probate court ordered that an executor should distribute real property to a beneficiary free of liens. No. 05-14-00436-CV, 2016 Tex. App. LEXIS 5978 (Tex. App.—Dallas June 6, 2016, no pet....more

Court Reverses Decision On The Fair Market Value Of A Residence Due To The Surviving Spouse’s Interest

In Estate of Sloan, a wife died leaving her home, and her husband was the executor of her estate. No. 02-15-00198-CV, 2016 Tex. App. LEXIS 6465 (Tex. App.—Fort Worth June 16, 2016, no pet. history). The wife’s will left all...more

Recent Connecticut Tax Law Developments

Coming off what was a relatively quiet year in 2014, the year 2015 was a tumultuous year for Connecticut tax law changes. The changes enacted during 2015 will impact virtually all taxpayers in the state (both individuals and...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

Family Vacation Home Planning

Transferring a family vacation home to the next generation without causing family strife takes serious planning. Even if the ultimate decision is to have the children own the property outright and figure out how to make it...more

"FIRPTA Reform Impacts Investment Opportunities in US Real Estate"

In recent months, much has been written to describe the reforms to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) contained in the Protecting Americans From Tax Hikes Act of 2015 (the Act), which have been...more

Court Holds That Will Did Not Revoke Inter Vivos Trust

In Gordon v. Gordon, a man and his wife executed a revocable trust agreement and began to fund the trust. No. 11-14-00086-CV, 2016 Tex. App. LEXIS 3357 (Tex. App.—Eastland March 31, 2016, no pet. history). The couple later...more

Fiduciary Alert: IRS Again Extends Time for Consistent Basis Reporting via Form 8971 until June 30, 2016

Effective March 23, 2016, the Treasury Department and Internal Revenue Service published Notice 2016-27, once again extending, until June 30, 2016, the deadline for executors and other persons to complete and file Form 8971...more

Consistent Basis Reporting Update: Treasury Issues Proposed Rules on Portability Returns, Final Values, and After-Discovered...

On March 4, 2016, the U.S. Department of the Treasury released both temporary and proposed regulations (the “Proposed Regulations”) on the consistent basis and reporting requirements between a decedent’s estate and persons...more

Crowdfunding: Disclosing Both Pros and Cons?

Crowdfunding has grown tremendously in the past few years, and with the recent finalization by the Securities and Exchange Commission of its rulemaking under a 2012 law, there may be an even greater expansion of investor...more

IRS Releases March 2016 Interest Rates

The 7520 rate for March 2016 has decreased to 1.8%... Section 1274.--Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property… Rev. Rul. 2016-07 – This revenue ruling provides...more

Court Affirmed Government Seizure Of Trust Asset

In 3607 Tampico Dr. v. State, the government brought a forfeiture proceeding under Texas Code of Criminal Procedure Article 59.02(a) for a house owned by a trust. No. 11-13-00306-CV, 2015 Tex. App. LEXIS 13056 (Tex....more

Court Affirmed Judgment That A Deed By A Trustee Without Specifying The Trustee’s Capacity Transferred Trust Property

In West 17th Res. LLC v. Pawelek, children of a grantor sued the grantees, alleging that the grantor did not convey a trust’s ownership interest in the property because the grantor did not indicate her capacity as a trustee...more

Have You Considered A Reverse Mortgage?

Are you at least 62 years of age and have 50% or more equity in your primary residence? Then the reverse mortgage, also referred to as a home equity conversion mortgage, is something you might want to think about. Reverse...more

Wealth Management Update - September 2015

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,...more

Important Tax Compliance Provisions Included in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015

On Friday, July 31, 2015, President Barack Obama signed HR 3236, the "Surface Transportation and Veterans Health Care Choice Improvement Act of 2015" (the "Act"). The Act modifies the extended six-year statute of limitations...more

Estate Planning Pitfall: Your IRA owns real estate

Most people invest their IRA funds in stocks, bonds and mutual funds. But others may opt for nontraditional investments, such as real estate, in the hope of boosting their returns. As this article details, when choosing to...more

Insight on Estate Planning - June/July 2015

In This Issue: - The basics of basis: Basis planning can result in significant tax savings - Does a private annuity have a place in your estate plan? - Estate tax relief for family businesses - Estate Planning...more

The Use of Delaware Statutory Trusts in Like Kind Exchanges Under Section 1031 of the Internal Revenue Code

Revenue Ruling 2004-86 (July 20, 2004) held that (a) the Delaware statutory trust (“DST”) described therein qualifies as an investment trust under IRC §301.7701-4(c) that will be classified as a trust for federal tax...more

NCUA Sues U.S. Bank and Bank of America for Allegedly Failing to Comply with RMBS Trustee Duties

On December 16, National Credit Union Administration filed a lawsuit in the United States District Court for the Southern District of New York against U.S. Bank N.A. and Bank of America N.A., in their capacity as trustees for...more

U.S. Bank Reaches $6 Million Settlement of Claims for Breach of RMBS Trustee Duties

On December 17, the parties in Oklahoma Police Pension and Retirement System v. U.S. Bank, N.A., No. 11-cv-8066 (S.D.N.Y.) asked the court to approve a $6 million settlement of class action claims asserted against U.S. Bank...more

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