Beneficiaries

News & Analysis as of

TN COA: Trustee Lacked Authority To Enter Pre-Dispute Arbitration Agreement

The Tennessee Court of Appeals recently held that a trustee’s signature of brokerage account agreement containing a pre-dispute arbitration clause did not bind the trust’s minor beneficiary. The Court held that an “all...more

Multiparticipant Trusts and Conflicting Duties

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

First Successful Prosecution For A Recommendation Based On Inside Information

French Administrative Supreme Court, 10 July 2015, n°369454 - A recommendation to acquire or dispose of a financial instrument on the basis of inside information is market abuse, even if no inside information is...more

The Rise of Litigation Involving Trust Protectors

Disputes involving trust protectors are increasing in number and will likely only further increase in number in the coming years. This blog post discusses what a trust protector is, whether trust protectors owe fiduciary...more

High Net Worth Family Tax Report, Vol. 11, No. 1

IRS Addresses a Section 1031 Exchange of Aircraft - While we usually think of real property as the asset most often exchanged under Section 1031 of the Internal Revenue Code, the provisions of that are by no means...more

New Basis Reporting Requirements for Executors and Beneficiaries

Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more

Form 8971 Filing Date Extended

The new Form relating to reporting to beneficiaries of estates and the IRS on the tax basis of distributed assets has had its first filing due date extended to June 30, 2016. ...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

Can Resolving a Legal Claim Be an Unfair Trade Practice?

A recent federal decision considers how N.C. Gen. Stat. § 75-1.1 applies when a plaintiff attacks the resolution of a legal claim. The decision might create a new categorical limit on direct-unfairness claims under section...more

Spendthrift Trusts – How to (Properly) Protect A Beneficiary From Herself

Much of the estate planning process is engaged with protecting vulnerable persons from negative outside influences. We name guardians to take care of minor children, utilize Powers of Attorney to facilitate substitute...more

Family Drama in a Galaxy Far, Far Away

George Lucas recently stated that Star Wars is “actually a soap opera, and it’s all about family problems.” Distributing the assets of a deceased loved one is a problem that almost all families will eventually face. So, in...more

Income Tax Assessment on Beneficiary Allowed Even Though the Statute of Limitations Had Expired

A recent Tax Court case illustrates how the IRS was able to assess income taxes against two trust beneficiaries even though the statute of limitations for assessment had expired, via the mitigation provisions of the Internal...more

Estate Planning For Real Property

Often the most difficult asset for which to plan in an estate plan is non-commercial real property such as a family farm, a hunting cabin or other recreational property. This is especially true when the property makes up a...more

Court Reverses Finding Of Undue Influence In A Will Contest And Discusses Requirements To Execute A Will

In In re Estate of Kam, an elderly man executed a new will to omit any gift to one son after the man discovered that his life insurance had been altered to name his son as the sole beneficiary. No. 08-14-00016-CV, 2016 Tex....more

Treasury Green Book Proposals — Inheriting IRAs

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

New Reporting Requirements for Property Received from an Estate

What you need to know: On March 2, 2016, the Treasury Department released proposed regulations (REG-127923-15) implementing a new law that requires consistent reporting of value of certain assets received from an estate....more

A Construction Case with Rats: Now Ain’t That a Kick in the Head

I usually write about cases because I find them “interesting.” And by interesting, I usually mean that in the most clinically (to most) boring way because they either expand, restrict or offer some other exciting (to me)...more

4 Steps To Take If An Estate Dispute Is Brewing

If an estate dispute is brewing (but is not yet in litigation), there are several important steps that people can take to maximize their odds of success if the matter proceeds to litigation. In the vast majority of...more

Texas Supreme Court Hears Oral Argument on Legal Malpractice Case Involving Standing of Beneficiary of Trust

On February 10, 2016, the Texas Supreme Court heard argument in a case that involves the issue of legal standing to sue when a trust is injured by the actions of a third party. In DLA Piper US, LLP v. Linegar, Chris Linegar...more

FirstMerit Bank, N.A. v. Diana L. Reese

Attorney Julie R. Woods wrote the following case alert for the State Bar of California Trusts and Estates Section regarding FirstMerit Bank, N.A. v. Diana L. Reese. Julie is on the committee for finding and disseminating new...more

The "New" New Jersey Uniform Trust Code: Creating Uniformity for Beneficiaries, Trustees and the Professionals that Advise Them

As an estate planning attorney, it is hard to contain my excitement that a version of the Uniform Trust Code (“NJUTC”) was enacted in New Jersey on January 19, 2016 with an effective date of July 17, 2016. With its passage,...more

7 Ways You Can Prepare for Your First Estate Planning Meeting

Somewhere on every grown-up person’s to-do list is an entry that reads something like “tackle estate plan”. You may even find it among your New Year’s resolutions. The prospect of planning your estate with an attorney can be...more

New IRS Form Required for Estate Basis Reporting Due Feb. 29

On January 29, 2016, just as tax season is heating up, the IRS released the final version of Form 8971 "Information Regarding Beneficiaries Acquiring Property From a Decedent," and its instructions. As a part of the Surface...more

The Rosenbaum Law Firm Review - January 2016

Future Trends In 401(k) That A Plan Sponsor Should Be Aware Of. Who to pick and why. What was good yesterday might not be good today. There were cigarette ads in the 1930s that suggested that smoking had health...more

Fiduciaries And Beneficiaries Should Be Aware Of Criminal Statutes

There are several criminal statutes that implicate fiduciary activities in Texas that are not well-known: misappropriation of fiduciary property and financial exploitation of the elderly. Though these may be similar in some...more

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