Beneficiaries Trusts

News & Analysis as of

Court Holds That Trust No Longer Owned Vehicle Because It Allowed Beneficiary’s Wife To Drive It

In In the Interest of H.D.V., a husband appealed from a bench trial in a divorce proceeding. No. 05-15-00421-CV, 2016 Tex. App. LEXIS 9520 (Tex. App.—Dallas August 26, 2016, no pet. history). His mother had set up a trust for...more

Insight on Estate Planning - August/September 2016

In This Issue: - Alternate valuation date: Flexible postmortem planning a plus when markets are volatile - The write stuff: A letter of instructions - Making the most of your GST tax exemption - Estate...more

Recent Cases of Interest to Fiduciaries

In the Matter of Estate of Leon C. Chamberlain, 135 A.D.3d 1052 (N.Y. App. Div. Jan. 7, 2016) - Modification of trust terms is appropriate where limitations on investments permitted under trust instrument frustrated the...more

State Court Retroactive Change to IRA Beneficiary Not Given Tax Effect by IRS

A decedent had 2 IRAs. The death beneficiaries of the IRAs were trusts that qualified as "look through" trusts, such that the payout period for the IRAs after the decedent died could be computed using the life expectancy of...more

NPRA Redux: Proposed NPCL Amendments Approved by Senate and Assembly

The New York State Assembly and Senate have passed a bill that, if signed by the Governor, would amend the Not-for-Profit Corporation Law (the “NPCL”) and the Estates, Powers and Trusts Law (the “EPTL”) to clarify and refine...more

Will Your Estate Plan Preserve the Family Vacation Home?

Now that sunshine and blue skies are upon us, people are opening their summer homes for the season. Happy memories of family vacations and gatherings often motivate parents to seek out ways to preserve their second home for...more

The Unintended Consequences of Not Having an Estate Plan

Nobody likes to think about death, but failing to plan for it can cause unintended consequences for loved ones. Prompted by the death of Prince, a client recently came to see me. He had read in the news that heirs to...more

How Non-Probate Assets Can Affect Your Estate Plan: A Few Cautionary Tales

When you think about the control of your possessions and assets after your death, you probably think of a Will and probate. A Will is a written, legally enforceable declaration that states how you wish your assets to be...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

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

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

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

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

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 Federal Tax Legislation Impacts Executors AND Beneficiaries

This summer, new federal legislation was enacted which requires executors of decedents' estates to file information statements with the Internal Revenue Service ("IRS") as well as with estate beneficiaries, or face penalties....more

Improper Decanting [Florida]

In a case of first impression, Florida’s 5th District Court of Appeals interpreted Fla.Stats. §736.04117 relating to the ability of a trustee to decant a trust into a new trust arrangement. A trustee transferred the funds of...more

Trust Matters Update - December 2015

The Trust Matters Update is a periodical summary of cases, case comments, consultations, publications, legislative developments, legal updates, articles and news in the area of trust law and related issues. ...more

Can Correction of a Scrivener’s Error Retroactively Fix a Tax Problem with a Trust?

Yes, in a recently released Private Letter Ruling in regard to an irrevocable trust. There were actually two problems with the trust. First, the settlors retained powers to change the beneficial interests of the trust,...more

The Bank of America Case: May Massachusetts Tax the Trust Fund Income of Non-Resident Families with Unborn and/or Unascertained...

Background - Before addressing the Bank of America case, it is necessary to understand the Massachusetts taxation of trustees and their beneficiaries, which is described in 830 CMR 62.20.1: Income Tax on Estates and...more

Use a noncharitable purpose trust to achieve a variety of goals

Generally, trusts must have one or more human beneficiaries, but there’s an exception for certain “purpose” trusts. One popular type of purpose trust is a charitable trust. But don’t overlook the noncharitable purpose (NCP)...more

It’s Just a Simple Will

Often times, people believe their wills (or other estate planning documents) are really simple and straight forward. In fact, this assumption is probably the primary reason that some websites generate significant business...more

Nevada Supreme Court Reverses Course on MERS

The Nevada Supreme Court recently reversed – or at least clarified – the impact of MERS in Nevada under the approach set forth in the Restatement (Third) of Property: Mortgages. The Supreme Court had held in 2012 that at the...more

The Fiduciary Exception to the Attorney-Client Privilege: Whose Privilege is it in Litigation?

The attorney-client privilege is a cornerstone of the legal practice. The privilege protects the confidentiality of communications between a client and an attorney from disclosure to a third party when the communications are...more

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