Irrevocable Trusts

News & Analysis as of

Choosing Wisely – Selecting a Trustee

Many people use a revocable trust as part of their estate plan because of its probate avoidance and privacy benefits after death. In addition, many people, whether using a will or a revocable trust, want their beneficiary to...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

How to Protect Your Personal Treasure in a Legal Lockbox

When you are in a high-profile profession—doctor, attorney, business owner—you have a lot to lose. Being in your position, you are a high liability target for lawsuits and claims. No one wants to lose their...more

Massachusetts High Court to Determine Whether a Spouse’s Trust Interest Can Be Reached in Divorce

On April 5, 2016, the collective eyes of Massachusetts divorce attorneys and estate planners were fixed on the Supreme Judicial Court, where the highly-anticipated oral arguments on “further appellate review” of Pfannenstiehl...more

Court Affirmed Holding That Trust Owned Real Estate And Was Entitled To Attorney’s Fees

In Courtade v. Estrada, Estrada created an inter vivos irrevocable trust and deeded real estate into the trust. No. 02-14-00295-CV, 2016 Tex. App. LEXIS 3105 (Tex. App.—Fort Worth March 24, 2016, no pet. history). Two days...more

[Webinar] Estate Planning 101: Key Concepts including Top Trends to Know Now - March 16th, 2:00pm EDT

“Because there are many issues that you may not think are involved in estate planning, it is recommended that everyone have an estate plan so that a lifetime of wealth and sentimental assets are distributed in the manner you...more

How to Amend a Trust

When drafting a revocable trust, your clients may be very keen to include a particular niece or cousin, but then have a change of heart years later and want to write them out. As long as the trust allows it, you can simply...more

Wealth Management Update - February 2016

February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The February § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

2015 Year-End Estate Planning Advisory

The end of the year is quickly approaching. Outlined below are reminders about a number of tax planning opportunities that, if you have not already done so, you may want to take advantage of before year-end. Also outlined...more

Is the Charitable Deduction for Trusts Limited to Adjusted Basis?

No, says a U.S District Court. An irrevocable trust received distributions from a partnership in one year and purchased property. In a later year it contributed the property to a qualified charity, after the property...more

Wealth Management Update - November 2015

November Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The November § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Is the Irrevocable Trust Really Irrevocable?

I often meet with clients who have established an irrevocable trust or are beneficiaries of an irrevocable trust established by a deceased family member. Usually, these clients believe that the terms governing these trusts...more

Wealth Management Update - October 2015

October Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The October § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Domestic Partnership Agreements: Survivor’s Rights on Death

This is the fifth installment of a seven-part series. Florida law provides for various death benefits if a married person predeceases his or her spouse and they have no premarital or postnuptial agreement. For unmarried...more

The Ray Charles’s Foundation Doesn’t Have to “Hit the Road Jack”: Ninth Circuit Permits Foundation to Challenge the Validity of...

On July 31, 2015, the Ninth Circuit reversed the Central District of California’s dismissal of an action brought by the Ray Charles Foundation, seeking, among other things, a judicial determination of the validity and...more

Ray Charles Foundation v. Robinson - USCA, Ninth Circuit, July 31, 2015

Ninth Circuit reverses lower court’s dismissal for lack of standing of action brought by Ray Charles Foundation, finding that Foundation, sole beneficiary of music legend’s estate, had standing to challenge validity of...more

The Estate Planner – July/August 2015

In This Issue: - Can a Broken Trust be Fixed? - Keep it in the Family: Use an intrafamily loan to cover estate taxes - Tax Court: Trust Can Materially Participate in a Business - Estate Planning...more

Trust Property for Cats Sold to Pay for Settlor’s Care

What if the dead hand is still living? A recent trust case prompts the macabre metaphor. In Siegel v Fife (Feb. 26, 2015, B253746) 2015 Cal App Lexis 180, Settlor created a revocable trust in 2005. ...more

California Supreme Court to Review Controversial Documentary Transfer Tax Case

The California Court of Appeal recently held, in 926 North Ardmore Avenue v. County of Los Angeles, that a documentary transfer tax is triggered when a transfer of an interest in a business entity that owns real property...more

In the Uniform Code We Trust: Basic Provisions of Kentucky's Uniform Trust Code

Kentucky recently followed 27 other states in enacting the Uniform Trust Code ("UTC"), which went into effect on July 15th of last year. The sweeping provisions of the UTC will apply to all types of express trusts, even those...more

Wealth Transfer Newsletter

Although the estate and tax planning landscape has undergone substantial change in recent years, we can rest assured that even more change is ahead. We hope that you find this newsletter informative and useful for your...more

California Trust Attorney – Three Things You Should Know About a Trust

What is a trust and how does it differ from a will? Before planning your California trust you should know three important things: 1. A Trust Defined - A trust provides for the allocation of assets when you...more

Is a quiet (silent) trust illusory?

Is a quiet or silent trust illusory? The question is intentionally ambiguous. Is the question whether the trust itself is illusory, or just its quietness? A quiet or silent trust has been defined as “an irrevocable trust...more

Income Tax Cost Basis Planning

Prior to the recent and significant increases in the federal estate tax exemption amount, many clients engaged in planning the purpose of which was to ensure the use of both spouses’ exemption amount through the use of a...more

Wealth Management Update - October 2013

The October § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.4%. This is up from September's 2.0% rate. The applicable federal rate ("AFR") for use with a sale to a defective...more

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