What is an Irrevocable Trust?
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
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
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
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
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
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
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
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
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 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
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
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
Florida law prohibits the devise of a homestead if the owner is survived by a minor child or children. For purposes of this prohibition, the term “devise” extends to both gifts under a will and transfers by way of a revocable...more
The Massachusetts Supreme Judicial Court’s recent decision in Morse v. Kraft recognizes, in certain circumstances, a Trustee’s ability to decant trust assets by distributing them to a new trust in lieu of making an outright...more
Whether because of the declining docket of the Court or the technical subject-matter involved, bankruptcy topics have come before the United States Supreme Court infrequently in recent years. This term, the Court heard a case...more
Phoenix business law firm Jaburg Wilk's Estate Planning attorney Beth Cohn discusses irrevocable trusts. She talks about how people use them and the process involved with them. She explains what decanting is and the...more
Section 529 plans offer many advantages in regard to funding education....more
Irrevocable trusts are now subject to varying degrees of amendment by court approved modifications, trust protector actions, private settlement agreements, and, of course, decanting....more
On Thursday, we published the first version of our Florida Irrevocable Trust Amendment Mechanisms diagram. The posting included links to download it in an abbreviated and expanded PDF format....more
In the past, we have assisted practitioners by providing tables and charts to simplify complex legal concepts. For example, one of our most popular downloads is our Summary Table – Restrictions on Transfer of Florida...more
When a client walks into a bank he or she is bombarded with signs indicating that the funds deposited in the bank are insured by the FDIC. Even if the client does not fully comprehend what that means, the signs offer the...more
Courts generally review receiverships very closely, and a party requesting one should follow all required procedures. In Elliott v. Weatherman, parents created an irrevocable living trust and designated their three adult...more
Notice: Pursuant to Rule 27.1(A) of the Arizona Rules of Probate Procedure, effective September 1, 2012, all non-licensed persons requesting to serve in any court appointed fiduciary capacity must receive training from the...more
Congress was not the only busy legislative body in December. Our state legislature also passed, and the Governor signed, several important bills which affect estate planning for Michigan residents. We found the following to...more
We Didn't (Quite) Fall off the Cliff, But We Still Have To Clean up the Mess!
When the clock struck midnight on December 31, 2012, estate planning practitioners said "good night" to an unprecedented period of working...more
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