Revocable Trusts

News & Analysis as of

Wealth Management Update - September 2016

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, QPRTs...more

Medicaid Update: Treatment of a Residence Held in Revocable Trust

Many of our clients whom have created revocable trusts have “funded” their trusts with ownership of their real property. Transferring real estate to a revocable trust is one way to ensure a predictable, private, and efficient...more

Napkin Theory Saves the Day [Florida]

Renee established and funded a revocable trust, with charitable residuary beneficiaries at her death. The trust was revocable, but it did not provide a method for revocation. Four years later, Renee prepared a will that...more

Court Reverses New Trial Order After A Jury Verdict On A Trust Dispute

In In re Jones, there was a jury trial on the issue of whether a revocable trust was revoked such that the trustee, Jones, or the settlor’s executor, Coyle, had the right to the trust assets. No. 05-16-0081-CV, 2016 Tex. App....more

Wealth Management Update - June 2016

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

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

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

Tax Court Affirms Use of Intergenerational Split-Dollar Arrangements

The Tax Court, in its decision earlier this month in Estate of Morrissette, examined intergenerational split-dollar arrangements between a mother's revocable trust and three irrevocable dynasty trusts, one established for...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

"New Connecticut Laws Limit Transfer Taxes for Some Decedents, Increase Probate Fees for Most Estates"

Connecticut has implemented changes to its transfer tax and probate laws that affect nearly every decedent leaving even a modest estate via will or nonprobate transfer (such as a revocable trust). A new $20 million cap for...more

Estate of Clara M. Morrissette Secures Victory in Groundbreaking Estate Tax Case

In a case of first impression, the United States Tax Court ruled in favor of a taxpayer whose estate planning focused on the preservation and succession of a 70-year-old family-owned business. In Estate of Clara M....more

Annual Estate Planning Newsletter: Part Six

Action Item: This is the sixth and final installment of our Annual Estate Planning Newsletter, and focuses on estate planning matters not related to tax planning. We urge you to review this installment to ensure that your...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

California’s New Transfer On Death Deed

As of January 1, 2016, California allows the use of a “transfer on death” deed for real property. A TOD deed essentially allows a person to execute and record a revocable deed, which grants real property to a beneficiary...more

How Property Was Titled Did Not Control Disposition Of Asset

A deed transfers a lake cottage to a revocable living trust. Title to the cottage is still in the name of that trust when the grantors die. The cottage gets distributed according to the terms of that trust, right? ...more

Estate Planning Attorney | Should I Transfer My Vehicles to my Trust?

As an estate planning attorney in Arizona I am always asked if after you have signed your revocable living trust, what if anything should you do about your vehicles or other assets titled through Arizona’s Motor Vehicle...more

How Can I Avoid Probate | Arizona Probate Attorney

One of the main questions clients will ask is, “How I can avoid probate when I pass away?” This common question stems from a long history of “probate” being associated as an evil word or a long and expensive legal process,...more

The Case of the Vanishing Guaranty—Issues Facing Commercial Real Property Lenders Regarding Revocable Trust Borrowers

I have recently received numerous questions from commercial lender clients regarding structuring and enforcing commercial real property loans involving revocable trusts. Their concerns have largely centered on how to...more

T&E Litigation Newsletter- 9/3/15

Massachusetts courts have issued decisions on several topics of interest, including whether a revocable spendthrift trust may properly be included in a marital estate, what happens to assets left to a named beneficiary who...more

Recent Cases of Interest to Fiduciaries

In re Estate of House, 2014 Wash. App. LEXIS 3006 (Wash. Ct. App. 2014) - A release waiving any and all claims that the parties may have or may acquire, bars recovery for unknown claims existing at the time the release...more

Estate Tax Portability: Panacea or Potential Peril?

In 2013, Congress made the estate tax portability rules permanent. Some predicted this would negate the need for advanced estate planning, but two years later, it is clear that portability is not a panacea even for smaller...more

AZ Court of Appeals Broadly Interprets Persons Entitled to Compensation From Arizona Residential Contractors’ Recovery Fund

It’s not just for homeowners anymore – Arizona Court of Appeals decides a resident of property owned by his trust may still receive compensation from the Arizona Residential Contractors’ Recovery Fund. A recent Arizona...more

T&E Litigation Newsletter- May 2015

In Lesanto v. Lesanto, Case No. 12-P-1111, 2015 Mass. App. Unpub. LEXIS 318 (April 21, 2015), the Appeals Court reversed a judgment of the Probate Court reforming a trust. ...more

Estate planning for personal property: Why you should sweat the small stuff

When planning their estates, most people focus on major assets, such as business interests, real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” — tangible personal property. This...more

2015 Estate and Tax Planning

Blank Rome’s annual estate planning newsletter discusses certain concepts and techniques that we hope may be of interest to our clients and friends....more

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