Revocable Trusts

News & Analysis as of

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

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

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

Estate Planning Pitfall - You haven’t planned for incapacity

Most estate plans focus on what happens after death — but a plan is incomplete if arrangements haven’t been made in the event of mental incapacity. If the plan doesn’t specify how these decisions will be made, and by whom, a...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

Combating Financial Abuse of Elderly in Mesa

Over the course of the last century, the number of U.S. residents over the age of 65 has increased 11-fold, and according to the U.S. Census Bureau, the median age of our population is expected to continue to rise....more

Can Remainder Beneficiaries of a Revocable Trust Sue for a Breach of Fiduciary Duty That Occurred During the Settlor’s Lifetime?

Imagine the following scenario: The trustee of a revocable trust dissipates a substantial amount of trust assets to buy men’s basketball season tickets at the Dean E. Smith Center. The settlor does not follow college...more

Estate Planning 101: What is a “Sweetheart Trust?”

When discussing your estate planning needs with your attorney, after you discuss basic terms and concepts, your attorney will likely talk to you about the different types of revocable living trusts that may be appropriate for...more

5 Estate Planning Mistakes You Should Try to Avoid

In your experience, what’s the most costly mistake people make when preparing estate plans, and what can they do to fix them? That’s the question we recently put to attorneys writing on JD Supra....more

Does a Revocable Living Trust Have Any Advantages Over a Will?

Thinking about your demise and how your estate will be divided up may be the farthest thought from your mind. However, by creating a last will and testament, you ensure your last wishes are heard and carried out. Depending on...more

Careful Planning Required to Avoid New York’s Estate Tax

Now that Congress has implemented a relatively large per person federal gift/estate tax exemption (i.e., the per person federal gift/estate tax exemption is $5,250,000 in 2013, indexed for inflation), many think that estate...more

FDIC Insurance: Are Your Accounts Fully Covered?

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

Why You Need an Estate Plan Post 2013 Tax Act

Estate planning is the process of designating, during your life, the disposition of your assets upon your death in a manner that attempts to eliminate administrative uncertainties, reduce taxes, and maximize asset protection....more

Whose Standing Is It, Anyway?

Does the trustee of a revocable trust ever have a duty to account to the remainder beneficiaries of the trust? The Supreme Court of California says yes, but not until after the death of the settlor. In a recent decision, In...more

New Court Mandated Training for All Persons Serving as a Personal Representative, Guardian or Conservator #EstatePlanningAttorney

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

Estate Planning Considerations: Documentation and Peace of Mind

With the introduction of the American Taxpayer Relief Act of 2012 (Act), the world of estate planning has been injected with a dose of certainty after more than 10 years of uncertainty as to federal estate, gift and...more

Tax Law Blog: Iowa Trust Industry Breathes a Sigh of Relief after the Supreme Court's Reversal in Trimble

On January 25, 2013, trustees around the state breathed a sigh of relief after the Iowa Supreme Court reversed the district court’s controversial decision in the trust case of In the matter of Trust #T-1 of Mary Fay Trimble....more

Wealth Management Update Newsletter - January 2013

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

Summary of Federal Estate, Gift and Generation-Skipping Transfer Tax Provisions of the American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 (the “2012 Act”) was signed into law by President Obama on January 2nd. A summary of the important income tax features of the 2012 Act can be read here. This article summarizes the...more

Anonymous Charitable Giving

Clients often ask how they can make their philanthropic gifts anonymously. There are several reasons they cite for this practice: (a) their gifts may be published in the charity’s website, publications or annual reports,...more

Estate Tax Lessons from 2010 and Things to Watch Out for in 2011

A revocable living trust is a wonderful tool, but it’s just an empty vessel until you fund it by re-titling your assets in the name of your trust. Michael Jackson created what is most likely a wonderful living trust, but his...more

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