Trusts

News & Analysis as of

Transfer On Death Accounts And Deeds vs. Living Trust

A question I am often asked is, “If I have designated my various financial accounts as transfer on death (TOD), or payable on death (POD), and I have a transfer on death deed on my house, why do I need a Living Trust?” While...more

Second Circuit Finds Special Servicer's Repurchase Claim Barred by Statute of Limitations, POLSINELLI'S Loan Originator Client...

The Second Circuit recently REVERSED a S.D.N.Y decision granting summary judgment in favor of a CMBS Trust whose Special Servicer sued POLSINELLI'S commercial loan Originator client seeking repurchase of a loan due to the...more

Court Affirms Ruling That Adopted Adult Children Were Beneficiaries Of A Trust

In Andresakis v. Modisett, the trustors signed trust agreements in 1976 and 1981, and each agreement created three trusts, one for their daughter, one for their son, and a third trust for their only grandchild, Andresakis....more

Family Law: Corporate and Trust Challenges to Service of Process and Jurisdiction

The president of a corporation, manager of a limited liability company, trustee of a family trust, or principal of another business entity receives a summons in a Florida divorce case. One spouse contends the other’s control,...more

Surcharge tax hits discretionary trusts

The Office of State Revenue (OSR) has released a ruling on 22 December 2016 in relation to the definition a ‘foreign person’. This is important if you hold an investment property in a discretionary trust....more

Individuals with Special Needs Can Now Create First Party Trusts

President Obama just signed a new law that allows First Party Special Needs Trusts to be established by mentally competent individuals for their own benefit. This is a major “fix” to the current law which only allows First...more

Some Not So Obvious Reasons to Have a Will

Many times I have heard the following questions from prospective clients: “If my things will pass to my spouse and children automatically, why do I need a Will?” or “My estate is not large enough to be subject to estate...more

Traps and pitfalls of joint ownership

Many people believe that owning property jointly with rights of survivorship is an effective substitute for a will. The benefit of holding property as joint tenants with rights of survivorship is that such property passes to...more

T&E Litigation Newsletter - December 2016

The last several weeks have brought us two decisions in which issues of family law intersected with T&E issues. First, the decision in Heystek v. Duncan, Case No. 15-P-1201, 2016 Mass. App. Unpub. LEXIS 1113 (Nov. 21,...more

Update Beneficiary Designations After Divorce or Annulment

On July 1, 2015, the Florida Fourth District Court of Appeal held, with a few exceptions, upon entry of a final judgment of dissolution or annulment, any provision of a will that “affects” a former spouse is void under...more

South Carolina Federal Court Makes Two Rulings On Motions To Dismiss In Dispute Involving Reinsurance Trust Agreements

This case was previously reported by us on our blog on January 5, 2016, June 28, 2016 and July 20, 2016. For the full procedural background, we refer to the recent November 3, 2016 and November 16, 2016 decisions. In sum,...more

What You Should Know About Determining Capacity in Ohio

One definition of “capacity” refers to the maximum amount/number that something can contain (e.g., a freezer’s capacity is 1.1 cubic feet; the capacity of a public room is 140 people). “Capacity” also describes an ability to...more

If it’s broken, fix it! Trusts that no longer achieve their objective can be repaired

What with changing life circumstances and new tax laws, not to mention potential mistakes made when an estate plan was first drafted, the trusts used in the plan may now be “broken.” This article details why trusts break and...more

Insight on Estate Planning - Year End 2016

In This Issue: - 6 estate planning techniques for blended families - If it’s broken, fix it! Trusts that no longer achieve their objective can be repaired - Preparing for a new year: Take time now for a quick...more

How Far Can A Grantor Go In Eliminating The Duty To Account?

Trusts are often used to transfer wealth privately without the messiness of a public estate administration. That financial privacy can get blown, however, when trusts become the subjects of very public litigation. ...more

T&E Litigation Newsletter- November 2016 #2

The Supreme Judicial Court recently issued its decision in Degiacomo v. City of Quincy, No. SJC-11940, 2016 WL 6683970, at *1 (Mass. Nov. 15, 2016), which is the latest chapter in a story that began with a trust established...more

Massachusetts High Court Draws Bright Line in Sand on Expansion of Easement Rights to Additional Land

In his recent blog post, “SJC Keeps Bright-Line Test for Overloading of Easements,” Pierce Atwood real estate partner Don Pinto discusses Taylor v. Martha’s Vineyard Land Bank Commission, a recent decision in which the...more

Law Passed Amending NPCL

Over the summer, we posted about Bill No. A. 10365B/S. 7913, containing amendments to the New York Not-for-Profit Corporation Law (the “NPCL”) and the New York Estates, Powers and Trusts Law (the “EPTL”) here. After...more

2016 Year-End Estate Planning Advisory

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Charitable Lead Annuity Trusts: A Potential Win-Win for Your Assets

In this final installment in our three-part series, we discuss the planning technique known as Charitable Lead Annuity Trusts (CLATs). Like Intra-Family Loans and Grantor Retained Annuity Trusts (GRATs) described in previous...more

McNees Insights Newsletter – Estate Planning: November 2016

IRS Simplifies Rules for Correcting Late Rollovers - On August 24, 2016, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2016-47, which greatly simplifies the procedure for correcting late rollover...more

SJC Keeps Bright-Line Test for Overloading of Easements

In its recent decision in Taylor v. Martha’s Vineyard Land Bank Commission, the Supreme Judicial Court (SJC) put the brakes on a trend toward eliminating bright lines in the enforcement of easement rights. The Facts...more

Trusts and Estates Group News: Trust Planning for the Follies of Your Children; Parenting in Perpetuity

The Perpetual Parent - You did your best to protect your children from the bumps and bruises of infancy. You survived the drama of adolescence, the terror of the teenage years and the economic peril of tuition....more

Looking over the edge of the Cliff - The Use of Pooled Income Funds to Reduce the Taxation of Offshore Repatriated Carried...

The addition of IRC Sec 457A effectively ended the ability of investment managers to defer the tax recognition of the carried interest in the investment manager’s offshore fund. Under IRC Sec 457A, hedge fund managers must...more

A Trustee's Duty To Disclose In Texas

David F. Johnson, lead writer for the Texas Fiduciary Litigator blog, presented his speech on a “Trustees’ Duty To Disclose In Texas” to the Tarrant County Bar Association’s Business and Estate Section’s membership lunch in...more

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