Trusts

News & Analysis as of

Payments to Investors in a Securitization Structure Protected from Avoidance

In what appears to be a matter of first impression, the U.S. Bankruptcy Court for the Northern District of Illinois recently held that payments made to investors in a two tiered securitization structure commonly employed in...more

A Trust May Be Subject to California Income Taxation if the Trustee Resides in California

California aggressively taxes non-grantor trusts. A non-grantor trust with a California resident trustee may be subject to California income taxation even if none of the assets of the trust are located in California, none of...more

A New Tax System for Managed Investment Trusts – Draft Legislation Released

On 9 April 2015, the Federal Government released exposure draft legislation to introduce a proposed new tax system for eligible managed investment trusts. The changes contained in the draft legislation largely follow...more

60 Crummey Withdrawal Beneficiaries Allowed

For many years, courts have recognized that gifts to a trust can qualify for the gift tax annual exclusion as “present interest” gifts if withdrawal powers are granted to beneficiaries.The IRS is hostile to persons being...more

Illinois Supreme Court Holds Accountant is Holder of Privilege, No Testamentary Exception

Late in the March term, the Illinois Supreme Court handed down its opinion in Brunton v. Kruger, an opinion with potentially significant implications for Illinois accountants. Brunton posed three related questions about the...more

Capacity at Issue? Consider Making a Video

When you’re preparing a will or trust for someone for whom capacity might later be raised as an issue, you have a potentially powerful tool that can help avoid later disputes: video. There’s nothing like a judge seeing a...more

Court Hears Arguments in Litigation Challenging the Constitutionality of North Carolina’s Taxation of Trusts

The Kimberly Rice Kaestner 1992 Trust (the “Trust”) originated from the Joseph Lee Rice, III Family 1992 Trust (the “JLR Trust”) created in 1992. The JLR Trust was created in New York when its initial trustee and settlor were...more

The 6 Biggest Estate Planning Mistakes

If you’re like most people, you have the best of intentions with regard to how you want your estate distributed when you die or your affairs handled should you become incapacitated. Unfortunately, without proper planning,...more

Why Creating a Basic Estate Plan is Necessary — At Any Age

At 16 you can drive a car. At 18 you can vote and serve in the military. And at 21 you can order a drink in a bar. But, when is the right time to create an estate plan? When should you create the basic documents that will...more

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

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

Debtor-trustees can run but they can’t hide behind the Fifth Amendment

Judgment debtors often try to use the Fifth Amendment’s privilege against self-incrimination to avoid post-judgment discovery of their assets and income. However, the U.S. District Court for the Eastern District of Missouri...more

In California We Trust: A Sensible Expansion Of The Voluntary Disclosure Program

Trusts administered outside California often are susceptible to not filing California income tax returns. This is because California has an atypical legal threshold for filing: trusts must file if a trustee or beneficiary...more

Still Waiting For Guidance on Material Participation

In March 2014, I commented on the US Tax Court decision in the Frank Aragona Trust case. In that case, the tax court disagreed with the Internal Revenue Service’s arguments that a trust was incapable of providing “personal...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

Best in Law: Head Off a Contest: Bolster Your No-Contest Clause

The inherent problem with safeguarding your wishes after death is that you are not here to defend them. To discourage litigation and protect your requests, most trusts contain a “no-contest” clause. The clause typically...more

The New Year is Here: Do You Have the Essential Estate Planning Documents in Place?

Essential Estate Planning Documents - Below is a list and brief overview of the documents most commonly identified as the “essential” estate planning documents. Please keep in mind that everyone’s situation is unique...more

Dead Man “Kwoking”: Estate Planning Property Transfers Can Trigger Title Insurance Nightmares

Estate planning attorneys regularly advise their clients about the tax and other advantages of transferring real property to irrevocable trusts or similar estate planning vehicles. But they may not consider the potentially...more

Protector Power To Amend Trust Upheld, But Litigants Also Raise An Interesting Accounting Issue [Florida] – Part Il

Earlier this week I wrote about a recent Florida case that upheld the ability of a trust “protector” to amend the provisions of a trust. In that posting, I alluded to an interesting trust accounting issue....more

Protector Power To Amend Trust Upheld, But Litigants Also Raise An Interesting Accounting Issue [Florida] – Part I

A recent Florida appellate court decision upholds the ability of a trust “protector” to amend the provisions of a trust. Florida Statutes Section 736.0808(e) provides that “[t]he terms of a trust may confer on a...more

Will your estate plan benefit from a trust protector?

Even though one may appoint a trustee to oversee distribution of a trust’s assets, it’s possible to go a step further by appointing a trust protector. This person will serve as an overseer of the trustee’s actions. Taking...more

When Estate Plans and Shareholder Agreements Collide

The Virginia Supreme Court recently provided a reminder of the importance for small business owners to coordinate their estate plan with a shareholder agreement or other corporation, partnership, or limited liability company...more

Insight on Estate Planning - Year End 2014

In This Issue: - Saving for college is also good for your estate plan - Will your estate plan benefit from a trust protector? - Charitable deductions: Substantiate them or lose them - Estate...more

Trustee Selection: Choose Wisely if Your Family-owned Business Will Be Held in a Trust

Let’s assume that you and your spouse are the sole owners of a very successful business. You have established an estate plan with trusts in place to utilize the estate tax exemptions of both spouses for Washington state and...more

Have You Reviewed Your Estate Plan Recently?

Estate planning has received some recent media coverage with the deaths of celebrities such as Robin Williams, James Gandolfini, and Philip Seymour Hoffman. In the case of James Gandolfini, the coverage focused on his failure...more

Brent Kern Family Trust: FCA Dismisses Appeal

In Brent Kern Family Trust v. The Queen (2014 FCA 230), the Federal Court of Appeal dismissed the taxpayer’s appeal with reasons delivered from the bench. The taxpayer had argued that the decision of Canada v. Sommerer (2012...more

196 Results
|
View per page
Page: of 8

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×