News & Analysis as of

Trusts

Iowa Legislature Introduces Asbestos Litigation Reforms

by K&L Gates LLP on

Over more than four decades of asbestos litigation, many former manufacturers and suppliers of asbestos-containing products have since filed for bankruptcy and exited the tort system. While these entities now have the...more

A not so special leave – Mercanti v Mercanti [2017] HCA 1

by Dentons on

The High Court has recently dismissed an application for special leave to appeal the Western Australian Court of Appeal’s decision in Mercanti v Mercanti [2016] WASCA 206, in respect of a case involving amendments to a family...more

Every Day is Bitcoin Pizza Day: What Clients and Estate Planners Need to Know about Virtual Currency

by Murtha Cullina on

The combined value of all of the 867 crypto currencies tracked by CoinMarketCap.com is presently over $161 billion. Only seven years ago, on what is commemorated as “Bitcoin Pizza Day,” Bitcoin, then a new crypto currency,...more

Look! Up in the Sky! It’s Sibling Lawyer!

by Downey Brand LLP on

I’m a sibling lawyer. My career started early, as a middle child, and now continues as a Sacramento-based trust and estate litigation attorney. Most of my clients are grappling with sisters or brothers over the care and...more

Should Automobiles Be Transferred To A Trust?

by Dickinson Wright on

One of the questions I am often asked by clients is, “Should I transfer my automobiles to my revocable living trust?” I generally advise clients not to transfer their automobiles to their revocable living trust. The primary...more

The Importance of Keeping Beneficiary Designations Up-To-Date

by Pessin Katz Law, P.A. on

The bulk of inheritances left to loved ones are usually not held in bank accounts, cars, and other tangible assets. Rather, they are tied up in retirement accounts (such as an IRA, SEP, 401(k) or 403(b)), life insurance...more

Business, Partnership and Estate and Trust Tax Returns and Identity Theft

by Pessin Katz Law, P.A. on

In Fact Sheet 2017-10 issued by the Internal Revenue Service (“IRS”) on July 25, 2017, “Information on Identity Theft for Business, Partnerships and Estate and Trusts”, the IRS points out that business, partnerships and...more

Seattle’s New Income Tax May Affect Many More People Than Initially Thought, Including People Living Outside the City

by Stoel Rives LLP on

When Seattle passed its new income tax on July 10, many Washingtonians took note, but quickly moved on. The tax appeared to apply only to Seattle residents earning more than $250,000 for individuals or $500,000 for married...more

Court Affirms Arbitration Decision Arising From Trust Dispute

by Winstead PC on

In Saks v. Rogers, a beneficiary of a trust challenged a trial court’s enforcement of an arbitration decision. No. 04-16-00286-CV, 2017 Tex. App. LEXIS 6923 (Tex. App.—San Antonio July 26, 2017, no pet. history)....more

The Role Of The White Knight In Turning Around A Distressed Cemetery Or Funeral Home

by Blank Rome LLP on

The laws of most states provide a comprehensive regulatory framework governing cemetery and funeral home operations, cemetery and funeral home trusts relating to preneed contracts and cemetery trusts relating to endowment...more

Who Will Take Care of Your Pet After Your Death?

by Pessin Katz Law, P.A. on

Have you ever wondered who will take care of your pet after your death? Maryland has a pet trust law allowing owners to set aside funds for their pet’s care and to provide for a care taking system for their pet...more

Best in Law: The Pros and Cons of the No-Contest Clause - Trusts and Wills

by Best Best & Krieger LLP on

No-contest clauses are generally included in trusts and wills in California in an attempt to prevent challenges to an estate plan after death. Originally published in the Press-Enterprise - July 30th, 2017....more

Are Trusts Still Useful If the Estate Tax Is Repealed?

With Republicans in control of Congress and the presidency, there is talk of eliminating the federal estate tax. In 2017 the tax affects only estates over $5.49 million, meaning that for more than 99 percent of Americans,...more

UK beneficial ownership registers – how recent developments affect finance transactions

by Dentons on

This year the UK government has introduced, updated and consulted on various measures to make the identity of those investing in the UK more transparent. Some, but not all, of these have been introduced to comply with the EU...more

Need Another Reason To Avoid Mixing Family & Finances?

by Bryan Cave on

You have a big heart and a little bit of money. You want to help out a cash-strapped family member, and – “because you’re family” – you don’t put down how much you’ll loan or how it’ll be paid back. ...more

The Federal Government takes aim at private corporations and their shareholders

by Dentons on

On July 18, 2017, the Federal Government released a package of tax measures aimed to “improve fairness”, “close loopholes” and limit tax planning strategies that involve the use of private corporations. The suite of measures...more

Recent case law update: Treatment of Trust Assets — Akers (and others) v. Samba Financial Group (2017)

by Latham & Watkins LLP on

The English Supreme Court has delivered a ruling that provides helpful guidance on the enforceability of trusts in respect of assets located in foreign jurisdictions that do not recognise trusts. The ruling also highlights...more

McNees Insights – Estate Planning Newsletter - July 2017

Deducting Miscellaneous Itemized Deductions - You can elect each year to itemize deductions rather than claim the standard deduction. Itemized deductions are those that you claim on Schedule A of Form 1040, Itemized...more

Avoid An Unpleasant Surprise: Review Your Will Regularly

by Fox Rothschild LLP on

Many people sign a will and assume they never need to look at it again. As lawyers, we prepare wills that are flexible and deal with multiple possible (even if unlikely) scenarios, but sometimes an unanticipated change and an...more

Look for Mild Cognitive Impairment in California Trust and Estate Disputes

by Downey Brand LLP on

Mental incapacity and undue influence are the most common theories used to try to invalidate wills, trusts and beneficiary designations in California and elsewhere. Occasionally, the subject in a trust and estate dispute has...more

PA Supreme Court Restricts General Assembly’s Right to Spend Oil & Gas Royalty Money

by Tucker Arensberg, P.C. on

The Pennsylvania Supreme Court continues to expand the reach of the Environmental Rights Amendment to the state Constitution. Adopted in 1971, the Environmental Rights Amendment recognizes that the people have a right to...more

[Webinar] Leveraging to Attain Basis Step-Up; Income Tax Benefits of Losing an FLP Case - July 11th, 12:00pm CT

by Thompson Coburn LLP on

Please join us for a webinar based on Steve Gorin's Second Quarter 2017 newsletter, Gorin's Business Succession Solutions. In this webinar the presenter will discuss that one can use debt to allow property to obtain a...more

Co-Trustee Conflict Fuels California Trust Litigation

by Downey Brand LLP on

California trust litigation often stems from disagreements and hostility among family member co-trustees. Rather than picking one of their kids to serve as sole successor trustee when they die or become incapacitated, Mom and...more

Creating Trust to Ensure a Trust’s Success

One of the biggest missteps of clients is to create a trust without communicating its purpose with the adult beneficiaries. Without guidance from the client/grantor and his or advisors, beneficiaries sometimes become...more

Court Declines To Quash Subpoena Issued To South Carolina Department Of Insurance In Companion Property Case

by Carlton Fields on

We previously reported on this case on January 5, 2016, June 28, 2016, July 20, 2016, and December 14, 2016. The case concerns Companion Property and Casualty Insurance Company’s participation in a fronted insurance program...more

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