Trusts

News & Analysis as of

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

When The Power To Amend Doesn’t Actually Mean You Can Amend

Circumstances, laws, and taxes all change. And, when they do, many settlors don’t want their beneficiaries to have to go into court to get permission to roll with the changes. That’s why you often find a trust provision...more

Changes to the principal residence exemption

On October 3, 2016, the Minister of Finance of Canada announced changes to the federal Income Tax Act that will affect the availability of the principal residence exemption to non-residents and those who hold their principal...more

Texas Fiduciary Litigation Update 2015-2016

David F. Johnson, lead writer for the Texas Fiduciary Litigator blog, spoke at the Tarrant County Probate Bar’s Litigation Seminar and presented “Fiduciary Litigation Update 2015-2016.” David discussed recent Texas precedent...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

Washington’s New Trustee Delegation Law: Allowing Fiduciaries to More Easily Keep Businesses in the Family

If you are a family business owner in Washington who wants to place control of your business in the hands of a trustee until your beneficiaries are ready to assume control, or for other reasons, a recent change in Washington...more

Insight on Estate Planning - October/November 2016

Gift giving made easy - Annual exclusion reduces your taxable estate - How can you reduce the size of your taxable estate? There are many ways to accomplish this objective, including the use of irrevocable trusts...more

Wealth Management Update - October 2016

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

Texas Fiduciary Litigation Update: 2015-2016

The fiduciary field in Texas is a constantly changing area. Over time, statutes change, and Texas courts interpret those statutes, the common law, and parties’ documents differently. This paper is intended to give an update...more

The Four Corners Of The Trust Instrument Get Tighter

When a court is called upon to decide a trust dispute, it starts by looking at the intent of the settlor. Invariably there is some statement about the court being bound by the “four corners” of the trust. Only if the language...more

When Will Trust Assets Be Considered Available Assets When Applying For Medicaid In Connecticut?

A recent Connecticut Supreme Court decision, Pikula v. Department of Social Services (SC 19533; released May 10, 2016), confirms the guidelines for determining if trust assets are considered “available assets” for purposes of...more

Southern District of Texas Case Holds That Americold Does Not Apply to Mortgage-Backed Securities Trusts Because Such Trusts Are...

On March 7, 2016, the United States Supreme Court issued its opinion in Americold Realty Trust v. Conagra Foods, Inc., 136 S. Ct. 1012 (2016), holding that the citizenship of a real estate investment trust (REIT) for...more

Court Holds That Trust No Longer Owned Vehicle Because It Allowed Beneficiary’s Wife To Drive It

In In the Interest of H.D.V., a husband appealed from a bench trial in a divorce proceeding. No. 05-15-00421-CV, 2016 Tex. App. LEXIS 9520 (Tex. App.—Dallas August 26, 2016, no pet. history). His mother had set up a trust for...more

Court Of Chancery Denies Inspection When The Board Has An Obvious Defense To A Claim Of Wrongdoing

In general, the bar is low for exercising inspection rights to investigate claims of wrongdoing. Plaintiffs need provide only some evidence to suggest a credible basis from which the Court can infer possible mismanagement or...more

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