Trusts

News & Analysis as of

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

NCUA Sues Deutsche Bank National Trust Co. For Allegedly Failing to Comply With RMBS Trustee Duties

The National Credit Union Administration, acting as liquidating agent for five failed credit unions, sued Deutsche Bank National Trust Company (DBNTC) for allegedly breaching its duties as trustee under the governing trust...more

Laches as a Limit on the Duty of a Trustee to Account

Doris Corya was a trustee (or co-trustee) of four trusts that failed to provide fiduciary accountings to a beneficiary otherwise entitled to receive accountings under Florida law. The failure to account went back many years –...more

Lock It Up! Maryland Secures Transportation Trust Fund

Tuesday, November 4 was a bloodbath for the Democratic Party all over the country. Even in solid blue Maryland, the voters shocked the nation’s political establishment by electing a Republican as the next Governor over the...more

T&E Litigation Newsletter - 10/2014

With the Supreme Judicial Court’s issuance of its decisions in O’Connell v. Houser, Jr. et al., 2014 Mass. LEXIS 841 (SJC-11698) (Oct. 28, 2014) and Bank of America, N.A. v. Babcock et al., 2014 Mass. LEXIS 840 (SJC-11651)...more

JPMorgan Sued Over $959 Million RMBS Trust

On October 10, the Bank of New York Mellon, suing as trustee for the J.P. Morgan Mortgage Acquisition Trust, Series 2006-WMC3 trust, filed a summons with notice in the Supreme Court for the State of New York against WMC...more

"Trust" It or Lose it: Future Collateral Benefits in Motor Vehicle Accident Jury Trials

A staple of every well written Statement of Defence includes the plea for entitlement to the benefits of all insurances provided pursuant to section 267 of the Insurance Act. Where a Plaintiff receives payments for collateral...more

7 Questions to Ask When You've Been Invited to Be Trustee of a Special Needs Trust

So you have been asked to serve as the trustee of a friend or family member's special needs trust. While your selection is a great honor, it is also a great responsibility. Here are seven questions to ask before saying...more

Now’s the time for a charitable lead trust

Affluent families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking...more

Special Needs Trusts: Countable & Non-Countable Resources

One of the reasons you may fund a special needs trust for your child is so that they can have your financial support while also receiving needed government benefits, including Medicaid, Medi-Cal, and Supplemental Security...more

The Donald Sterling Case Provides Valuable Trustee Incapacity Insights - Establishing the Most Effective Instruments to Evaluate...

The ideal individual trustee has a wide variety of real world experience and judgment that can only be acquired over decades. Thus, many trustees are middle-aged or older at the start of their tenure. While some people remain...more

Your Living Trust is Not Complete if it is Not Funded Properly #Estate-Planning-Attorney

If you have taken the time, either on your own or with the help of an experienced estate planning attorney, to create a trust based estate plan, and you have not taken the next step to ensure all of your assets have been...more

Insight on Estate Planning - October/November 2014

In This Newsletter: - The Crummey trust: Still relevant after all these years - Now’s the time for a charitable lead trust - Good intentions: Don’t let asset transfers run afoul of the law - Estate Planning...more

The Lehman Client Money Litigation

When it was placed into administration on the morning of 15 September 2008, Lehman Brothers International (Europe) (in administration) ("LBIE") could account for approximately $2.16 billion of money in its segregated client...more

Is a human corpse property that can be made the subject of a trust?

While a pet may be put into a trust, its human owner may not be. Nor under traditional principles of property and trust law may the corpse of a deceased human being be made the subject of a trust. Charles E. Rounds, Jr.,...more

Reinsurer Not Allowed To Intervene In Action Involving Cedent’s Risk

The United States District Court for the Southern District of New York denied a reinsurer’s motion to intervene in an interpleader action in which Battenkill Insurance Company argued it had an 85% interest in the funds at...more

Bermuda: Taking Charge of the Future - A review of recent legislative changes relating to Trusts and Life Insurance Contracts

Bermuda is a financial centre that is determined to grow, diversify, and improve upon the range and quality of the financial and professional services that it offers to its international clients. This goal is supported...more

The Woodward Case: Guidance to Trustees on Their Duties Under the Massachusetts Prudent Investor Act

The Massachusetts Supreme Judicial Court recently ruled that, with few exceptions, trustees have a duty to invest with inflation in mind. While not required to follow an investment advisor’s guidance, they can’t ignore the...more

Catching Judge Sontchi’s “Flurry of Opinions” Part 1 of 3

In This Issue: - In re: Energy Future Holdings Corp., et al, 14 -10979 (CSS) (CSC Trust Company of Delaware, as Indenture Trustee, v. Energy Future Intermediate Holdings Company LLC and EFIH Finance, Inc., Adv. Pro No:...more

Seven Changes in Kentucky Trust Law You Should Know About - Uniform Trust Code affects new and existing trusts

Beginning July 15, 2014, the Uniform Trust Code (the “UTC”) became effective in the Commonwealth of Kentucky. In becoming the 28th state to adopt the UTC, Kentucky updated its trust laws with a code designed to provide a...more

The fiduciary exception to the attorney-client privilege: A recent development

In a suit by the beneficiary against the trustee, is the trustee entitled to assert the attorney-client privilege against the beneficiary, or is there a fiduciary exception to the attorney-client privilege? As to...more

Second Circuit's Significant Decision Could Impact Liquidating Trustees

In the case of United States of America v. Edward P. Bond, No. 12-4803 (2d. Cir. August 13, 2014), the United States Court of Appeals for the Second Circuit (the "Second Circuit") issued a decision that could have...more

IRS Amends Revenue Ruling 81-100 to Permit Participation in Group Trusts by Puerto Rico Plans and Insurance Company Separate...

The Internal Revenue Service (the “IRS”) issued Revenue Ruling 2014-24 (the “Ruling”). The Ruling amends Revenue Ruling 81-100, the ruling that established the requirements applicable to a tax-qualified group trust. The...more

T&E Litigation Newsletter – August 2014 #2

In Lowell v. Talcott et al., Case No. 13-p-1053, 2014 Mass. App. LEXIS 98 (August 18, 2014), the Appeals Court considered whether a child born in the 1960s while her mother was married to a man who is not the child’s father...more

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