A Focus on Energy: Royalty Trusts
What is an Irrevocable Trust?
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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 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
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
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
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
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
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 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 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
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