Trusts

News & Analysis as of

Do the Provisions of the Judicial Code Automatically Apply in Eminent Domain Cases? The Commonwealth Court Recently Said No.

On June 22, 2016, the Pennsylvania Commonwealth Court decided the case of Township of Millcreek v. Angela Cres Trust of June 25, 1998, 1725 C.D. 2015, which decided whether 42 Pa.C.S. § 5505 applies to eminent domain cases. ...more

Making the most of your GST tax exemption

To share wealth with grandchildren, great-grandchildren or even more remote generations, special planning may be required to keep generation-skipping transfer (GST) taxes to a minimum. When it comes to GST tax planning, the...more

Insight on Estate Planning - August/September 2016

In This Issue: - Alternate valuation date: Flexible postmortem planning a plus when markets are volatile - The write stuff: A letter of instructions - Making the most of your GST tax exemption - Estate...more

Recent Cases of Interest to Fiduciaries

In the Matter of Estate of Leon C. Chamberlain, 135 A.D.3d 1052 (N.Y. App. Div. Jan. 7, 2016) - Modification of trust terms is appropriate where limitations on investments permitted under trust instrument frustrated the...more

Court Decision Dismisses Challenge to Gun Lake Band’s Trust Land

Last Friday, July 15, the D.C. Circuit Court of Appeals affirmed the constitutionality of the Gun Lake Trust Land Reaffirmation Act. Because the Court agreed with the D.C. District Court's finding of constitutionality, it...more

North Carolina Appellate Court Affirms that Taxation of Trust’s Income is Unconstitutional

On July 5, 2016, the Court of Appeals of North Carolina affirmed the 2015 decision by the superior court in The Kimberley Rice Kaestner 1992 Family Trust v. N.C. Dep’t of Revenue, which held that North Carolina was...more

State Court Retroactive Change to IRA Beneficiary Not Given Tax Effect by IRS

A decedent had 2 IRAs. The death beneficiaries of the IRAs were trusts that qualified as "look through" trusts, such that the payout period for the IRAs after the decedent died could be computed using the life expectancy of...more

ATF Final Rule 41F – Background Checks for Responsible Persons

Seyfarth Synopsis: Going forward, ATF’s new rule on applications by a trust or legal entity to make or transfer NFA firearms, requires that they be submitted on new forms — including background checks. The Bureau of...more

NPRA Redux: Proposed NPCL Amendments Approved by Senate and Assembly

The New York State Assembly and Senate have passed a bill that, if signed by the Governor, would amend the Not-for-Profit Corporation Law (the “NPCL”) and the Estates, Powers and Trusts Law (the “EPTL”) to clarify and refine...more

Will Your Estate Plan Preserve the Family Vacation Home?

Now that sunshine and blue skies are upon us, people are opening their summer homes for the season. Happy memories of family vacations and gatherings often motivate parents to seek out ways to preserve their second home for...more

Court Reverses Decision On The Fair Market Value Of A Residence Due To The Surviving Spouse’s Interest

In Estate of Sloan, a wife died leaving her home, and her husband was the executor of her estate. No. 02-15-00198-CV, 2016 Tex. App. LEXIS 6465 (Tex. App.—Fort Worth June 16, 2016, no pet. history). The wife’s will left all...more

The Wolf in Sheep’s Clothing: The New UK Register of Persons With Significant Control

In Depth - From 30 June 2016 all UK companies (other than most listed companies) and LLPs will need to include details of persons with significant control or influence (“PSC”) on their annual confirmation statements...more

The Unintended Consequences of Not Having an Estate Plan

Nobody likes to think about death, but failing to plan for it can cause unintended consequences for loved ones. Prompted by the death of Prince, a client recently came to see me. He had read in the news that heirs to...more

How Non-Probate Assets Can Affect Your Estate Plan: A Few Cautionary Tales

When you think about the control of your possessions and assets after your death, you probably think of a Will and probate. A Will is a written, legally enforceable declaration that states how you wish your assets to be...more

Wealth Management Update - June 2016

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

Trial & Heirs: 5 Estate Planning Stumbling Blocks

Last month, Prince died at the ripe young age of 57. He had no will, as reported by his only full sibling (a sister). She filed for probate of his estate in Minnesota, where he owned a home in Paisley Park. Under Minnesota...more

Paris Court of Appeal Rules on Forced Heirship, US Trusts and Legitimacy of Transforming Real Estate into a Moveable Asset using...

On 11 May 2016 in case no. 14/26247, the Paris Court of Appeal fully confirmed the judgment handed down by the Paris High Court on 2 December 2014 in case no. 10/05228, relating to the estate of Mr Maurice Jarre. By...more

Are You Still Partying Like It’s 1999?

Most of us prefer to do those things that are fun and tend to procrastinate as to things that are the more mundane and that are not so interesting or exciting. Does that describe you?...more

Planning for the $5-$10 Million Couple: Portability or Credit Shelter?

In 2009, each individual had a $3.5 million estate tax exemption. If a married individual had assets over $3.5 million, without careful planning, those assets in excess of $3.5 million would fall subject to a 45% estate tax....more

Americold Realty Tr. v. ConAgra Foods, Inc.: Citizenship of Maryland REITs

In Americold Realty Tr. v. ConAgra Foods, Inc., 136 S. Ct. 1012 (2016), the Supreme Court held that, for purposes of federal diversity jurisdiction, the citizenship of a Maryland real estate investment trust (formed pursuant...more

Four Lessons Learned from Prince’s Estate (So Far)

Several of the events surrounding the initial administration of Prince’s estate provide lessons applicable to all estate plans, not just celebrity estate plans. If You Don’t Have an Estate Plan, the State Will Write...more

Recent Changes in Testamentary Capacity Rules

Estate planners and litigators face new challenges in light of recent developments in case law and statutory changes affecting the law of testamentary capacity. Gone are the simple rules that estate planners have used for...more

Marital Deduction Trusts and Expatriates – More Questions Than Answers

If an expatriate dies and leaves property to a U.S. citizen or resident spouse, can a marital trust be used to defer or avoid the transfer tax imposed under Section 2801? Both the Code and the Regulations seem to say yes, but...more

Choosing Wisely – Selecting a Trustee

Many people use a revocable trust as part of their estate plan because of its probate avoidance and privacy benefits after death. In addition, many people, whether using a will or a revocable trust, want their beneficiary to...more

Trusts and Estates Group News: Estate Planning Enters the Digital Age

One reality of modern life is our increasing reliance on digital information and services. It’s difficult to take and then order prints of photographs, accumulate travel rewards, book travel, sort through financial records,...more

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