News & Analysis as of

Trusts Beneficiaries

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

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

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

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

[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

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

Who Can Bring Forth a Challenge

by Moskowitz LLP on

Following Richard Pratt’s death in 2009, Madison Ashton claimed that she had left her profession as a sex worker to become the Australian billionaire’s kept mistress. Pratt had apparently promised the former Penthouse Pet a...more

Estate planning during divorce: It’s never too early to start

by Thompson Coburn LLP on

Estate plans prepared for married couples will vary in complexity and detail but generally follow the same theme: The revocable trust or will typically provides that upon the death of the first spouse, the surviving spouse...more

Pet Trusts

by McNair Law Firm, P.A. on

Most people remember the late Leona Helmsley as the convicted tax felon famous for uttering the words “only little people pay taxes”, but she is also remembered for having a will that left a $12 million trust fund for her...more

The Duty of Impartiality and Other Trustee Troubles

by Moskowitz LLP on

Trustees are accountable to both the current income beneficiaries and the remaindermen of a trust, and are often placed in the unenviable position of have to balance the interests of the two. A beneficiary may look forward to...more

Trust Decanting Disputes

by LeClairRyan on

As trust decanting becomes increasingly popular, we can expect to see more disputes and litigation regarding trust decanting. This blog post examines some of the main issues that will likely arise in those disputes....more

A Guide To: Challenging Beneficiary Designations in Michigan

by Clark Hill PLC on

Most individuals own assets that will pass upon the death of that individual pursuant to a beneficiary designation. In fact, in many instances, these types of assets make up a large portion of an individual's net worth....more

Recent Cases of Interest to Fiduciaries

by McGuireWoods LLP on

Kroll v. New York State Dept. of Health, 39 N.Y.S.3d 183 (Oct. 5, 2016); see also In re Kroll, 971 N.Y.S.2d 863, 865 (Sur. Ct. 2013) - Court approves “decanting” of a trust to effectively remove a beneficiary’s future...more

As a Trust Beneficiary, What Are Your Rights to a Trust Accounting?

by Reminger Co., LPA on

You are a trust beneficiary. You have no idea what is in the trust, what has been spent out of the trust, and what will be spent out of the trust. Must the trustee open his books to you? What rights do you have to...more

Recent Cases of Interest to Fiduciaries

by McGuireWoods LLP on

In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: -...more

Insight on Estate Planning - April/May 2017

Protect multiple generations with a dynasty trust - Dynasty trusts have nothing to do with the popular soap opera from the 1980s, but everything to do with leaving a lasting legacy. Although this type of trust is often...more

Should You Create Trusts for Your Kids?

by Farrell Fritz, P.C. on

If your children are under age eighteen, you should have trusts for them in your Wills, in the event you and your spouse should die before all your children reach age 18. If minors receive assets prior to reaching age...more

T&E Litigation Newsletter- March 2017

by Goulston & Storrs PC on

This week has brought a much-anticipated decision by the Supreme Judicial Court regarding trust decanting, and the past month also brought the latest chapters in two cases that we reported on previously....more

A Sea Change for Beneficiaries' Right to Information?

by McDermott Will & Emery on

The Court of Appeal’s ruling in Dawson-Damer v Taylor Wessing offers beneficiaries rights of access to personal data held by trustees and their legal advisers. This is a landmark case in which our clients, the claimants,...more

Michigan’s Legislature Passes Significant Laws During the Last Days of 2016

by Dickinson Wright on

In late 2016, Michigan lawmakers passed a good deal of new legislation. One of the laws, the Qualified Dispositions in Trusts Act, enables an individual (the “settlor”) to create a trust that, in certain circumstances, can...more

A Guide To: How to Challenge a Trust in Michigan

by Clark Hill PLC on

The death of a loved one is a difficult and emotional event. In addition to dealing with the loss, family members, friends and/or trusted advisors are tasked with settling the decedent's final affairs, which, in many...more

Maintaining family harmony: Balance beneficiaries’ needs with a total return unitrust

A traditional trust can sometimes create a conflict among the lifetime and remainder beneficiaries. This makes it more difficult for an estate plan to achieve its objectives and places the trustee in a difficult position. The...more

Insight on Estate Planning - February/March 2017

In This Issue: - Stretch out estate tax on business interests - Maintaining family harmony: Balance beneficiaries’ needs with a total return unitrust - Is a donor-advised fund right for you? - Estate planning...more

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