Trusts

News & Analysis as of

Should You Create Trusts for Your Kids?

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

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

How to protect your family-owned business from your child’s spouse

For most people, a child’s wedding is one of those great life moments that is filled with months of planning and excitement. However, for people who own a family-owned business, the old myth that 50 percent of marriages end...more

Getting Your House in Order: Estate Planning is for Everyone

A recent survey found that nearly 50% of individuals with children do not have a Will and over 40% of individuals over the age of 55 do not have one. Whether a person is 18 or 98 with net assets of $200,000 or $20 million,...more

SEC Order Prevents Winklevoss Bitcoin Trust

The SEC declined to approve a rule change submitted by Bats BZX Exchange designed to permit the listing and trading the Winklevoss Bitcoin Trust. The SEC said it did not approve the proposed rule change because it did not...more

IRS Limiting GST Private Letter Rulings and Presubmission Conferences

At a recent Federal Bar Association Tax Law Conference, an IRS Chief Counsel branch chief advised that due to budget cuts: a. The IRS has temporarily suspended issuing private letter rulings regarding modifications to...more

Does it Matter if a Deed Correction is Material?

McCabe Trust v. Ranger Energy LLC, is the consequence of failing to comply with the Texas Property Code when correcting real property conveyances....more

A Sea Change for Beneficiaries' Right to Information?

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

Supreme Court of California Set to Decide Documentary Transfer Tax Case

The Supreme Court of California is slated to review a 2014 decision by the California Court of Appeal for the Second District, which held in 926 North Ardmore Avenue, LLC v. County of Los Angeles that a change in ownership of...more

Estate Plan Taxes | Estate Planning Attorney

What Does a Trump Presidential Victory Mean to My Estate Plan and Estate Taxes? Regardless whether you lean towards the political left or right, the results of the 2016 Presidential and Congressional elections will...more

Budget 2017

The 2017 Budget was presented by Minister Pravin Gordhan before Parliament on 22 February 2017. The 2017 tax proposals are projected to raise ZAR28 billion, and increase the tax burden from 26% of GDP in 2016/17 to 26.7%...more

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

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

Joint Trusts: A Useful Tool for Some Married Couples

Though not a silver bullet for every situation, in appropriate circumstances, a Joint Revocable Living Trust ("Joint Trust") can provide a married couple with significant benefits and simplify the administration of assets...more

A Guide To: How to Challenge a Trust in Michigan

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

Final Response to Non-Dom Consultation Published - Update

The UK government has released its final response to the further consultation on reforms to the taxation of non-UK domiciliaries (non-doms), together with draft legislation that will take effect from 6 April 2017. As well as...more

CPAs: Top 10 list for fiduciary income tax returns and planning

As we near tax season, below are some tips for CPAs when planning and preparing tax returns for trusts, along with a link to an upcoming webinar on this very topic. ...more

IRS Permits Trust Division Without Adverse Federal Tax Consequences

In Private Letter Rulings 201702005 and 201702006, the IRS favorably ruled on federal tax consequences of a proposed trust division. But for a minor change in facts, the two rulings are identical, so we will focus only on...more

Court Affirms Dismissal Of Cedent’s Claims Asserting Reinsurance Premium Fraud Scheme, Based On Expiration Of Limitations Period

The appellant (Guarantee Trust) had forwarded reinsurance premiums to the reinsurer to be held in a custodial account for the payment of claims. Guarantee Trust initially sued Kribbs, the founder of the reinsurer, alleging...more

Recent Developments in Partnerships and Real Estate 2017

The IRS released a flurry of new rules as the Obama administration came to a close. The attached presentation provides an overview of many of these developments in the partnership and real estate tax area, including a...more

[Webinar] Fiduciary Income Tax Refresher and Update - February 7th, 12:00pm CT

In the webinar the presenters will discuss tax-savings tools that can be used between now and March 6 when preparing 2016 returns. The presenters will provide a top-ten list of planning tips to help attendees save income tax...more

Lessons to be Learned From the Power of Attorney

Powers of attorney and trust instruments have each been the subject of many an estate plan. They each have also been the subject of multiple estate litigations. In combination, the two have served as fodder for controversies...more

A Guide To: How to Challenge a Will in Michigan

The vast majority of people who pass away leave behind property to their family, friends, and loved ones. Although there are a number of options available to an individual when planning for the disposition of his or her...more

Transfer On Death Accounts And Deeds vs. Living Trust

A question I am often asked is, “If I have designated my various financial accounts as transfer on death (TOD), or payable on death (POD), and I have a transfer on death deed on my house, why do I need a Living Trust?” While...more

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