Trusts

News & Analysis as of

Five Estate Planning Tips to Prepare For Your Upcoming Trip

After surviving this past winter’s polar vortex, it is hard to believe that summer is flying by and that vacation season is in full swing. Summer vacation, or any trip, is a great opportunity to relax and recharge by spending...more

Bankruptcy Court Sheds Light on MA Homestead Protection of Downstream Trust Beneficiaries

Suppose the following: Title to a home is held by Trust A. The beneficiaries of Trust A are three natural persons and Trust B. Trust B holds a 25% beneficial interest in Trust A. The sole beneficiaries of Trust B are Mom...more

Spotlight on Mississippi: Domestic Asset Protection Trust Legislation

Mississippi recently became the 16th state to pass legislation permitting the creation of domestic asset protection trusts. The new law was effective July 1, 2014. Under the new Mississippi Act, a domestic asset...more

In Frank Aragona Trust, Tax Court Holds that Trustees’ Activities as Employees Count for Purposes of Material Participation Under...

The issue of whether a trust has passive or non-passive income from its investment in a pass-through entity has taken on increased importance in light of the tax imposed on net investment income under Code Section 1411 of the...more

"The Estate Planner" – July/August 2014

In this issue: - Net Gain For Taxpayers – Tax Court Approves Net Gift Strategy - Estate Planning For The Young And Affluent – How To Hedge Your Bets - Wealth Preserver – Use An ILIT To Shield Life...more

Colorado Court Leaves Valuation Question Unanswered When Valuing GRAT Appreciation

On March 20, 2014, the Colorado Court of Appeals, in Malias v. Malias, upheld the trial court’s determination that grantor retained annuity trust (GRAT) remainder interests were “property interests” for property division...more

Control Is Everything

In Private Letter Ruling 201423043, (“PLRs” only apply to the taxpayer involved but are often used as “guidance”, and not “precedent”, by taxpayers and the IRS.) the IRS ruled that a surviving spouse could roll over her...more

Does the settlor of a trust have standing to seek its enforcement in the courts?

As a general rule, any beneficiary of a trust would have standing to seek its enforcement in the courts. The Restatement (Third) of Trusts is sending mixed signals as to whether the settlor of a trust, qua settlor, would have...more

Legal Implications of the Sterling Trust Dispute

While the attention of most Miami basketball fans was focused on the Heat’s bid for a third consecutive title, Clippers fans look forward to a new owner in Microsoft CEO Steve Ballmer. Donald Sterling is challenging the...more

Income Tax Reporting for Decanting

Decanting refers to the distribution of trust property of one trust (the “first trust”) to another trust (the “second trust”). Over the past several years, the number of states specifically authorizing decanting by statute...more

Not all 3(38) Fiduciaries are alike

ERISA §3(38) investment managers has been a hot topic in the marketing of retirement plan providers and for the most part, it’s a good thing because plan sponsors who have no time to handle the fiduciary process of their plan...more

Doing Business in Latin America and The Caribbean: Turks & Caicos Islands

The Turks and Caicos Islands (TCI) lie 575 miles southeast of Miami and 39 miles southeast of The Bahamas. There are eight principal inhabited islands which have an estimated population of 35,000. The legal system is based...more

Mainebiz Real Estate Insider – Protecting the Penny Wise in a Lease

Some penny wise clients resist advice to get real estate out of their own individual names, opening themselves to unnecessary risk. Fortunate clients, who have not met the “trial bar” up close and personal, sometimes still...more

Requesting, Obtaining and Reporting the Personal Information of the Beneficiaries of a Trust

With another tax season recently behind us, the Internal Revenue Code and its many reporting requirements are fresh in our minds. Do you encounter beneficiaries who want to know why you need so much of their personal...more

Wills, Trusts and Estates Newsletter - May 2014

In This Issue: - A Contrarian View on Bypass Trusts - Getting More Out of Trusts: The Total Return Unitrust - Estate Planning for Your Eighteen Year Old: What You Need to Do Now May Surprise You -...more

Filing Obligations for Trusts in France: Annual Filing Deadline One Month From Today on 15 June

The annual filing imposed on trustees must be submitted by 15 June on new, dedicated forms published by the French tax authorities, and in the French language. ...more

Getting More Out of Trusts: The Total Return Unitrust

Trusts have become a basic tool in estate planning. Virtually every trust provides for the distribution of income to the current beneficiary, either mandatory or in the trustee’s discretion. The reasons for this vary. In a...more

Final Regulations Issued For Investment Advisory Fees and Other Costs Incurred By Trusts and Estates Subject to the 2-Percent...

On May 8, 2014, the Internal Revenue Service published final Treasury Regulations, §1.67-4, prescribing when costs incurred by estates or nongrantor trusts are subject to the 2-percent floor for miscellaneous itemized...more

A Contrarian View on Bypass Trusts

There are a number of good reasons to consider using a standard revocable trust, including minor children, spendthrift credit protection and to ensure funds go as you intended (i.e. a second marriage situation). However, a...more

Failure To Divide Estate Into Marital And Nonmarital Trust–What Happens At Death Of Surviving Spouse

Upon the death of wife, wife’s assets were supposed to be divided into two marital deduction trusts and a bypass family trust. An estate tax return was filed, and an estate tax deduction was taken for the transfer that was...more

"The Estate Planner" – May/June 2014

In this issue: - Valuing LLC Interests: How To Lose In Tax Court - Should You Keep Your Trust A Secret? - Effort – A “Stretch IRA” Can Maximize Your IRA’s Benefits - Estate Planning Red Flag – You...more

Frank Aragona Trust: A Taxpayer Win

In a case of first impression, Frank Aragona Trust v. Commissioner, 142 T.C. No. 9 (Mar. 27, 2014), the Tax Court held that a trust could materially participate in a trade or business based upon the activities of the...more

Bureau Of Indian Affairs Proposes Regulation To Allow Taking Of Land Into Trust For Tribes In Alaska

After decades of interpreting the Alaska Native Claims Settlement Act of 1971 (ANCSA) to preclude the federal government’s acquisition of land in trust for tribes in Alaska, on May 1, 2014, the Bureau of Indian Affairs...more

Changes May Lie Ahead for Certain Wealth Transfer and Succession Planning Strategies

In March, the Department of Treasury issued the administration's 2015 fiscal year revenue proposals for the federal government. Those proposals are described in General Explanations of the Administration's Fiscal Year 2015...more

Is a quiet (silent) trust illusory?

Is a quiet or silent trust illusory? The question is intentionally ambiguous. Is the question whether the trust itself is illusory, or just its quietness? A quiet or silent trust has been defined as “an irrevocable trust...more

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