Trusts

News & Analysis as of

Public Trust Act – A Public Financing Trial and Tribulation

The NY State Legislature and Governor Cuomo enacted a new State budget on April 1, and with it, enabling legislation that includes changes in NY’s campaign finance law. In addition to new independent expenditure disclosure...more

Trusts and Estates Planning Opportunities Arising From Recent Changes to the New York Estate Tax and Trust Income Tax Regimes

On April 1, 2014, the New York state 2014–2015 budget (the "Budget") became effective. The Budget includes legislation (the "Budget Legislation") that makes several significant changes to New York's estate tax regime and to...more

U.S.Tax Court Decision May Allieviate The 3.8% Net Investment Income Tax Burden For Many Trusts

Because trusts are subject to the 3.8% Net Investment Income Tax at a very low income level, $12,150 for 2014, trustees of trusts owning interests in operating entities have been considering ways to meet the material...more

Could it be that the Uniform Trust Code would effectively immunize the trustee of a revocable inter vivos trust from liability for...

Section 603 of the Uniform Trust Code provides that while a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries, such as the equitable remaindermen, are subject to the control of,...more

Illinois Trust Taxation Deemed Unconstitutional

Ruling creates planning opportunities to minimize income taxes. In Linn v. Department of Revenue, the Illinois Fourth District Appellate Court reviewed the state’s statutory framework for taxing trusts. Linn v....more

Trusts And “Material Participation”

There is uncertainty in the law as to whether, and how, trusts can meet the “material participation” requirements of Code Section 469 to escape passive loss treatment....more

Phillip Seymour Hoffman’s Last Wishes—I Want My Son to be Raised as a New Yorker

Phillip Seymour Hoffman’s life tragically ended far too soon for movie fans, and I’m sure for his three children as well. His will left his reported $35.0 million fortune to his long-time girlfriend, and if she did not...more

Say It Isn't So – Has Pennsylvania Adopted No Fault Trustee Removal?

Apparently, nothing is sacred. In yet another opinion that chips away at long standing fiduciary principles, the Pennsylvania Superior Court issued an opinion that seems to adopt no fault trustee removal in Pennsylvania....more

Illinois Local Sales Tax Sourcing Update: Tax Administration by Lawsuit

Previously, we advised of actions filed by the Regional Transportation Authority (RTA), the city of Chicago and Cook County against multiple companies as “respondents in discovery.” These actions all involved the proper...more

Interior’s Carcieri Opinion Means More Diligence for Trust Land Development Projects

The Office of the Solicitor of the Department of the Interior has issued a legal opinion (the “Opinion“) to the Secretary of the Interior interpreting the statutory phrase “under federal jurisdiction” in the Indian...more

Wealth Management Update - March 2014

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

California Weighs In: No Mandatory Arbitration For Dispute Over Validity Of Trust Instrument

A hot topic in estate planning these days is whether mandatory arbitration clauses should be included in trusts. The idea is to require trust beneficiaries to arbitrate their disputes rather than going through the time and...more

Distributions From A Texas Trust Deemed Separate Property

Conventional wisdom is that a spouse’s earnings from separate property are community property. But it’s not that simple. In Benavides v. Mathis a Texas court denied wife Leticia’s claim to one-half of the income derived from...more

The Future of Trust IPOs in Asia

With developed and active real estate investment trust (REIT) markets and expanding business trust (BT) markets, trust IPOs have earned themselves a solid place in the Asian financial marketplace. “Trust IPOs are no longer a...more

What Are the House Ownership Options When Parents and Adult Children Live Together?

Increasingly, several generations of American families are living together. According to a Pew Research Center analysis of U.S. Census data, more than 50 million Americans, or almost 17 percent of the population, live in...more

Important Changes Proposed to New York Estate Tax and New York Income Taxation of Trusts, Grantors and Beneficiaries

Important legislation has been introduced by New York Governor Andrew Cuomo that, if passed, would substantially change the New York estate tax regime and would also significantly change the income tax rules regarding certain...more

Family Trust Company Essential Long-Term Planning Tool For Entrepreneurs

Miami is a hot bed for start-up businesses and entrepreneurs, and is one of the most innovative business communities in the country. It’s certainly no surprise, seeing as Florida is ranked the #2 state to do business in, due...more

Action Needed by March 31, 2014 to Avoid Proposed Changes to New York Estate Taxes and Trust Income Taxes

If Governor Cuomo’s proposals are enacted, New Yorkers and non-residents with property located in New York may be facing new taxes this April Fools’ Day. - New York Estate Tax First, the good news — under the...more

Why infect the law of trusts with good faith doctrine?

The law’s good faith principle has traditionally regulated legal relationships, such as the contractual relationship. Equity’s more intense fiduciary principle has generally regulated equitable relationships, such as the...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update (February 24, 2014)

This is a brief update on recent Pennsylvania tax developments. It is intended to provide an overview of issues and cases to watch, as well as administrative and legislative developments....more

Proposed Regulation Incorporates IRS Litigation Position on UBTI for VEBAs and SUB Trusts

On February 6, 2014, the Internal Revenue Service (IRS) proposed new regulations for calculating the unrelated business taxable income (UBTI) of IRC section 501(c)(9) voluntary employees’ beneficiary associations (VEBA) and...more

Anti-Huber Planning

Asset protection trusts promise their settlors the best of many worlds. They allow a grantor to give away assets to a trust and remove them (and any future appreciation in the trust assets) from their taxable estate. However,...more

The Use Of Trusts In Business Succession Planning

INTRODUCTION - The transition of a family owned or closely-held business is an important event for estate planning clients. Historically, the use of trusts has played an important role in business succession planning....more

5 Estate Planning Mistakes You Should Try to Avoid

In your experience, what’s the most costly mistake people make when preparing estate plans, and what can they do to fix them? That’s the question we recently put to attorneys writing on JD Supra....more

Wills, Trusts and Estates Newsletter - February 2014

In This Issue: - Estate Administration 101: Taking Inventory in Virginia, Maryland & the District of Columbia - Succession Planning for CPAs - Excerpt from Estate Administration 101: Taking Inventory in...more

117 Results
|
View per page
Page: of 5