News & Analysis as of

Trusts Uniform Trust Code

Warner Norcross + Judd

Silent Trusts Have Come to Michigan

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Recently, Michigan added a new section to the trust code, making it possible for trust settlors to create “quiet” or “silent” trusts in Michigan. As the name implies, in a silent trust arrangement, a trustee is not required...more

Proskauer Rose LLP

Wealth Management Update - September 2024

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The September 2024 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.8%, a decrease from the August 2024 rate of 5.2%. The September applicable federal rate (“AFR”) for use...more

Charles E. Rounds, Jr. - Suffolk University...

Whether an equitable power of appointment incident to a trust relationship is “in gross” or “collateral”: The practical...

Section 17.3, comment f, of the Restatement (Third) of Property (Wills and Other Donative Transfers) explains the difference between a collateral power of appointment and a power of appointment in gross: “In traditional...more

Holland & Knight LLP

Tennessee Trust Bill Takes Effect and Makes Important Changes to the State's Trust Laws

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Tennessee Gov. Bill Lee approved Public Chapter No. 695 on April 11, 2024, as passed by the Tennessee General Assembly (Trust Bill). The new law became effective on July 1, 2024, and it made several important changes to...more

Charles E. Rounds, Jr. - Suffolk University...

Creating a nonvoidable domestic asset protection trust (DAPT) that has multijurisdictional contacts: The state and federal...

Creating a domestic asset protection trust (DAPT) that both has multijurisdictional contacts and is nonvoidable in whole or in part is easier said than done. There are the state conflict-of-laws issues, a few of which I...more

Charles E. Rounds, Jr. - Suffolk University...

When the parties to a trust relationship, as well as its subject property, are located in different states, which state’s law...

Consider the following situation. Settlor owns a thousand acres of land in a domestic-asset- protection haven (DAPT state). While he is alive, he transfers in trust the land to a corporate trustee that does business...more

Charles E. Rounds, Jr. - Suffolk University...

Uniform Trust Code (UTC) and Uniform Voidable Transactions Act (UVTA) could be better coordinated in the Domestic Asset...

In a Sept. 11, 2023 JDSUPRA posting I questioned the doctrinal and practical utility of partial legislative codifications of equity’s principles-based jurisprudence, such as the UTC, the very institution of the trust being a...more

Charles E. Rounds, Jr. - Suffolk University...

Trustee’s Duty To Defend Trust Property From Third-Party Claims Versus Trustee’s Duty To Defend Trust’s Very Existence, As Well...

A longstanding and critical incident of a trustee’s fiduciary duty of loyalty is the duty to vigorously defend the trust’s very existence, as well as all its material provisions (hereinafter “existence defense”), unless it...more

Holland & Knight LLP

Tennessee Legislature Approves Enhancements to Uniform Trust Code

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The Tennessee legislature continues to take action to maintain Tennessee's status as one of the foremost states in which to situs trusts. The legislature's most recent enhancements to Tennessee's Uniform Trust Code (TN UTC)...more

Winstead PC

[Webinar] A Trustee’s Duty To Disclose - June 13th, 10:00 am - 11:00 am CT

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David F. Johnson will address the complex issues surrounding a trustee’s duty to disclose and will compare Texas law and the Uniform Trust Code on this topic. He will address disclosure requirements under trust documents and...more

Winstead PC

Trust Issues in Divorce Proceedings - Presentation - May 2023

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David F. Johnson presented to the Tarrant County Probate Bar Association on May 4, 2023, on the topic of “Trust Issues in Divorce Proceedings.” This program discussed some of the many trust issues that arise in divorce...more

Holland & Hart LLP

Trust Disclosure Requirements and Quiet Trusts

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The Uniform Trust Code and the Restatement (Third) of Trusts both follow the presumption that trust beneficiaries should be generally kept aware of the existence of the trust, their status as beneficiaries, and their right to...more

Winstead PC

Corporate Trustee’s Statements May Suffice For A Statutory Accounting

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Trust beneficiaries often request a corporate trustee to prepare a statutory accounting. The Texas Trust Code in Section 113.151 provides that a beneficiary may request a written statement of accounts....more

Holland & Hart LLP

Why Trust Situs is Important

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When does a trust’s situs, also known as principal place of administration, move? What is enough to trigger a move? Should a trustee be concerned about their trust’s situs? These are all great questions that often get...more

Burns & Levinson LLP

Powers of Appointment: Adding Flexibility to an Estate Plan

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The saga of the Smith and Alexander families continues with a discussion of powers of appointment and the implications of Johnny’s exercise of the limited power of appointment granted to him under his parents’ Family Trust....more

Holland & Hart LLP

Wyoming Situs

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We are seeing an increasing number of clients that want to situs trusts in Wyoming due to its favorable trust law and lack of state income tax, although over the last several months clients have also sought the open spaces of...more

McGuireWoods LLP

Key Considerations for Charities Regarding Bequests and Other Deferred Gifts

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Bequests and other deferred gifts are a bedrock of any successful planned giving program. The deferred nature of these types of gifts, however, can lead to complications and delays in collecting the gift....more

Holland & Hart LLP

What Law Governs Your Trust?

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Now more than ever, the situs and principal place of administration of a trust has become a fluid concept. Trustees change, move, or open and close offices. As situs changes, the question often becomes “what law governs the...more

Holland & Hart LLP

When are Termination Fees Reasonable?

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Professional trustees and financial institutions acting as trustees often include a “termination fee” as part of their published fee schedules. Contrary to the name’s suggestion, a trustee might charge the fee not only at...more

Proskauer Rose LLP

Wealth Management Update - September 2019

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September 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The September Section 7520 rate for use with estate planning techniques such as CRTs,...more

Proskauer Rose LLP

Wealth Management Update - July 2019

Proskauer Rose LLP on

Supreme Court Ruling in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, 588 U.S. [TBD] and its Relevance to Income Taxation of Accumulated Income in California Trusts - The Supreme Court...more

Holland & Hart LLP

Reminder – Mandatory Notice Provisions in CUTC

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As we have just passed the one-year anniversary of the CUTC being signed into law, now seems like an appropriate time to go over a few reminders with regards to its mandatory provisions – in particular the Notice provisions. ...more

McGuireWoods LLP

Recent Cases of Interest to Fiduciaries

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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

Farrell Fritz, P.C.

Lessons to be Learned From the Power of Attorney

Farrell Fritz, P.C. on

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

McGuireWoods LLP

North Carolina Changes Trust Code and Permits “Living Probate”

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On August 11th, Governor McCrory signed North Carolina Senate Bill 336, Act to Amend the Law Governing Estate Planning and Fiduciaries (the “Act”). Notably, the Act adopts a procedure for living probate in North Carolina and...more

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