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
The Chancery Court is now up and running in Wyoming. Its stated purpose is “to provide a forum for streamlined resolution of commercial, business and trust cases.” The goal is to resolve business and trust cases in a more...more
Estate planners work hard to set up estate and wealth transfer plans that fit a client’s needs and ensure that everything works together for the client. Unfortunately, as the client’s situation changes, they often don’t...more
As previewed in my blog post of January 25, 2021, Wyoming laws provide an opportunity to utilize a Wyoming Incomplete Gift, Non-Grantor Trust (“WING”) to potentially avoid state income tax on the sale of assets. My previous...more
One strategy for a client who wants to avoid state income tax on a sale of assets is to utilize a WING, a Wyoming Incomplete Gift, Non-Grantor trust (“WING”). Certain other states allow ING trusts, but this blog post refers...more
While we deal with an unprecedented global pandemic which alters life as we know it for all of us, COVID-19 brings up concerns regarding our clients’ Advanced Directives that were prepared and signed during “normal” times....more
There has been considerable discussion regarding including arbitration clauses in estate planning documents over recent years. Some estate and trust attorneys are actively pushing for the inclusion of such clauses. Recently,...more
2/12/2020
/ Appeals ,
Arbitration ,
Arbitration Agreements ,
Beneficiaries ,
Estate Planning ,
Mandatory Arbitration Clauses ,
Motion to Compel ,
Revocable Trusts ,
Trust Amendments ,
Trustees ,
Trusts ,
Undue Influence Claims ,
Validity
Individual trustees often fail to fulfill the duties imposed on trustees, not only by the trust instrument, by also by the trust statutes applicable in the jurisdiction. It is often the case that the individual trustee is a...more
In light of the recent dramatic weather events, including hurricanes and tornadoes, it is a good time to discuss preservation of estate planning documents. In many instances, people escape from their homes with only the...more
Wyoming has created a chancery court which will be authorized to hear cases in fifteen (15) specific areas, including cases alleging breach of fiduciary duty and transactions governed by the Wyoming Uniform Trust Code, in...more
No-contest clauses (sometimes called in terrorem clauses) are extremely common in today’s litigious society. A no-contest clause essentially makes all gifts under the will or trust conditional upon not challenging the...more
It is very difficult for a trustee to have conflicts of interest without breaching the duty of loyalty. We typically think of trustee conflicts as they relate to self-dealing by the trustee, which is almost always a problem...more