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Virginia Supreme Court: Arbitration Clauses in Trusts Are Not Enforceable Against Beneficiaries

In Boyle v. Anderson, No. 210382 (Va. April 14, 2022), the Supreme Court of Virginia addressed an emerging topic in trusts and estates: whether a settlor can require that trustees and beneficiaries submit any disputes to...more

Recent Cases of Interest to Fiduciaries January 2018

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

Maryland Enacts New Statute of Limitations for Breach-of-Trust Actions

Effective Oct. 1, 2018, Maryland enacted a one-year statute of limitations for most breach-of-trust actions. To trigger the one-year limitations period, however, trustees must provide certain information to beneficiaries....more

Recent Cases of Interest to Fiduciaries

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: - In re...more

Georgia Governor Vetoes Domestic Asset Protection Trust Legislation

In late March, the Georgia House of Representatives (by a vote of 103-56) and the Georgia Senate (by a vote of 43-6) passed HB 441, which would have made Georgia the 18th state to permit self-settled domestic asset protection...more

Recent Cases of Interest to Fiduciaries

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

What the New Tax Law Means for Individuals and Closely Held Business Owners

December 20, 2017 President Trump intends to sign into law H.R. 1 (the act), the most comprehensive change to the Internal Revenue Code since 1986. The text of the act numbers nearly 500 pages. What follows is a brief summary...more

Recent Cases of Interest to Fiduciaries

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

Recent Cases of Interest to Fiduciaries

Kroll v. New York State Dept. of Health, 39 N.Y.S.3d 183 (Oct. 5, 2016); see also In re Kroll, 971 N.Y.S.2d 863, 865 (Sur. Ct. 2013) - Court approves “decanting” of a trust to effectively remove a beneficiary’s future...more

Recent Cases of Interest to Fiduciaries

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

Maryland Allows Use of Nonjudicial Settlement Agreements in Trust Administration

Maryland previously enacted a version of the Uniform Trust Code (UTC), which contains various provisions focused on permitting more efficient administration of trusts. However, Maryland’s version of the UTC initially omitted...more

Recent Cases of Interest to Fiduciaries

In the Matter of Estate of Leon C. Chamberlain, 135 A.D.3d 1052 (N.Y. App. Div. Jan. 7, 2016) - Modification of trust terms is appropriate where limitations on investments permitted under trust instrument frustrated the...more

Recent Cases of Interest to Fiduciaries

Berlinger v. Wells Fargo, N.A., Case No. 2:11-cv-459-FtM-29CM, 2015 WL 6125529 (M.D. Fla. Oct. 16, 2015) - Discretionary distributions to beneficiary which were used in part to satisfy alimony obligations were not...more

Recent Cases of Interest to Fiduciaries

In re Estate of House, 2014 Wash. App. LEXIS 3006 (Wash. Ct. App. 2014) - A release waiving any and all claims that the parties may have or may acquire, bars recovery for unknown claims existing at the time the release...more

Changes to 2014 Form 990, Form 990-EZ, and Form 990-PF for Exempt Organizations

While the IRS made only minor changes to Form 990, Form 990-EZ, and Form 990-PF for the 2014 tax year, the IRS made significant revisions to Schedule A. ...more

Congressional Proposals for Nonprofit Tax Breaks and Extenders

In February, the House of Representatives passed several tax bills and the Senate Finance Committee approved several tax bills that, if ultimately enacted, would impact tax-exempt organizations....more

State of the Union Surprise: President Targets Inherited Assets in Middle-Class Tax Reform

After the American Taxpayer Relief Act of 2012, many in the estate planning community thought that tax law dealing with estates and trusts was settled for some time. President Obama’s earlier budget proposals calling for a...more

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