News & Analysis as of September 20, 2024

Estate Planning › Trustees › Creditors

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

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

Charles E. Rounds, Jr. - Suffolk University... on 8/20/2024

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

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

Charles E. Rounds, Jr. - Suffolk University... on 6/3/2024

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

Options for Changing an Irrevocable Trust

Husch Blackwell LLP on 11/6/2023

As its name implies, an irrevocable trust cannot be revoked by the person who establishes the trust. Typically, an irrevocable trust also cannot be changed by a trustee or beneficiary. The irrevocable nature makes the trust a...more

The Guardians Of A Trust: What Is A Trust Protector?

Dunlap Bennett & Ludwig PLLC on 10/24/2023

What is a Trust? A Trust is a legal entity involving three roles: The Grantor or “Trustor”, the Trustee, and the Beneficiary. The Grantor (the creator of the trust) will give the Trustee the right to hold and manage property...more

Beyond Taxes: 10 Important Reasons Why Everyone Needs an Estate Plan

Bowditch & Dewey on 6/1/2023

People often assume that if their estate isn’t taxable, they don’t need to have an estate plan. In 2023, a Massachusetts estate tax return must be filed if the value of the deceased person’s gross estate exceeds $1 million. A...more

Blast from the Past – Trusts Subject to Medi-Cal Reimbursement

Downey Brand LLP on 1/19/2022

We begin the year with a case, Riverside County Public Guardian v. Snukst (2022) ___ Cal.App.5th ___, involving an elder with dementia who received Medi-Cal benefits. The case, a blast from the past, illustrates how the...more

Indiana Enacts Self-Settled Asset Protection Trust Legislation

McGuireWoods LLP on 5/30/2019

On April 9, 2019, the Indiana Legislature enacted S.B. 265 to amend the Indiana Code concerning trusts and fiduciaries. The Indiana governor signed the act May 5. One important provision of the act was the addition of a new...more

Recent Cases of Interest to Fiduciaries

McGuireWoods LLP on 8/1/2015

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

If You Will®: Short Takes on Estates, Taxes and Trusts - May 2013

Burns & Levinson LLP on 5/17/2013

"IF YOU WILL®: Short Takes on Estates, Taxes and Trusts” is a quarterly glance through an informal lens at selected news items, court decisions, legislative changes and/or important issues pertinent to estate planning. It is...more

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