News & Analysis as of September 18, 2024

Grantors

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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 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 -

Trustee Liability in the Murdoch Succession Saga

Woodruff Sawyer on 9/4/2024

Recently, much has been written about Rupert Murdoch’s petition to amend his Nevada irrevocable trust to grant his eldest son, Lachlan, voting control over News Corp and Fox Corporation. While the battle between family...more

Are You Ready for National Make-a-Will Month? Ten Essential Questions You Need to Answer

Kohrman Jackson & Krantz LLP on 8/5/2024

August is “National Make-a-Will” Month, the perfect opportunity to seriously consider your estate plan. Many delay this crucial task due to common misconceptions about what an estate involves. Here, we delve deeper into what...more

What do You Need to Know About A Trust and Why?

Allen Barron, Inc. on 3/22/2024

Most US homeowners and business owners understand the importance of an estate plan; they just never seem to get around to completing the task. What do you need to know about a trust? Why are trusts a central component of any...more

Estate Planning and Corporate Transparency Act Reporting

Katten Muchin Rosenman LLP on 12/27/2023

The Corporate Transparency Act (CTA) is effective on January 1 and requires "Reporting Companies" to disclose specific information to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Below is a...more

Compliance with the Corporate Transparency Act Necessary for Many Estate Planning Clients

Mintz on 12/14/2023

Reporting requirements under the Corporate Transparency Act (CTA) will go into effect beginning January 1, 2024. Under the CTA, many business entities formed or registered in the US will be required to provide the personal...more

Estate and Tax Planning for US Expatriates

Allen Barron, Inc. on 11/16/2023

What are the most important elements of estate and tax planning for US expatriates? Are you planning to move out of the United States? Are you a US taxpayer who lives and works outside of the country? What are some of the...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

Do You Need a Trust?: Estate Planning Q&A

Chambliss, Bahner & Stophel, P.C. on 7/12/2023

According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan. The primary reasons respondents gave for not participating in estate planning are:.....more

Understanding and Protecting Trusts in An Evolving Regulatory Landscape

Woodruff Sawyer on 3/31/2022

Family Offices that serve high-net-worth individuals have been in recent global headlines as governments target them in an effort to tax corporate and individual gains....more

What is a Trust?

Freeman Law on 2/9/2022

Trusts - Trusts play an important role in estate and tax planning. A trust is a fiduciary arrangement that allows a trustee to hold legal title to assets for the benefit of a beneficiary. The beneficiary is, in turn, said...more

Spendthrift Trusts: An Effective Strategy for Avoiding Spooky Pitfalls

Chambliss, Bahner & Stophel, P.C. on 10/8/2021

As we prepare for the Halloween season, there are many reasons to be on edge. These fears may involve ghosts and goblins for some, while others may view estate planning as frightening. Although I have yet to find an effective...more

Three Estate Planning Proposals to Watch

Schwabe, Williamson & Wyatt PC on 9/17/2021

House Democrats recently released additional legislative proposals that, if passed, would affect several commonly used estate planning techniques. Among those proposals are three that would significantly impact some of the...more

6 Things to Ask Before Agreeing to Be a Trustee

Chambliss, Bahner & Stophel, P.C. on 8/20/2021

Being asked to serve as the trustee of the trust of a family member is a great honor. It means that the family member trusts your judgment and is willing to put the welfare of the beneficiary or beneficiaries in your hands. ...more

Trust Funding: the Overlooked Estate Planning Tool

Bowditch & Dewey on 5/12/2020

Many clients create an estate plan, then put the documents safely away, until they are needed. However, they have forgotten to complete one final important step. Trust funding is the most overlooked estate planning tool....more

Tax Refunds for Trusts With Minnesota Grantors? Minnesota Trust Income Tax Statute Ruled Unconstitutional

Faegre Drinker Biddle & Reath LLP on 6/8/2017

Certain irrevocable trusts created by Minnesota residents after 1995 may be able to claim income tax refunds as a result of the Minnesota Tax Court’s decision in Fielding v. Commissioner of Revenue, handed down on May 31,...more

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/22/2016

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

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