News & Analysis as of

Family Trusts

Private family trust companies authorized under new Missouri law

by Thompson Coburn LLP on

The new Missouri Family Trust Company Act allows families to establish their own family-owned and -controlled private trust companies, which can hire banks and public trust companies to assist with investment and management...more

Valuation Discounts for Transfers of Interests in Family Entities May Be Severely Curtailed – You May Want To Act Now

by Proskauer Rose LLP on

On August 2, 2016, the Treasury Department and the Internal Revenue Service (the "IRS") issued proposed regulations under section 2704 (the "Proposed Regulations") of the Internal Revenue Code of 1986, as amended (the...more

Governor Kasich Signs House Bill 229 to Create Ohio Family Trust Company Act

by BakerHostetler on

On June 14, 2016, Governor Kasich signed House Bill 229 into law. The bill, which was over two years in the making, allows an Ohio family to establish its own trust company to serve as trustee for its family trusts. The...more

Family Trust Company Legislation Passes Ohio House

by BakerHostetler on

On December 9, 2015, House Bill 229 was passed by the Ohio House of Representatives by a vote of 84-8. The bill, which was almost two years in the making, allows an Ohio family to establish its own trust company to serve as...more

Donald Sterling Loses Appeal of Clippers Sale: Court of Appeal Rejects Bid To Regain Team’s Ownership

The California Court of Appeal today affirmed the sale in August 2014 of the Los Angeles Clippers for a record-shattering price of $2 billion to former Microsoft CEO Steve Ballmer. In a unanimous decision, the three justices...more

Israeli Tax Authority Extends Deadline to Register Family Trusts and Elect Tax Regime

by Cozen O'Connor on

On June 29, 2015, the Israeli Tax Authority extended the deadline for registration of Family Trusts (sometimes referred to as Relatives Trusts), which are trusts created by a non-Israeli grantor for the benefit of one or more...more

Eleventh Circuit Holds No Duty to Defend Directors Serving in Mixed Capacities

by Cozen O'Connor on

On June 22, 2015, the 11th Circuit affirmed a Georgia federal court decision that there was no coverage under a director’s and officer’s (D&O) insurance policy for claims asserted by beneficiaries of a family trust against a...more

No Split Gift Election Where Spouse Was a Potential Beneficiary

by Charles (Chuck) Rubin on

A husband created a Family Trust for the benefit of his wife and their descendants. Under the trust, an independent trustee may pay to or use for the benefit of the wife, or any one or more of husband’s descendants and their...more

North Carolina Court Holds Statute Taxing Trust Income Unconstitutional Kimberly Rice Kaestner 1992 Family Trust v. North Carolina...

by McGuireWoods LLP on

On April 23, 2015, Judge Gregory P. McGuire of the Business Court division of the Superior Court of Wake County, North Carolina, issued a decision in the matter of the Kimberly Rice Kaestner 1992 Family Trust v. North...more

Brogan Family Trust: CRA Not Entitled to Notice of Rectification Application

by Dentons on

Is the CRA entitled to notice of a rectification application? In Brogan Family Trust (2014 ONSC 6354), the Ontario Superior Court of Justice said “no”, and dismissed the Crown’s motion to set aside an earlier...more

Careful Planning Required to Avoid New York’s Estate Tax

by BakerHostetler on

Now that Congress has implemented a relatively large per person federal gift/estate tax exemption (i.e., the per person federal gift/estate tax exemption is $5,250,000 in 2013, indexed for inflation), many think that estate...more

Termination of Credit Shelter Trusts

by Poyner Spruill LLP on

As discussed in a previous article, due to higher estate tax exemption, certain trusts previously established for purposes of avoiding estate taxes under the estate plan of a predeceased spouse may no longer be necessary in...more

Estate Planning & Federal Tax Update - Winter 2013

With the American Taxpayer Relief Act of 2012 (the “ATRA ”) passed and the fiscal cliff safely averted, the time has come to turn your attention to your estate plan. What Did the ATRA Accomplish? The fiscal cliff...more

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