How was your Thanksgiving? I hope you celebrated the holiday in a pleasant setting with folks whose company you enjoyed, and with plenty of good food. I hope you participated in some interesting conversations or joined in...more
The recent case of Richard Simmons, the beloved and iconic fitness guru, is a notable example of the conflicts that can arise when co-trustees are appointed to manage an estate. Co-trustees need to work together in order to...more
The Cayman Islands is one of the leading jurisdictions for the establishment and management of trusts. It has a sophisticated professional trust sector, modern trusts legislation and an effective judicial system. There is a...more
It is important to update your trust and estate plan regularly to protect your interests and meet the changing requirements of your future while integrating changes in law and best practices to provide for every potential...more
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
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
In the recent decision of Krishnamohan v HMRC [2024] UKFTT 346 (“Krishnamohan”) the UK’s First-tier Tribunal (“FTT”) recently held that the granting of a revocable option did not give rise to the granting of an option for UK...more
On March 25, 2024, the IRS issued proposed regulations (REG-108761-22) which, if finalized, would identify certain CRATs as listed transactions. For those unaware of the listed transaction rules, such a designation would...more
There’s a good chance that your estate plan includes a revocable trust — sometimes known as a “living trust.” This type of trust can help your estate avoid probate, guard your privacy and provide protection in the event...more
Do you employ an irrevocable trust or trusts as part of your estate plan? You need to review your irrevocable trust to ensure it still delivers the benefits intended. It is generally possible to modify an irrevocable trust,...more
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
Earlier this week the White House released its Fiscal Year 2025 Budget. Of course, the federal government has not yet adopted a budget for the Fiscal Year 2024 even as we approach that year’s halfway mark. But I digress. The...more
A troubling and confusing issue here in Pennsylvania concerns the ownership of oil and gas rights under roads and highways. For example, let’s assume Farmer Joe owned 115 acres in Greene County. In 1981, Farmer Joe sells...more
Many of us have encountered variations of the following scenario: a parent owns and operates a business; one or more of their children are employed in the business; as the children mature and become more experienced and...more
In the two weeks since the Corporate Transparency Act (CTA) went into effect (see our alert here), the Financial Crimes Enforcement Network (FinCEN) has published several Frequently Asked Questions (FAQs) clarifying the new...more
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
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
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
Los Fideicomisos (“Trusts”) son vehículos que pueden ayudar en la preservación de la riqueza y la propiedad para las generaciones futuras, proteger activos o llevar a cabo un propósito caritativo. Un Fideicomiso es una...more
Trusts are vehicles that can assist in the preservation of wealth and property for future generations, protect assets, or carry out a charitable purpose. A trust is an entity created and governed under the state law in which...more
It is not uncommon for local counsel to be instructed on deals after Agreed Security Principles (ASPs) have been agreed between our onshore counterparts and underlying clients. Whilst we are adept at conforming local security...more
The Tennessee legislature continues to take action to maintain Tennessee's status as one of the foremost states in which to situs trusts. The legislature's most recent enhancements to Tennessee's Uniform Trust Code (TN UTC)...more
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
Let’s assume your grandfather owned 99 acres in Washington County. In 1955, he sells a small portion of the farm to the Commonwealth of Pennsylvania in order to facilitate the construction of new State Route 39. This acreage...more
The calculation of production royalties and the deduction of post-production costs remains a controversial topic here in Pennsylvania. As we have written before, there is another frustrating and often confusing...more