Once Removed Episode 22: Building Flexibility into the Estate Plan
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
This CLE/CPE webinar will provide estate planners insight on recently issued IRS guidance regarding basis adjustments for irrevocable grantor trusts. The panelist will discuss key items and challenges stemming from Revenue...more
On this podcast, we talk about the importance of flexibility in irrevocable trusts and estate planning. Once a trust is irrevocable, we can explore methods to modify that trust to address changed circumstances. But in the...more
In In re Estate of Wells, No. 12-23-00066-CV, 2023 Tex. App. LEXIS 8475 (Tex. App.—Tyler November 8, 2023, no pet. history). The testator left a will that created a trust for his wife and descendants, named his wife as the...more
An important aspect of your estate plan could be the flexibility you allow (or do not allow) via powers of appointment. Trusts with powers of appointment offer the possibility of altering an estate plan that seems otherwise...more
During times of economic and tax law uncertainty, the more flexible your estate plan, the better. As some parts of the country are rebounding economically from effects of the COVID-19 pandemic, other areas continue to...more
The best laid plans can go awry. Consider the estate plan you may have carefully crafted by taking into account the needs of your family members. After you’re gone, events may transpire that you hadn’t anticipated or couldn’t...more
In California, a trustor (person who creates a trust) can confer a “power of appointment” on trust beneficiaries, empowering them to designate to whom they want to give their shares of the trust. The trustor can require trust...more
Earlier this year, the Department of Labor issued an information letter explaining ERISA’s authorized representative requirement. Below are some of the takeaways employers may want to consider....more
IRS Rules Appointment of Special Trustee and Special Trustee’s Subsequent Exercise of Power to Limit or Eliminate Trust Beneficiary’s Testamentary General Power of Appointment Will Not Constitute Exercise or Release for...more