News & Analysis as of

Settlors

Cozen O'Connor

Realty Transfer Tax Regulation Invalidated by Commonwealth Court

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The Commonwealth Court of Pennsylvania held that an exemption to the application of PA Realty Transfer Tax Section (RTT) for no or nominal consideration from a trust under Section 1102-C.3(9.1)1 applies not only to transfers...more

Foodman CPAs & Advisors

Fideicomisos Y El CTA

El 18 de abril de 2024, FinCEN actualizó las preguntas frecuentes (“FAQs) que abordan los fideicomisos y el CTA (“Corporate Transparency Act”). Los fideicomisos son vehículos que pueden ayudar a preservar patrimonios y la...more

Foodman CPAs & Advisors

Trusts And The CTA

On April 18, 2024, FinCEN updated FAQs that address Trusts and the CTA (Corporate Transparency Act). Trusts are vehicles that can assist in the preservation of wealth and property for future generations, protect assets, or...more

Charles E. Rounds, Jr. - Suffolk University...

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

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

Charles E. Rounds, Jr. - Suffolk University...

When the parties to a trust relationship, as well as its subject property, are located in different states, which state’s law...

Consider the following situation. Settlor owns a thousand acres of land in a domestic-asset- protection haven (DAPT state). While he is alive, he transfers in trust the land to a corporate trustee that does business...more

Charles E. Rounds, Jr. - Suffolk University...

Trustee’s Duty To Defend Trust Property From Third-Party Claims Versus Trustee’s Duty To Defend Trust’s Very Existence, As Well...

A longstanding and critical incident of a trustee’s fiduciary duty of loyalty is the duty to vigorously defend the trust’s very existence, as well as all its material provisions (hereinafter “existence defense”), unless it...more

Warner Norcross + Judd

Michigan Court of Appeals Clarifies Legal Standards for Interpreting Trust Agreements

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Two recent cases out of the Michigan Court of Appeals address the legal standards for interpreting a trust agreement. In re Larry Berman Revocable Living Trust, Docket No. 364315 (Feb. 1, 2024); In re Thomas J. and Carol A....more

Patton Sullivan Brodehl LLP

Failure to Pay Attention to Trustee Notice Can Be Fatal

Understanding the significance of trustee notice, as mandated by Probate Code Section 16061.7, is crucial in trust administration.  This notice is required upon the occurrence of certain events, most notably, when a trust...more

Warner Norcross + Judd

When a Non-trustee Helps Administer the Trust

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In re Esther Kratzer Revocable Trust & In re Wendell Kratzer Revocable Trust, Docket Nos 357860, 357861 (Mich Ct App Mar 23 2023) (unpublished). Wendell and Esther Kratzer, husband and wife, had four children including...more

Rivkin Radler LLP

You “Placed Your Trust” In New York? You May Be Sorry You Did

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According to a report issued by the National Association of Realtors a couple of days ago, last year saw a large outmigration of people from California and New York, while Florida and Texas experienced a comparably large...more

Downey Brand LLP

Who Can Oversee Revocable Charitable Trusts?

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Narcotics Anonymous established a revocable trust to manage its literature and other intellectual property assets for the benefit of its many members. A “regional delegate group” filed a petition in Los Angeles probate court...more

Winstead PC

[Webinar] Financial Services - Trust Issues In Divorce Proceedings - May 24th, 10:00 am - 11:00 am CT

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This presentation covers trust issues that arise in divorce disputes, such as spouses creating an irrevocable trust, fraud claims to void a trust, conflict of interest issues raised by the same attorney drafting both spouse’s...more

Lathrop GPM

Minnesota Court of Appeals Upholds Settlor’s Intent, Rejects Beneficiary’s Petition to Modify Trust and Receive Attorney Fees

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In an opinion released last week, the Minnesota Court of Appeals rejected a petition to modify the terms of a trust to allow for the early distribution of trust assets to the beneficiaries. The court also denied the...more

Conyers

Is their wish your command? Thoughts for trustees and settlors on letters of wishes

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It is common practice when a trust is established for the economic settlor to provide a letter of wishes, addressed to the trustees of the trust, setting out their wishes with respect to the administration of the trust. For...more

Conyers

Modernisation of the British Virgin Islands Trust legislation

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Legislative amendments to the British Virgin Islands (“BVI”) trust legislation took effect on 9 July 2021 under the Trustee (Amendment) Act, 2021. The reforms introduce welcome improvements to the BVI’s Trustee Act and ensure...more

Conyers

Private Client Bulletin - Summer 2021

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Welcome to the fifth edition of our Private Client Bulletin, bringing you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia. In this issue, we have several notable...more

McDermott Will & Emery

Balance of Power: Settlor Reserved Trust Powers Following Webb

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In 2017, the English High Court decision of Mezhprom v Pugachev caused ripples in the trusts world as to the extent to which a settlor of a trust can reserve powers for the trust to be considered valid. Several commentators...more

Holland & Hart LLP

What Happens When a Settlor Loses Capacity?

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As our population ages, trustees of revocable trusts will be faced with an increasingly common predicament: what happens after my settlor loses capacity? This question gives rise to many other questions – Is the trust now...more

McDermott Will & Emery

Divergence Among States in Enforcement of In Terrorem Clauses in Wills and Trusts

Recent decisions in California and Mississippi illustrate the divergence among states regarding enforcement of in terrorem clauses in wills and trusts...more

Winstead PC

Magistrate Suggests Dismissing A Settlor’s Claim Against Trust Protector Because Of A Lack Of Fiduciary Duty

Winstead PC on

In Ron v. Ron, a wife created a trust with her husband as a trustee, a friend as a trust protector, and their children as the beneficiaries. No. 3:19-CV-00211, 2020 U.S. Dist. LEXIS 52507 (S.D. Tex. February 4, 2020)....more

Jaburg Wilk

Your Guide to Essential Estate Planning Documents

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If you’re like most people, there is a laundry list of things you’d rather do than think about your estate plan. While it can be a challenging area to discuss, your estate plan is essential to ensure you and your family are...more

Downey Brand LLP

Don’t Rely on a Post-It® Note to Amend Your California Trust

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A key feature of a California revocable trust is that it can be amended. Revising a trust can, however, seem like an irksome chore so it’s common for creators of trusts (i.e., “settlors” or “trustors”) to shrug off an...more

Winstead PC

Trustee Compensation in Texas - Presentation

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Areas of Discussion: - In this Presentation, we will discuss the following: - Duty of loyalty; - Authority for trustee compensation; - Factors for reasonable compensation; - Other issues arising from trustee...more

McDermott Will & Emery

Trustees of Revocable Trusts May Owe Duties to Contingent Beneficiaries

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Revocable trusts are a ubiquitous part of modern US estate planning because they avoid the delay, cost and publicity inherent in probate administration and, in the international context, because of the certainty they provide...more

Winstead PC

A Court Rejects A Trust Protector’s Claims and Holds That A Trustee Properly Merged Trusts

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In In re Macy Lynne Quintanilla Trust, a settlor created three trusts for his children in 2014. No. 04-17-00753-CV2018 Tex. App. LEXIS 8223 (Tex. App.—San Antonio October 10, 2018, no pet. history)....more

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