News & Analysis as of

State and Local Government Trusts

Sheppard Mullin Richter & Hampton LLP

Maryland Enacts Law Exempting Passive Trusts from Mortgage and Installment Loan Licensing Requirements

In January 2025, the Maryland Office of Financial Regulation (the “OFR”) issued a guidance stating that assignees of residential mortgage loans, including certain passive trusts, were required to hold a Maryland mortgage...more

Mandelbaum Barrett PC

Elder Law and Special Needs Newsletter: March 2025 Issue

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New Jersey Officially Introduces Driver’s License Notation for Autistic Motorists - Autistic motorists in New Jersey, as well as their parents/guardians, are now able to request that their autism diagnoses be notated on...more

Mitchell, Williams, Selig, Gates & Woodyard,...

95th Arkansas General Assembly House Bill Proposing Amendments to Petroleum Storage Tank Trust Fund (CORRECTION)

The post yesterday discussed proposed amendments to the Arkansas Petroleum Storage Tank Trust Fund...more

Cadwalader, Wickersham & Taft LLP

Trusts Holding Loans Need Licensing, Says Maryland Office of Financial Regulation

On January 10, 2025, the Maryland Office of Financial Regulation issued emergency regulations revised to clarify that “passive trusts” holding residential mortgage loans must obtain a Mortgage Lender License and if the trusts...more

Mayer Brown

Maryland Guidance Applies Licensing Requirements to Assignees of Residential Mortgage Loans

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On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued formal guidance asserting that assignees of residential mortgage loans—including certain “passive trusts” that acquire or obtain assignments of...more

Holland & Knight LLP

EPA Announces $7.5 Billion in Water Infrastructure Loans

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The U.S. Environmental Protection Agency (EPA) on Sept. 6, 2024, announced the availability of $6.5 billion in Water Infrastructure Finance and Innovation Act (WIFIA) funding and $1 billion in State Infrastructure Financing...more

Perkins Coie

Washington Court of Appeals Limits B&O Tax Deduction for Investment Income

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The Washington Court of Appeals has held that investment funds are subject to Washington state business and occupation (B&O) tax on their investment income. Although Washington law allows taxpayers to deduct “amounts derived...more

DarrowEverett LLP

Potential Changes Threaten Estate Planning Strategies, Create Urgency to Act

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Actor Will Rogers is widely credited with stating that “the only difference between death and taxes is that death doesn’t get worse every time Congress meets.” While most taxpayers fear tax laws changing for the worse, estate...more

Rivkin Radler LLP

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

Rivkin Radler LLP on

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

Cozen O'Connor

New Planning Opportunity for Florida SLATs

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A new law was recently passed in Florida that will allow a grantor spouse of a Spousal Limited Access Trust (SLAT) to be added as a beneficiary of the SLAT following the death of the beneficiary spouse. Please see below for a...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Out with the Old, in with the Updated – Arkansas Adopts the Uniform Fiduciary Income and Principal Act

Is it principal or it is income? This question has plagued trust beneficiaries, trustees, accountants, and attorneys since trusts have been used. The answer to the question is important, because the answer generally controls...more

Shutts & Bowen LLP

Written Disclosure Requirements for Attorney Fees in Trust and Estate Administrations

Shutts & Bowen LLP on

House Bill 625 (2021), sponsored by Representative Clay Yarborough, R–Jacksonville, amends Sections 733.6167 and 736.1007 of the Florida Statutes to provide that if an attorney intends to charge a fee for an estate or initial...more

Perkins Coie

Navigating Proposition 19: Planning for 2021 Changes to California Real Property Tax Reassessment Rules

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On November 3, 2020, California voters narrowly approved Proposition 19 (The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act) and with it comes significant property...more

Sheppard Mullin Richter & Hampton LLP

California Property Tax Changes to Parent-Child Exclusion

Recently passed Proposition 19 will seriously limit the ability to transfer California real property to a child without causing a reassessment and higher property taxes. The new law takes effect February 16, 2021, so if you...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

Rivkin Radler LLP

New York Insurance Coverage Law Update

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United States District Court Orders Insured To Produce Certain Pre-Litigation Documents But Not Others Deemed Work Product 99 Wall sued Allied World seeking coverage under a property policy for water losses at 99 Wall’s...more

Carlton Fields

Third Circuit Application of Certified Questions Confirms STOLI Policies Void in New Jersey

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We previously reported on the New Jersey Supreme Court’s ruling on the validity of stranger-originated life insurance (STOLI) policies in the June 2019 issue of Expect Focus — Life, Annuity, and Retirement Solutions....more

Goulston & Storrs PC

New York’s Article 77: A Useful Tool for Expediting Trust Litigation

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When considering fiduciary litigation in New York, practitioners often think first of Surrogate’s Court (New York’s probate court) or full-out litigation in New York State Supreme Court (as New York’s basic trial court is...more

Pierce Atwood LLP

Maine Legislature Passes Tax Conformity Legislation - Now Awaits Governor’s Signature

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In a special session, the Maine legislature passed tax conformity legislation on August 30, 2018, after having failed to pass this legislation prior to its spring adjournment. The legislation is now on the Governor’s desk...more

Brooks Pierce

North Carolina Legislative Update - May 2018 #3

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This was another quiet week at the General Assembly as legislators continued work on the budget behind closed doors. Schedule - Budget chairs have indicated that a finalized budget could be released early next week and...more

Schwabe, Williamson & Wyatt PC

Summary of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

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