Section 415 of the Uniform Trust Code provides that even in the absence of ambiguity the court may reform the terms of a trust to conform the terms to the settlor’s intention if it is proved by clear and convincing evidence...more
The federal Corporate Transparency Act (CTA), effective January 1, 2024, whose constitutionality is currently being tested in the courts, follows in the footsteps of the IRC in that it creates a limited statutory exception...more
If the trustee in breach of trust conveys the trust property to a third party to the trust relationship, would the transferee be a necessary party to any action for breach of trust that the trust beneficiaries might bring?...more
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
Now more than ever, the situs and principal place of administration of a trust has become a fluid concept. Trustees change, move, or open and close offices. As situs changes, the question often becomes “what law governs the...more
September 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The September Section 7520 rate for use with estate planning techniques such as CRTs,...more
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
Effective Oct. 1, 2018, Maryland enacted a one-year statute of limitations for most breach-of-trust actions. To trigger the one-year limitations period, however, trustees must provide certain information to beneficiaries....more