Mar 01, 2012

In certain circumstances, trustees may want to change the terms of an irrevocable trust. This can be accomplished by decanting, which typically refers to a pour over of funds from one trust to another, usually with different terms, through a...

For the Trustee's Ears Only

Feb 01, 2012

The attorney-client privilege protects communications between clients and their attorneys by prohibiting their disclosure and admissibility in a judicial proceeding. But, when attorneys represent fiduciaries, the application of the attorney-client...

Charitable Remainder Trusts: Getting it Right

Jan 30, 2012

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Which Situs is Best in 2012?

Jan 01, 2012

The combination of the generous $5 million gift, estate and generation-skipping transfer (GST) tax exemptions (adjusted for inflation) provided in the 2010 Tax Act, historically low interest rates and depressed estate values has provided an...

Situs at a Glance*

Jan 01, 2012

USRAP Uniform Statutory Rule Against Perpetuities GST generation-skipping transfer POA power of appointment bp bonus points PFTC private family trust company Top jurisdictions are bolded in blue. Florida and Wyoming (honorable mentions) are also...

Being a Fiduciary in the Age of Uncertainty

Jan 01, 2012

The interplay among tax laws, investment performance and a beneficiary's wellbeing shapes a fiduciary's responsibilities. When a trustee distributes assets from a trust to meet a beneficiary's needs, the question of how to satisfy that...

Volatility - An Impediment for Trustees

Dec 01, 2011

Global geopolitical concerns have contributed to an unstable economy and increasingly volatile markets. Excessive volatility adds even more complexity for fiduciaries and their investment advisors particularly those who rely on historical...

Fraudulent Transfer Claims

Dec 01, 2011

The first bankruptcy case involving an Alaska asset protection trust (APT), In re Mortensen,1 has been decided. This case (we'll refer to it as Mortensen II, as it was the second of three related rulings) revolved around the February 2005...

Trusts That Cry for Attention

Dec 01, 2011

Over the past several years, a number of state law changes have caused the issue of trust modification/reformation1 to garner more and more attention from the Internal Revenue Service. First, many states and Washington, D.C. have adopted the...

Watch Your Back and Cover Your Tracks

Dec 01, 2011

A client's lack of sophistication and guidance regarding trust-owned life insurance (TOLI) can put estate-planning lawyers in the hot seat. Most states have now enacted the Uniform Prudent Investor Act (UPIA), which imposes a higher standard...