News & Analysis as of September 14, 2024

Trust Distributions

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Once Removed Episode 24: Expressing Goals and Intent for the Trust

McGuireWoods LLP on 6/11/2024

For parents with young children, naming the guardian who will raise their children upon the parents’ passing can be one of the most important and foundational questions of an estate plan. And in fact, because this decision is...more

Options for Changing an Irrevocable Trust

Husch Blackwell LLP on 11/6/2023

As its name implies, an irrevocable trust cannot be revoked by the person who establishes the trust. Typically, an irrevocable trust also cannot be changed by a trustee or beneficiary. The irrevocable nature makes the trust a...more

Named As A Trustee And Wondering What To Do? Here Is A Checklist Of Duties To Get You Started

Cole Schotz on 8/8/2023

Maybe a friend or a relative has recently passed away and you just received a communication informing you that you have been named as a trustee. You have no idea what this role entails, and you feel overwhelmed having no...more

Essential Things To Know About Trust Administration

Dunlap Bennett & Ludwig PLLC on 7/5/2023

If you have been named as the trustee of a trust, you may be wondering what your responsibilities are and how you can fulfill them. This article offers an overview of trustee duties and highlights the legal risks of serving...more

I’m a Trustee. Can I Withhold Money from an Irresponsible Beneficiary?

Burns & Levinson LLP on 6/8/2023

Many trusts are established with the goal of protecting assets and ensuring the longevity of those assets for future generations. A trustee then may wonder if they have the authority to withhold money from a beneficiary who...more

Is it Time to Update Your Estate Plan?

Amundsen Davis LLC on 6/7/2023

Things change; a periodic review of your estate plan is an important part of plan maintenance. Your basic estate plan (will, trust, powers of attorney, etc.) can be amended whenever necessary. It’s important to consider your...more

Texas Supreme Court Holds That The Incorporation Of AAA Rules Can Delegate Scope Issues To The Arbitrator, Which May or May Not...

Winstead PC on 5/5/2023

The Texas Supreme Court held that arbitration clauses in trust documents may be enforced regarding claims by beneficiaries against trustees. In Rachal v. Reitz, a beneficiary sued a trustee for failing to provide an...more

Fun and Games and…Estate Planning?

Sands Anderson PC on 7/15/2022

When we take seemingly mundane tasks and turn them into a game – like who can pick up the toys on the floor the fastest – those tasks suddenly become more fun and easier to accomplish. The gamification process works so well...more

What New Family Trustees Need to Know

Woodruff Sawyer on 2/23/2022

When a family member or friend asks you to become their trustee, it conveys a high level of trust in you. However, many of our clients tell us that they did not fully understand the enormity of the job when they accepted it....more

Wendy and Jen Wreck the Movies – Rain Man (1988)

Rivkin Radler LLP on 2/17/2022

Sanford Babbitt, Charlie Babbitt’s estranged father, died. Charlie returns home and finds out he is only receiving a car and prize-winning roses, and that all of his father’s other assets have been left in trust for the...more

Distributions from Trusts in Texas: Part One of a Two Part Series - Presentation

Winstead PC on 5/19/2021

David F. Johnson, lead writer for the Texas Fiduciary Litigator blog, discusses in this two part series many of the interesting and complex issues that arise from trustees making trust distributions to beneficiaries. The...more

Wealth Management Update - March 2020

Proskauer Rose LLP on 3/10/2020

March 2020 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - Important federal interest rates continue to hold relatively steady. The March Section 7520...more

Illinois Enacts New Trust Code: What Fiduciaries Need to Know

McDermott Will & Emery on 9/16/2019

Effective January 1, 2020, the new Illinois Trust Code (ITC) will replace the Illinois Trusts and Trustees Act, ushering in several changes of note for fiduciaries. In light of the ITC, fiduciaries and estate planners should...more

California Trustee Must Be Careful in Seeking Release from Beneficiary

Downey Brand LLP on 9/4/2019

Can a California trustee require a beneficiary to sign a release in order to get a distribution from a trust? A question like this appeared recently on the AVVO “Free Q&A” page and makes for a perfect blog topic....more

Personal Representatives and Fiduciaries: Executors, Administrators and Trustees and Their Duties

White and Williams LLP on 1/30/2019

The death of a loved one or close friend is a traumatic experience. In addition to the emotional anguish, those who are charged with dealing with the decedent’s personal and financial affairs following death are often left...more

Wealth Management Update - June 2017

Proskauer Rose LLP on 6/7/2017

June Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-family Loans and Split Interest Charitable Trusts - The June § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs...more

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