News & Analysis as of November 15, 2024

Settlors

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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 -

A guide to Cayman Islands STAR Trusts

Carey Olsen on 10/18/2024

The Cayman Islands provides for a unique form of statutory trust known as a “STAR Trust”. “STAR” is an acronym for the Special Trusts Alternative Regime, now contained in Part VIII of the Trusts Act (as revised) (the "STAR...more

Can an Irrevocable Trust Be Changed? Insights from Rupert Murdoch's Case

Kohrman Jackson & Krantz LLP on 10/18/2024

The Murdoch heirs are battling over control of their multi-billion-dollar media empire. Adding to the complexity, the fight involves an irrevocable trust which Rupert Murdoch created in 1999. He executed the trust after...more

The Uniform Trust Code inadvertently puts a bullseye on the trustee’s doctrinally indispensable affirmative duty to furnish all...

Charles E. Rounds, Jr. - Suffolk University... on 10/15/2024

Many of my prior JDSUPRA postings caution that codification of the law of trusts, such as the Uniform Trust Code (UTC), are only partial codifications. See the catalogue of my prior postings below. There is much prevailing...more

Court Reversed A Summary Judgment On Whether A Power Of Attorney Agent For A Settlor Had The Authority To Change The Designation...

Winstead PC on 10/11/2024

In Bass v. Bogle, settlors, husband and wife, created a trust that owned the majority interest in a closely-held business, and they had two children. No. 03-23-00319-CV, 2024 Tex. App. LEXIS 5034 (Tex. App.—Austin July 18,...more

Issues to Consider Before Creating a Silent Trust

Warner Norcross + Judd on 9/26/2024

While a silent trust could solve issues for some settlors, this trust arrangement comes with some complexities that must be considered. Additionally, even with the best-laid plans, there is the potential for an inadvertent...more

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

Charles E. Rounds, Jr. - Suffolk University... on 6/3/2024

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

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

Winstead PC on 4/21/2022

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

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

Lathrop GPM on 1/6/2022

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

Your Guide to Essential Estate Planning Documents

Jaburg Wilk on 5/11/2020

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

Trustees of Revocable Trusts May Owe Duties to Contingent Beneficiaries

McDermott Will & Emery on 8/15/2019

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

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