Revocable & Irrevocable Trusts. Legal news and articles for December 19 - 28, 2012

Negligence payouts 'bankrupting' NHSNew year brings host of new lawsDC Stalemate Keeping Some Am Law Attorneys Busy Through the HolidaysReport: Record 8.82 Million Collected in Social Security Disability Benefits2013 Tax Law Changes: Watch Out for These HitsZukerkorn -- Possible Bad News For Domestic Asset Protection Trusts In ...How do all the new state laws affect you?Guernsey foundation law 'a welcome boost'Gov. Walker Trusts Teachers With Guns, but Not With Collective BargainingGift exemptions, portability and trusts: Year-end estate planning considerationsGov. Walker Trusts Teachers with Guns, But Not With Collective BargainingOhio legislation to increase transparency between asbestos trust claims and ...Ramaphosa - Handing over business empire managementNew MBS suits raise question: Who's filing put-back claims?Anti-money laundering spotlight on trusts

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IRS issues proposed regs. on 3.8% net investment income tax
Journal of AccountancyDecember 4, 2012

The IRS has also posted FAQs explaining the tax and how it operates. Starting in 2013, Sec. ... The threshold amounts are $250,000 for married taxpayers filing jointly and surviving spouses, $125,000 for married taxpayers filing separately, and $200 ...more »

Avoiding the Obamacare Surtax
U.S. News & World Report (blog)December 6, 2012

One of the more transparent “gotchas” of the law is a 3.8 percent investment income surtax that will be applied to “high-income” earners beginning in 2013. Who is a High-Income Earner? The 3.8 surtax will be applied to investment income above the ...more »

Revocable & Irrevocable Trusts. News and Stories

Negligence payouts 'bankrupting' NHS
The IndependentDecember 28, 2012

The head of Britain's largest medical defence organisation is calling for a change in the law to curb the soaring cost of negligence claims which threatens to bankrupt the NHS. Christine Tomkins, chief executive of the Medical Defence Union, which ...more »

New year brings host of new laws
Alton TelegraphDecember 27, 2012

Among many laws passed by the Illinois General Assembly this year is House Bill 3825/Public Act 97-923, which requires scrap metal dealers to maintain records of transactions for three years instead of two as a deterrent to metal theft. .... Reckless ...more »

DC Stalemate Keeping Some Am Law Attorneys Busy Through the Holidays
The American LawyerDecember 27, 2012

Am Law 100 firms in New York and elsewhere are doing what they need to this week to support corporate, real estate, tax, and trusts and estates lawyers working overtime in order to squeeze in big deals and prepare clients for the potential tax...more »

Report: Record 8.82 Million Collected in Social Security Disability Benefits
Newsmax.comDecember 27, 2012

The trusts are required by law to return all surplus revenues to the Treasury — and the Treasury then provides “special issue” non-marketable bonds, essentially electronic IOUs, to the trusts in return for the cash. These "IOUs" become part of the ...more »

2013 Tax Law Changes: Watch Out for These Hits
Money MorningDecember 26, 2012

One tax that could affect you is a new 3.8% surtax on investment income – or as it's fondly called, the investment income Medicare tax. The new tax is part of the 2010 healthcare reform law passed by Congress, and represents the first surtax on capital ...more »

Zukerkorn -- Possible Bad News For Domestic Asset Protection Trusts In ...
ForbesDecember 26, 2012

Since, according to the Majority, trust law is the result of an overlap between contract law and property law, the Majority would look to both the contract law and property law treatment of choice of law under the Restatement. The contract law...more »

How do all the new state laws affect you?
Columbus DispatchDecember 24, 2012

If you've been exposed to asbestos at work: Ohio will require people filing asbestos lawsuits to disclose all the previous claims they've filed against company bankruptcy trusts. Supporters say it prevents liti- gants from double-dipping. Opponents say ...more »

Guernsey foundation law 'a welcome boost'
BBC NewsDecember 23, 2012

Trusts are not used in many civil law jurisdictions, such as the emerging markets in continental Europe, South America and the Far East. The department has said the lack of knowledge of trusts was a barrier for Guernsey's financial services sector in ...more »

Gov. Walker Trusts Teachers With Guns, but Not With Collective Bargaining
Truth-OutDecember 22, 2012

Walker's infamous Act 10 legislation drastically curtailed the collective bargaining rights of most public employees in the state, prompting months of historic protests and a recall effort. The governor justified the harsh legislation -- which he never ...more »

Gift exemptions, portability and trusts: Year-end estate planning considerations
JD Supra (press release)December 21, 2012

Mark Periard, a partner at Warner Norcross & Judd LLP and chair of the firm's Trusts & Estates Law Group, says that attorneys are trying to respond to more-than-typical requests for year-end counsel because of substantial changes that are scheduled to ...more »

Gov. Walker Trusts Teachers with Guns, But Not With Collective Bargaining
PR WatchDecember 21, 2012

Walker's infamous Act 10 legislation drastically curtailed the collective bargaining rights of most public employees in the state, prompting months of historic protests and a recall effort. The governor justified the harsh legislation -- which he never ...more »

Ohio legislation to increase transparency between asbestos trust claims and ...
Lexology (registration)December 20, 2012

Detailed provisions in the bill set forth the implementation of each of these changes to Ohio law. This legislation will increase the transparency between asbestos trust claims and asbestos lawsuits. This law is particularly significant because Ohio is ...more »

Ramaphosa - Handing over business empire management
Financial MailDecember 20, 2012

Lawyers the FM spoke to say in SA a blind trust isn't yet a popular mechanism. The founder, in these cases a Sexwale or a Ramaphosa, nominates a professional manager or individual known to them to act as a trustee and run the affairs of the trust in ...more »

New MBS suits raise question: Who's filing put-back claims?
Thomson Reuters News & InsightDecember 20, 2012

But in a case in federal court in Manhattan, UBS's lawyers at Skadden, Arps, Slate, Meagher & Flom are arguing that put-back cases can't be brought by trusts, which, according to UBS, cannot bring their own claims under either New York law or MBS ...more »

Anti-money laundering spotlight on trusts
Interest.co.nzDecember 19, 2012

Family trusts are set to come under greater scrutiny from banks when the the Anti-Money Laundering and Countering Financing of Terrorism Act becomes law on June 30 next year, the New Zealand Bankers' Association (NZBA) says. NZBA CEO Kirk Hope ...more »

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