Revocable & Irrevocable Trusts. Legal news and articles for January 17 - 31, 2013

Enforcing English matrimonial orders against Jersey trustsTrusts still have place in estate plansDevelopments In Israel And Its Trusts LawsMoving Forward: Modernizing and Consolidating NY Trust LawLegal trusts provide alternative means to register machine gunsLaw under scrutiny in a region protective of gun rightsFeds step up efforts to seize funds allegedly owed by John Wiley Price lawyerEstate-Tax Exemption for 2013Panel votes to expand captive trustsUpdating NY Trust Laws: Much Work RemainsCan You Trust Your Kid With $5.25 Million?Free elder law advice available in LexLet market forces prevail to address charity trustee gouging claimsOffice of Tax Simplification - proposals for unapproved share schemes and ...Trust protector indemnity issues come before Manx court

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American Taxpayer Relief Act of 2012: What It Means for You
Accountingweb.comJanuary 4, 2013

On the other hand, if the grantor's taxable income is below the $400,000-$450,000 threshold for the maximum 39.6 percent rate under the Act, the family's overall income taxes may be reduced by retaining the grantor trust status. This analysis also will ...more »

Revocable & Irrevocable Trusts. News and Stories

Enforcing English matrimonial orders against Jersey trusts
Lexology (registration)January 31, 2013

The English matrimonial courts have jurisdiction to vary a trust in accordance with domestic law. This is so, even where the trust is located abroad and governed by the law of another jurisdiction. Thus, 'nuptial settlements' (whether on-shore or off ...more »

Trusts still have place in estate plans
Iowa Farmer TodayJanuary 31, 2013

However, there is little doubt the new tax law makes estate planning less difficult for many farmers. An argument could be made it makes the formation of trusts less of a necessity for some producers. Most of the attention regarding the new federal tax ...more »

Developments In Israel And Its Trusts Laws
Wealth Briefing (subscription)January 29, 2013

Editor's note: Israel has been in the headlines for geopolitical reasons in recent weeks and a week ago, the country held national elections. Away from such issues, however, the country's development as a financial jurisdiction continues. A senior ...more »

Moving Forward: Modernizing and Consolidating NY Trust Law
New York Law Journal (registration)January 25, 2013

Practitioners think that New York trust law, which traditionally has been among the most developed and respected in the nation, now all too often frustrates, rather than safeguards, a settlor's intent, often forcing the trustee and beneficiaries to ...more »

Legal trusts provide alternative means to register machine guns
Foster's Daily DemocratJanuary 20, 2013

Nappen works with clients to establish so-called “NFA gun trusts.” He said law enforcement officials are sometimes a barrier to owning NFA firearms. The problem has “plagued” the ATF, Nappen said, because federal law does not provide any means to ...more »

Law under scrutiny in a region protective of gun rights
Billings GazetteJanuary 20, 2013

“Montana has very straightforward gun laws and there aren't very many of them,” said Deputy Yellowstone County Attorney Ed Zink. “That's the way our Legislature wants it. “Our Legislature trusts our citizens to act responsibly with firearms. The ...more »

Feds step up efforts to seize funds allegedly owed by John Wiley Price lawyer
Dallas Morning NewsJanuary 20, 2013

A tax fight between the government and one of John Wiley Price's lawyers is heating up after the government moved to seize money from the man's attorney trust accounts and, more recently, land in a large ranch it says he owns. The Justice Department ...more »

Estate-Tax Exemption for 2013
Wall Street JournalJanuary 20, 2013

The federal estate-tax exclusion now is set permanently at $5 million and is indexed for inflation, says Catherine Grevers Schmidt, a partner at Patterson Belknap Webb & Tyler LLP and head of the law firm's trusts and estates department. But because of ...more »

Panel votes to expand captive trusts
Rapid City JournalJanuary 19, 2013

PIERRE | South Dakota's status as a tax-free place for wealthy people to establish personal and family trust funds hasn't produced many jobs other than at law firms. But state lawmakers were told Friday that white-collar jobs could result if South ...more »

Updating NY Trust Laws: Much Work Remains
New York Law Journal (registration)January 18, 2013

The Sixth Report was submitted to the legislature with the understanding that the Trusts and Estates Law Section, along with Committees of the New York City Bar (City Bar) and the Surrogate's Court Advisory Committee to the Office of Court ...more »

Can You Trust Your Kid With $5.25 Million?
Wall Street JournalJanuary 18, 2013

U.S. Trust created six times as many trusts in December 2012 as in December 2011, Mr. Banks says. Adds Carol Harrington, a partner at law firm McDermott Will & Emery in Chicago: "I've been doing this since 1977, and I've never seen anything like this." ...more »

Free elder law advice available in Lex
Mansfield News JournalJanuary 18, 2013

Seink's firm provides such services as wills, powers of attorney, estate planning, revocable and irrevocable trusts and long-term care planning. He is one of 18 certified elder law attorneys among the 30,000 lawyers in Ohio. Roush said the certified ...more »

Let market forces prevail to address charity trustee gouging claims
The ConversationJanuary 17, 2013

A third element of the law creates the present problem. Traditionally under trust law, the wishes of the party that established the trust are given primacy. In the present situation, a charitable trust may have been set up specifying a particular ...more »

Office of Tax Simplification - proposals for unapproved share schemes and ...
Lexology (registration)January 17, 2013

This trust would need to be UK resident but if the other proposals go through, many of the tax reasons why companies use offshore rather than UK trusts for their EBTs may fall away, although offshore trusts still have many other advantages. Any tax law...more »

Trust protector indemnity issues come before Manx court
International Law OfficeJanuary 17, 2013

The role of a trust protector came under scrutiny in a recent Isle of Man High Court ruling. Deemster Corlett was asked to give directions to trustees of certain Isle of Man trusts as to whether to comply with a request from the protector that he be ...more »

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