Revocable & Irrevocable Trusts. Legal news and articles for June 24 - 30, 2015

Trusts And FACTA - Foreign Account Tax Compliance ActSprott Responds to Continued Failure of Central GoldTrust and Silver Bullion ...Mississippi bans text-and-drive, repeals inspection stickerMillionaires have no estate plan, survey saysWhy NGOs are ending up on the wrong side of the lawIssues To Consider Where A Trust Is A Participant In A Finance TransactionFaith leaders respond to Supreme Court Same Sex Marriage rulingLiving Trust Loses To Creditors In LewistonTax Law Update: July 2015Elder Law: The lowdown on living trustsTax Law Update: June 2015Supreme Court gives Obama major victory in landmark Affordable Care Act caseIsle Of Man Trusts (Amendment) Act 2015 Is Now In Force.Senate passes online voter registration billTrusts And Estates Practices: Engines Of Growth

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Russian oligarch's divorce bill cut by $4 billion
CNNMoneyJune 12, 2015

Under Swiss law, Elena is entitled to half of the fortune Rybolovlev made during their marriage. But he moved much of his money into the trusts in 2005 without making Elena one of the beneficiaries, and disputes her claim on those funds. Elena's Swiss ...more »

Tax Law Blog: Legislature Passes Bill Affecting Iowa Trusts and Estates
JD Supra (press release)June 7, 2015

The legislation authorizes a spouse to relinquish the right to property transferred to a trust during the marriage, with certain protections so that a spouse who is asked to relinquish the right is made aware of the legal rights being surrendered. This ...more »

Revocable & Irrevocable Trusts. News and Stories

Trusts And FACTA - Foreign Account Tax Compliance Act
Mondaq News Alerts (registration)June 30, 2015

FATCA will have an impact on virtually all trusts regardless of whether they have any US connection. Trustees must consider their status under FATCA as soon as possible to ensure that they comply with its provisions.more »

Sprott Responds to Continued Failure of Central GoldTrust and Silver Bullion ...
GlobeNewswire (press release)June 29, 2015

To fix the underperformance of GTU and SBT, Sprott believes investors need a dedicated professional manager who will work to enhance the trading value, liquidity and security of their investment through all market cycles. .... change in relation to GTU ...more »

Mississippi bans text-and-drive, repeals inspection sticker
Columbus Ledger-EnquirerJune 29, 2015

TEXTING & DRIVING — House Bill 389 (http://bit.ly/1MMz3dV ) bans people from texting or using social media sites on a cellphone or other hand-held electronic devices while driving. The fine will be $25 the first year the law is in effect and $100 ...more »

Millionaires have no estate plan, survey says
CNBCJune 29, 2015

The numbers don't surprise Mitch Drossman, national director of wealth-planning strategies for U.S. Trust, who said the constant changes to the federal estate-tax law for nearly a decade (until it was made permanent in 2013) resulted in "estate ...more »

Why NGOs are ending up on the wrong side of the law
Business StandardJune 28, 2015

Since May last year, about 11,000 non-governmental organisations (NGOs) have found themselves on the wrong side of the Foreign Contribution (Regulation) Act, 2010, (FCRA). As such, their licences to accept foreign funds have been cancelled. Experts say ...more »

Issues To Consider Where A Trust Is A Participant In A Finance Transaction
Mondaq News Alerts (registration)June 28, 2015

A trust is a legal structure by which assets are held, generally under the control of a trustee, for the benefit of a beneficiary or for a specified purpose. Trusts can arise through express creation by a settlor or by operation of law, such as where ...more »

Faith leaders respond to Supreme Court Same Sex Marriage ruling
atlantadailyworldJune 27, 2015

Changing the legal term “marriage” is not one change in the law, but rather amounts to thousands of changes at once. The term “marriage” can be found in family law, employment law, trusts and estates, healthcare law, tax law, property law, and many others.more »

Living Trust Loses To Creditors In Lewiston
ForbesJune 27, 2015

A Living Trust is not a legal term, but instead generically refers to a trust that is (1) revocable during the life of its creator, and (2) holds assets for the benefit of its creator. Generally, these trusts are used to by-pass probate, since the ...more »

Tax Law Update: July 2015
WealthManagement.comJune 26, 2015

Planners and advisors need to keep their eyes open for potential new or additional state income taxes caused by a change in the residency of the trustees, beneficiaries and/or the location or situs of assets. In The Kimberley Rice Kaestner 1992 Family ...more »

Elder Law: The lowdown on living trusts
Ruidoso NewsJune 26, 2015

I have issues with what I call 'trust peddlers.' They mail you letters with "New Federal Law!" peeking out through the window. They have wine and cheese seminars (and if you attend, bring a designated driver, eat, drink and be merry, learn, but sign ...more »

Tax Law Update: June 2015
WealthManagement.comJune 25, 2015

Without certainty of the tax law, a trustee would have a hard time knowing whether to distribute trust income or retain it. • New proposed regulations issued relating to carry-over basis and Internal Revenue Code Section 1022—The Treasury Department ...more »

Supreme Court gives Obama major victory in landmark Affordable Care Act case
cleveland.comJune 25, 2015

They were nevertheless considered to have state exchanges by both HHS and the plaintiffs in the court case, according to the Pew Charitable Trusts. The 34 states that balked did so for political and practical reasons. The Ohio Department of Insurance, ...more »

Isle Of Man Trusts (Amendment) Act 2015 Is Now In Force.
Mondaq News Alerts (registration)June 25, 2015

The Isle of Man Trusts (Amendment) Act 2015 (the "Act") brings into force the following three principles: 1. Abolition of the "Two Trustees Rule"; 2. Abolition of the Perpetuity Period going forward; and 3. Certain matters to be determined by governing ...more »

Senate passes online voter registration bill
Columbus DispatchJune 24, 2015

“This is a large and important modernization to Ohio's elections law.” The bill long has been supported by Republican Secretary of State Jon Husted, who calls online registration ... Twenty-eight states have or are preparing to implement online ...more »

Trusts And Estates Practices: Engines Of Growth
ForbesJune 24, 2015

A number of structural factors are making trusts and estates practices – including related practices such as asset protection planning and elder care – engines of growth for law firms. For example, the number of ultra-wealthy individuals is expanding ...more »

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