Revocable & Irrevocable Trusts. Legal news and articles for November 17 - 24, 2015

WRAL's Hit Piece on NFA Trusts Is A Train WreckWRAL Investigates: Owning high-powered weapons possible without normal ATF ...Attorney named to Board of Consultors of N.J. State Bar AssociationBank Insolvency, Trusts And Depositor Protection In The Cayman IslandsNew India port corporatization law faces big hurdlesKnow the Law: Drawbacks to owning property jointlyAchieversBusiness News: Danny Gork joins Capital MarkLegal-Ease: Is there a certain attorney that I must use?Review older wills to determine if trusts remain advantageousLegal News: Ask the AttorneyTax Law Update: December 2015How to Make Sure Your Pet Is Cared for When You DieHow discretionary trusts are treated in family law mattersNonprofit accused of bilking special needs trusts

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Can Someone with "Special Needs" Create His Own Special Needs Trust?
WealthManagement.comNovember 1, 2015

Courtney told the Subcommittee members that the legislation originally creating special needs trusts (SNTs), the Omnibus Budget Reconciliation Act of 1993, “included a drafting oversight that seems to assume that a person with disabilities lacks the ...more »

Conflating tax law and trust law: The strange case of Ciampa v. Bank of America.
JD Supra (press release)November 3, 2015

I have always taken sub-section (h) to mean that a custodial IRA shall be deemed a trust merely for tax purposes. Otherwise, the common law of agency generally applies, with one critical exception: By state statute postmortem beneficiary designations ...more »

Revocable & Irrevocable Trusts. News and Stories

WRAL's Hit Piece on NFA Trusts Is A Train Wreck
Bearing ArmsNovember 24, 2015

Prior to the new law, the good Sheriff was well known as a refusik, and previously wouldn't sign off on suppressors even for his own deputies, forcing them to apply for NFA trusts. But let's get on to what Cullen has to say about NFA trusts all the same.more »

WRAL Investigates: Owning high-powered weapons possible without normal ATF ...
WRAL.comNovember 23, 2015

For those who want short barrel rifles and suppressors but can't get a local sheriff's authorization, a gun trust is a legal avenue that is gaining popularity. It's similar to a will in that it allows firearms to pass between generations. It allows one ...more »

Attorney named to Board of Consultors of N.J. State Bar Association
NJ.comNovember 23, 2015

The Board is the governing body of the Real Property Trust and Estate Law Section whose mission is "to discuss developments in real property, trust and estate law, including the creation and administration of estates, wills and trusts." Feld is a ...more »

Bank Insolvency, Trusts And Depositor Protection In The Cayman Islands
Mondaq News Alerts (registration)November 23, 2015

The Grand Court of the Cayman Islands has held that depositor protection provisions in Cayman Islands law only apply in respect of depositors with deposits of CI$20,000 (US$24,400) or less.1 Depositors with more than CI$20,000 on deposit do not benefit ...more »

New India port corporatization law faces big hurdles
JOC.comNovember 23, 2015

The Ministry of Shipping will shortly introduce legislation in the parliament called the Major Port Authorities Act 2015, which would repeal and replace the country's Major Port Trusts Act 1963. Most notably, the law will allow major port authorities ...more »

Know the Law: Drawbacks to owning property jointly
The Union LeaderNovember 23, 2015

Higher gift and estate taxes. Adding someone's name to the title of an asset (such as a house) is considered a taxable gift. If the value of the gift exceeds $14,000 (in 2015), a federal gift tax return should be filed. As above, the property ...more »

Achievers
TBO.comNovember 22, 2015

Trenam's practice areas ranked as Tier One in the Tampa Bay metropolitan area include: appellate practice, bankruptcy and creditor debtor rights/insolvency and reorganization law, commercial litigation, construction law, corporate governance law ...more »

Business News: Danny Gork joins Capital Mark
Chattanooga Times Free PressNovember 22, 2015

He is a member of Pinnacle's trust services team, which delivers comprehensive planning, wealth management, trust and estate administration services focusing on wealth accumulation and asset protection. Gork is a 27-year banking veteran most recently ...more »

Legal-Ease: Is there a certain attorney that I must use?
Lima OhioNovember 21, 2015

Similarly, some attorneys who prepare real estate purchase agreements for sellers will include a self-serving provision in the agreement indicating that the seller's attorney will conduct the closing. Particularly if the purchase contract is for a ...more »

Review older wills to determine if trusts remain advantageous
Houston ChronicleNovember 20, 2015

Q. My wife and I have wills we signed 25 years ago that create trusts to save estate taxes. I know laws have changed since then. Our assets are under $4 million. Should we change to simple wills? We have three children and are both over 80 years old.more »

Legal News: Ask the Attorney
The Oakland PressNovember 19, 2015

Planning ahead is the safest way to ensure your wishes are met and your loved ones are taken care of. It is important to understand how the law can protect your interests, and that is why I wanted to provide a general overview of wills, trusts and ...more »

Tax Law Update: December 2015
WealthManagement.comNovember 19, 2015

The lawsuit was contentious, and Mickey dug in his heels, refusing to settle unless Edward acknowledged that a portion of the 100 shares were intended to be held for Edward's children, under an oral trust. Eventually, on the advice of his lawyer ...more »

How to Make Sure Your Pet Is Cared for When You Die
TIMENovember 18, 2015

In every state except Minnesota, a “statutory pet trust” law means that a probate court will enforce this provision by picking a a caretaker and trustee; the latter is an individual or corporation that will manage the trust's assets prudently and make ...more »

How discretionary trusts are treated in family law matters
Mondaq News Alerts (registration)November 18, 2015

It's true that Discretionary Trusts can be used this way but there is a fundamental misconception that Discretionary Trusts won't be treated as property in Family Law matters. For the purposes of the Family Law Act, the Court will generally take the ...more »

Nonprofit accused of bilking special needs trusts
South Bend TribuneNovember 17, 2015

The letter said money withdrawn from Todd's trust reflected his "proportionate share" of fees paid to an Indianapolis-based law firm for "various legal services." The lawsuit estimates the nonprofit has used beneficiary funds to pay about $2.4 million ...more »

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