Revocable & Irrevocable Trusts. Legal news and articles for February 9 - 14, 2017

In Trump we trustletter to the editor (BAL 2-15)Trusts as well as foreign trusts operating in the Czech Republic face public registration and tax changesMichigan Authorizes New Asset Protection TrustsWallace: 2016 law changes may trigger estate plan updatesTinkering with Irrevocable Trusts – DecantingLocation, Location, Location – Choosing the Situs of a TrustUsing Bloodline Multi-Generational Trusts in Estate PlanningGov. LePage seeks to tax land trustsMichigan Debuts The Latest State Asset Protection TrustBonnie Kraham: Elder Law Estate Plan documentsBonnie Kraham: Elder Law Estate Plan documentsLetter: So-called 'war on trusts' actually a limited battleUK: Quan v Bray To Unsettle Trust Planning, Charity Law And Family LawPractical Considerations For Using Self-Settled Trusts

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Amendments to Trust (Jersey) Law Act 1984
Lexology (registration)February 2, 2017

Following our coverage in the September 2016 newsletter, a Consultation Response and Policy Paper has been released following a three month consultation on the Trusts (Jersey) Law Act 1984. A summary of the conclusions made in this paper are set out ...more »

Charitable Trusts and the Cy Pres Doctrine: An Overview Blog Fiduciary Law Blog
Lexology (registration)February 3, 2017

For instance, certain charitable trusts provide appealing tax benefits for donors creating charitable inter vivos trusts. While in most respects, charitable trusts are governed by the same state law concepts often discussed here on this blog (like ...more »

Revocable & Irrevocable Trusts. News and Stories

In Trump we trust
The Real Deal MagazineFebruary 14, 2017

There are many ways to set up checks and balances on trustees, said David Herzig, a law professor at Valparaiso University. The trust agreement could allow an advisory board to provide a required vote that would allow the trustees to do business on ...more »

letter to the editor (BAL 2-15)
Tulsa WorldFebruary 14, 2017

And, they don't stop there; as they also assign the governmental body/trustees to also be the beneficiaries of the trust. So, the contract is now between them and their selves, and they can change it at will. What kind of legal document is this? Trust ...more »

Trusts as well as foreign trusts operating in the Czech Republic face public registration and tax changes
Lexology (registration)February 13, 2017

The trustee is required to enter the trust in the register without undue delay after settlement. Mandatory registration applies to trusts settled under Czech law, as well as trusts or similar institutions governed by foreign laws but operating in the ...more »

Michigan Authorizes New Asset Protection Trusts
Lexology (registration)February 13, 2017

Governor Rick Snyder signed into law two bills, Public Acts 330 and 331, that modernize Michigan's trust laws by allowing domestic asset protection trusts (“DAPTs”) for the first time in the state. With its adoption of the Qualified Dispositions in ...more »

Wallace: 2016 law changes may trigger estate plan updates
Port Huron Times HeraldFebruary 13, 2017

This act allows you to set up an irrevocable trust, which if certain legal requirements are met, shields your assets from your creditors. Prior to the act, you had to go to one of 16 other states that allowed domestic asset protection trusts. If you ...more »

Tinkering with Irrevocable Trusts – Decanting
The National Law ReviewFebruary 11, 2017

... them to a Second Trust (the Second Trust) with modified terms. The Second Trust is created by the trustee of the Original Trust by exercise of powers granted to the trustee under the Original Trust Agreement, state decanting statute, and/or common law.more »

Location, Location, Location – Choosing the Situs of a Trust
The National Law ReviewFebruary 11, 2017

The situs is a key element in designing an irrevocable trust. For the purposes of this post, situs refers to the place of administration of a trust and the governing law of a trust for purposes of interpreting the provisions of a trust agreement. Tax ...more »

Using Bloodline Multi-Generational Trusts in Estate Planning
The Legal IntelligencerFebruary 10, 2017

Therefore, a trust, formed as an Asset Protection Trust (also known as a spendthrift trust under state law), is often an excellent option for protecting and preserving family wealth. Leaving an inheritance in trust for the benefit of a child who is to ...more »

Gov. LePage seeks to tax land trusts
Seacoastonline.comFebruary 10, 2017

Romano expects LePage to file a stand-alone bill similar if not identical to the one he filed last year to change state law, which currently gives land trusts tax-exempt status. The bill filed last year would have effectively reversed a 2014 decision ...more »

Michigan Debuts The Latest State Asset Protection Trust
ForbesFebruary 10, 2017

Michigan's new law becomes effective on March 8, 2017. “For any client who is obtaining sophisticated estate planning, the use of a domestic asset protection trust is almost a default approach,” says David Shaftel, an estate lawyer in Anchorage, Alaska ...more »

Bonnie Kraham: Elder Law Estate Plan documents
Times Herald-RecordFebruary 10, 2017

Elder Law Estate Planning consists of three major goals: transferring assets to your heirs when you want, the way you want, and with the least amount of taxes and legal fees possible; keeping assets in the bloodline for grandchildren and protecting ...more »

Bonnie Kraham: Elder Law Estate Plan documents
Times Herald-RecordFebruary 10, 2017

n If a trust is advisable, you choose a Revocable Living Trust (RLT) or Medicaid Asset Protection Trust (MAPT). A person would usually have one or the other trust but not both. The RLT avoids probate, a court proceeding on death, which is when a will ...more »

Letter: So-called 'war on trusts' actually a limited battle
Massachusetts Lawyers WeeklyFebruary 9, 2017

To the editor: The Jan. 30 article “Elder law bar hoping SJC turns tide in 'war on trusts'” fosters a misconception that MassHealth does not have a basis to question the language of certain trusts and/or their administration. In each of the cases ...more »

UK: Quan v Bray To Unsettle Trust Planning, Charity Law And Family Law
Mondaq News Alerts (registration)February 9, 2017

However the Court of Appeal is today considering legal issues concerning Trusts and Settlements that could have pivotal impact on a whole spectrum of legal advice in the wealth planning sector including Trusts Law, Charities Law and Matrimonial Law.more »

Practical Considerations For Using Self-Settled Trusts
ForbesFebruary 9, 2017

One strategy growing in popularity is the “self-settled” trust for asset protection. Under traditional trust law, a grantor conveys assets to a trustee, for the benefit of someone else, such as his children. The gift “divides” ownership between so ...more »

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