Law

Trusts and Trustees under the Corporate Transparency Act

Under the Corporate Transparency Act, certain information about the Beneficial Owners of certain ‘small’ entities must be provided to the Financial Crimes Enforcement Network of the US Treasury Department. FinCEN updated their Beneficial Ownership Information Frequently Asked Questions on April…

Some Lessons on the SCOTUS decision in Connelly

The Supreme Court of the United States entered a unanimous decision in Connelly v. Commissioner, holding that the estate tax value of shares belonging to the principal shareholder of a C corporation, which received insurance proceeds upon the death of…

FTC Bans Non-Competes

The new FTC Rule banning the use of non-compete agreements will widely impact American business and the American public. Workers should know their rights and understand how the final decision in the lawsuit the FTC just filed will affect them….

The Need for Trust Compilations – Organizing Planning for Clients

Organizing documents as a “binder” or checklist can be used to identify ways to backstop, refine, and administer the client’s estate and trust plans and could be reviewed and, as necessary, updated at each annual meeting or even more frequently…

Religion and Estate Planning

While every client wishes to efficiently transfer wealth to their loved ones or favorite charities, for the majority, saving taxes is not the primary objective when seeking out the services of a seasoned trusts and estates practitioner. There are a…

Lack of Coordination in Estate Planning Documents & the Potential for Best Laid Plans to Go Awry

Planning for aging (and incapacity) requires more than just the traditional preparation of a Will, durable power of attorney (‘DPOA’”) (and perhaps a revocable trust). The multitude of fiduciary and quasi-fiduciary appointments clients make, almost entirely without professional input, can…

Naming Fiduciaries and Other Persons/Positions: An Important Personal Decision.

The following discussion is intended to help guide you through one of the most important decisions concerning your estate plan and estate planning documents: who you will name to serve in the important positions. While this can be a simple…

What Fiduciary and Other Roles Must You Name Persons to Serve In?

In most estate plans, even those for modest estates, positions or roles you may name people to fill include: In a more complex plan, for example, a plan including a comprehensive irrevocable trust, it could include an array of positions…

Who Might You Consider Naming to Fill Various Roles.

The persons you might select for each role in your estate plan could include a number of different possibilities. Below are some of the more common relationships or categories of people named. Your options, however, are not limited to any…

Checks and Balances and Other Steps May Affect Who You Name

Who you select to serve in each fiduciary or other capacity might be affected by other steps you might take. For example, you might trust your sister implicitly and know she is prudent and honorable. However, you also know she…

Life Can Be Complicated: Factors That May Affect The Positions and Appointments in Your Estate Plan.

Introduction. A seemingly infinite number of factors might affect the decisions you make on who to name in each position in your estate plan. Identifying and weighing these factors may be more art than science. But it is essential to…

Discuss Prospective Appointments With Those You Are Naming.

First ensure that the potential fiduciary is made aware of his or her role. While this may seem obvious, it is a step that many people neglect when naming fiduciaries and others. You should ask each person whether they have…

Corporate Transparency Act May Change the Discussion.

There could be many different tax and legal obligations that a person you appoint in your estate planning documents might have to address. The most obvious might be that a trustee of a trust has to file income tax returns…

Coordination of the People You Name

Coordinating the various positions in your estate plan and the individuals named in those positions is a daunting task, and you might have a conversation with all named people to emphasize that they will need to work together. Even if…

What Might the Prospective Appointee’s Responsibilities Include?

One of the most important, and sometimes most difficult, decisions you can make in your estate plan is choosing who to name or appoint to each of the many positions in your plan. Choosing a guardian for a minor child…

Trust Records and Communication To Beneficiaries and Others

Records and Communications. The fiduciary is responsible for maintaining trust records regarding any actions the fiduciary may take. For a trustee, this may include any data collected from expenses paid, distributions made, income earned, and any other action taken in…

Roles To Which You Might Appoint People To Serve: By Document Category

While there are many common positions to name people for, there are many less common positions that might be helpful to your documents or plan or to your achieving your goals. The responsibilities, liability and other considerations will vary dramatically…

The Big Beautiful Bill’s Impact on Estate and Income Tax Planning

The Big Beautiful Bill (BBB), or The One, Big, Beautiful Bill Act (OBBBA) is now law. The House passed the Senate version of the OBBBA on July 3rd; President Trump signed the bill into law on July 4th. So now…

What Can Taxpayers Do to Cause Assets in Trusts to Be Included Back in Their Gross Estates? Does that Make Sense?

The top income tax rate of 37% (or 40.8%, with the net investment income tax (NIIT) imposed under Section 1411) is about the same as the Federal estate tax rate of 40%. So, the question arises as to whether such…

Naming Fiduciaries and Other Persons/Positions: An Important Personal Decision.

The following discussion is intended to help guide you through one of the most important decisions concerning your estate plan and estate planning documents: who you will name to serve in the important positions. While this can be a simple…

What Fiduciary and Other Roles Must You Name Persons to Serve In?

In most estate plans, even those for modest estates, positions or roles you may name people to fill include: In a more complex plan, for example, a plan including a comprehensive irrevocable trust, it could include an array of positions…

Who Might You Consider Naming to Fill Various Roles.

The persons you might select for each role in your estate plan could include a number of different possibilities. Below are some of the more common relationships or categories of people named. Your options, however, are not limited to any…

Checks and Balances and Other Steps May Affect Who You Name

Who you select to serve in each fiduciary or other capacity might be affected by other steps you might take. For example, you might trust your sister implicitly and know she is prudent and honorable. However, you also know she…

Life Can Be Complicated: Factors That May Affect The Positions and Appointments in Your Estate Plan.

Introduction. A seemingly infinite number of factors might affect the decisions you make on who to name in each position in your estate plan. Identifying and weighing these factors may be more art than science. But it is essential to…

Discuss Prospective Appointments With Those You Are Naming.

First ensure that the potential fiduciary is made aware of his or her role. While this may seem obvious, it is a step that many people neglect when naming fiduciaries and others. You should ask each person whether they have…

Corporate Transparency Act May Change the Discussion.

There could be many different tax and legal obligations that a person you appoint in your estate planning documents might have to address. The most obvious might be that a trustee of a trust has to file income tax returns…

Coordination of the People You Name

Coordinating the various positions in your estate plan and the individuals named in those positions is a daunting task, and you might have a conversation with all named people to emphasize that they will need to work together. Even if…

What Might the Prospective Appointee’s Responsibilities Include?

One of the most important, and sometimes most difficult, decisions you can make in your estate plan is choosing who to name or appoint to each of the many positions in your plan. Choosing a guardian for a minor child…

Trust Records and Communication To Beneficiaries and Others

Records and Communications. The fiduciary is responsible for maintaining trust records regarding any actions the fiduciary may take. For a trustee, this may include any data collected from expenses paid, distributions made, income earned, and any other action taken in…

Roles To Which You Might Appoint People To Serve: By Document Category

While there are many common positions to name people for, there are many less common positions that might be helpful to your documents or plan or to your achieving your goals. The responsibilities, liability and other considerations will vary dramatically…