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Rev Proc 2017-34 simplifies getting extension for portability election

  Rev. Proc. 2017-34 SECTION 1. PURPOSE This revenue procedure provides a simplified method for certain taxpayers to obtain an extension of time under § 301.9100-3 of the Procedure and Administration Regulations to make a “portability” election under §...
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Yes, a Firearm Safety Certificate is required for trustees and agents!

I am often asked by professional fiduciaries whether they need to have a Firearm Safety Certificate (FSC) for the work they do. Professional fiduciaries are subject to the same penal code as lay fiduciaries so the answer is yes, generally, fiduciaries (whether...
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Does a Thicke Living Trust Work Better? We Shall Soon See

The trusts I draft are usually pretty thick, thicker than clients expect. But no matter how thick the trust, the plan can fail if spouses are not in agreement on the underlying character of the property (separate or community). This might have been the case with the...
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Beware The Constructive Trust When Relying On ‘Informal’ Estate Distributions

  In Georgia, generally, a constructive trust cannot be imposed on real property based solely on a broken verbal promise to hold or transfer the land for the benefit of another.  However, a broken verbal promise may give rise to a constructive trust if it was...
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A Case for Tennessee PFTCs

 Tennessee recently updated its private family trust company (PFTC) laws in 2016 to expand both the family clients and family office employees that they can serve. These changes can help ultra-high-net-worth (UHNW) families and family offices meet their needs....
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Residual liability in the trust context of excluded fiduciaries

  Some states by statute have introduced into their trust jurisprudence the concept of the excluded fiduciary: In the case of a trust the terms of which allocate fiduciary functions between the trustee and, say, a trust protector, the trustee is an excluded...
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Conflicted Art Appraisals Lead to $1.77 Million Estate Tax Deficiency

  Recently, in Estate of Kollsman v. Commissioner (T.C. Memo. 2017-40), the U.S. Tax Court held that an art collector’s estate significantly underreported the value of two artworks for estate tax purposes. The problem: the estate relied on appraisals by an...
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Rules of Succession in Dubai

  Even though the Personal Status law of the UAE provides that foreigners may request the court for the application of their home country law, this law did not expressly amend the Civil Code of the country. This gave rise to the uncertainty of whether or not a...
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Court Orders Administrator To Elect Portability

  The first is the preemption argument.  The administrator argued that the discretion granted to him to elect portability under the terms of 26 U.S.C.A. 2010 trumped Oklahoma law concerning the fiduciary obligations owed by estate administrators to potential...
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How to Explain the Value of a Trust Protector to Your Clients

  As an attorney, you understand the value of a trust protector for an irrevocable trust. While “set in stone,” the trust still needs someone to watch over it and ensure it can adapt to changes in the law and/or resolve differences between trustees and...
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Antemortem Probate? RIDICULOUS! “Living Trust” is better, more probative, etc.

Wow, what a ridiculous idea -- ante-mortem probate! I have two simpler words that offer a better solution: "LIVING TRUST" What better way to gauge a testator's true intent than a trust arrangement the testator lives with day in and day out, maintaining constantly with...
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50% of Americans believe a will avoids probate court

According to WealthCounsel’s recent inaugural Estate Planning Awareness Survey: Despite this direct knowledge of what can happen, 50% of respondents with a will believe that wills protect them from probate court after they pass away, and more than two-thirds (70%)...
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Basis Consistency and Reporting for Property Acquired from a Decedent

  Significant coverage was devoted at the recently concluded 51st Annual Heckerling Institute on Estate Planning in Orlando, Fla. to the Internal Revenue Service’s proposed regulations (proposed regs) concerning basis consistency and reporting for property...
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The Biggest Lie in Life Insurance

  Valid point, especially now that the estate tax beast so rarely bites and may soon be destroyed. The article points out a few reasons for having life insurance, but omits some important ones such as estate creation for young families. Thus, the biggest lie in...
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Tailoring the Trust Protector’s Role

The Bespoke Trust Protector - Tailoring the Protector's Role from Matthew McClintock WealthCounsel VP Matt McClintock has been at the forefront in this cutting edge planning area -- adapting the age-old concept of trust protector, commonly used in offshore...
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Could you be David Bowie’s lovechild? Deadline looms to claim share

  According to the article, Bowie admitted to being "incredibly promiscuous" -- yikes, bad planning or no planning here to avoid pretermitted child claims. Anyone who believes they are David Bowie’s secret love child should make their case now.Lawyers handling...
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Who’s Charging What for Trust Services?

  A survey of fees charged by some major trust companies. Fees and minimums vary quite a bit. Trust fees are headed higher according to our pricing survey completed this week. Some firms work strictly from a rate card. Others decide what your client will pay when...
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Executors Personally Liable for Tax Liabilities of Estate Under Federal Priority Statute, 31 U.S.C. 3713

  This is an appeal of summary judgment by the personal representative (the “PR”) of an estate. The lower court found the PR to be personally liable under the federal priority statute, Section 3713, for tax liabilities due from an insolvent estate. Under the...
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