Critique of “California Gun Laws” (2022 edition)
This critique of the 2022 (9th) edition of “California Gun Laws” by C.D. “Chuck” Michel and Matthew D. Cubeiro is not a critique of the entire book, but only a small portion consisting of two sections, Section 3 (“Operation of Law”...Mortgage Lenders Stop Funding Loans in Trust
UPDATE: After a week of turmoil, looks like the mortgage bond market has stabilized a bit and mortgage loans on properties held in trusts are again saleable in the secondary market. Sanity has returned for now, at least while the market is taking whatever...Share Your Cryptocurrency Passwords
For years, cryptocurrency owners have focused on coin security. Many of our clients protect their coins and accounts from online hackers through offline storage and complex passwords that are memorized but never written down. A recent Canadian bankruptcy filing...Insolvent Estates of Wealthy Decedents
Insolvent estates happen and are full of minefields for all involved: Begin With a Plan When faced with such an estate, the advisor should meet with the executor and together they should set out a plan for success. The plan should include a beginning inventory...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 §...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...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...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...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....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...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...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,...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...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...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...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...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...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...Account Transcript, Substitute for Estate Tax Closing Letter
With certain exceptions and prior to June 1, 2015, the IRS issued an ETCL for every estate tax return filed. After that date, the IRS changed its policy and only issued such a letter upon formal request by an estate and not sooner than four months after the...
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