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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...

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...

Rules of Succession in Dubai

  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...

Court Orders Administrator To Elect Portability

  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...

How to Explain the Value of a Trust Protector to Your Clients

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...

Antemortem Probate? RIDICULOUS! “Living Trust” is better, more probative, etc.

  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...

50% of Americans believe a will avoids probate court

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...

Basis Consistency and Reporting for Property Acquired from a Decedent

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...

The Biggest Lie in Life Insurance

  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...

Tailoring the Trust Protector’s Role

  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...

Could you be David Bowie’s lovechild? Deadline looms to claim share

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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