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OCPROB8com - Probate for Estates with Guns

PENA V. DEY – a warning to avoid handwritten trust amendments

 Our clients are warned not to make handwritten changes to the trust instrument, and the recent case of Pena v Dey illustrates why: Summary: Where the trust expressly required that amendments be made by a signed writing, handwritten interlineations on a trust...

Gun Trusts are Back!

 Enactment of AB 1292 has made estate planning much easier for California gun owners. Read our in-depth article here before access is restricted to members only.

Return of the Gun Trust: AB 1292 Eases Estate Planning for California Gun Owners

 When Governor Newsom approved AB 1292 on July 12, he made estate planning easier for California gun owners. Why would Sacramento Democrats make death easier for us? I can only speculate, but I’m guessing it’s because the confusing state of the law put non-gun...

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

  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...

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...

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, maintaining constantly with...

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%)...

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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