News & Analysis as of

Creditors Beneficiaries

Whiteford

The Fiduciary Duties of an Executor of An Estate in Virginia

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Executors and administrators of estates in Virginia must swear an oath before the probate clerk that they will “faithfully perform the duties of [their] office to the best of [their] judgment.” These duties are called...more

Saul Ewing LLP

The Florida Homestead

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There are three aspects of the Florida Homestead law. One is the “save our homes” exemption. The save our homes exemption limits how much the value of the homestead can be increased from year to year for purposes of assessing...more

Mayer Brown

Advantages of Express LPA Third-Party Beneficiary Provisions for Subscription Credit Facility Lenders

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An express third-party beneficiary provision running in favor of a lender in a fund’s limited partnership agreement (an “LPA”) is helpful for subscription credit facilities. It bolsters the rights and remedies of a...more

Charles E. Rounds, Jr. - Suffolk University...

Parsing the Uniform Trust Code in Isolation Without Regard to the Uniform Probate Code and the Uniform Powers of Appointment Act...

Intro. The Uniform Trust Code (UTC) is a mere aggregation of tweaks to the corner of equity jurisprudence that long ago gave birth to and currently stewards the trust relationship, hereinafter “the background trust law.”...more

Cohen Seglias Pallas Greenhall & Furman PC

[Webinar] Guarding Your Legacy: What Celebrity Estate Disputes Can Teach Us - February 4th, 12:00 pm - 1:00 pm ET

Celebrity estate disputes often make for dramatic headlines, but the legal challenges they reveal can resonate far beyond the rich and famous. Join Whitney O’Reilly, chair of our Trust & Estates Group, for an insightful...more

Allen Barron, Inc.

Trust and Estate Planning for Business Owners

Allen Barron, Inc. on

Why is the end of the year a good time to consider trust and estate planning for business owners? Do you own real property or have other investments outside your business interests? Have you given any thought to what would...more

Carey Olsen

Building bridges, not barriers: setting up Cayman trusts to minimise conflicts

Carey Olsen on

Despite best intentions, it is impossible to entirely negate the risk of conflict arising from a family trust. By their nature, trusts tend to span several decades and "futureproofing" them against societal changes,...more

Charles E. Rounds, Jr. - Suffolk University...

Equity’s maxims have many jurisprudential functions, one critical function being to sinew the equitable principles that regulate...

Equity’s maxims have many jurisprudential functions, one critical function being to sinew the equitable principles that regulate the law of trusts. A court that is saddled with sorting out the rights, duties and obligations...more

Charles E. Rounds, Jr. - Suffolk University...

Whether an equitable power of appointment incident to a trust relationship is “in gross” or “collateral”: The practical...

Section 17.3, comment f, of the Restatement (Third) of Property (Wills and Other Donative Transfers) explains the difference between a collateral power of appointment and a power of appointment in gross: “In traditional...more

Proskauer Rose LLP

Private Credit Deep Dives – Going Exclusive (Europe)

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In recent months, market participants have become increasingly optimistic about the probability of a “soft landing” in the US economy, whereby tight monetary policy is shown to have tamed inflation whilst avoiding triggering...more

Pillsbury Winthrop Shaw Pittman LLP

Use It or Lose It! Indemnification Rights May Not Be Asserted against a Post-Confirmation Liquidation Trust

The Fifth Circuit recently held that claims and defenses arising from an indemnification agreement with a debtor could not be asserted against a liquidation trust because the chapter 11 plan barred those claims and defenses,...more

Allen Barron, Inc.

Do You Need an Asset Protection Strategy?

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Do you need an asset protection strategy in San Diego, California? What is an “Asset Protection Strategy” and who should make sure to have an asset protection strategy in place?...more

Husch Blackwell LLP

Options for Changing an Irrevocable Trust

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As its name implies, an irrevocable trust cannot be revoked by the person who establishes the trust. Typically, an irrevocable trust also cannot be changed by a trustee or beneficiary. The irrevocable nature makes the trust a...more

Bowditch & Dewey

Beyond Taxes: 10 Important Reasons Why Everyone Needs an Estate Plan

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People often assume that if their estate isn’t taxable, they don’t need to have an estate plan. In 2023, a Massachusetts estate tax return must be filed if the value of the deceased person’s gross estate exceeds $1 million. A...more

Pillsbury Winthrop Shaw Pittman LLP

No Cutting the (Priority) Line!: Incidental Beneficiaries to Assumed Contracts and Leases Cannot Assert Cure Claims Against...

In rejecting an incidental beneficiary’s cure claim, the Second Circuit reasoned that affording a non-party administrative priority “would let it cut the line and stand in front of even secured creditors in exchange for...more

Lippes Mathias LLP

Hiring Counsel for Estate and Trust Administration Could Help You Avoid an Expensive Conflict

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Losing a family member or friend is a difficult situation for everyone. In 1969, the Swiss-American psychiatrist Elizabeth Kübler-Ross wrote in her book “On Death and Dying,” that grief could be divided into five stages:...more

White and Williams LLP

Pennsylvania Superior Court: No Creditor Protection for Inherited IRAS

Under longstanding Pennsylvania law, retirement savings vehicles like individual retirement accounts (IRAs), 401(k) and 403(b) accounts, pensions, and employee stock ownership plans (ESOPs) are generally exempt from creditor...more

Downey Brand LLP

Blast from the Past – Trusts Subject to Medi-Cal Reimbursement

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We begin the year with a case, Riverside County Public Guardian v. Snukst (2022) ___ Cal.App.5th ___, involving an elder with dementia who received Medi-Cal benefits. The case, a blast from the past, illustrates how the...more

Rosenberg Martin Greenberg LLP

Maryland Court of Appeals: Change of Beneficiary of Insurance Policy Is “Conveyance” Under Uniform Fraudulent Conveyance Act

In a March 9, 2021 opinion, the Maryland Court of Appeals signaled the end of what it termed “an elaborate web of procedural history” by answering two questions certified to it by the United States District Court for the...more

Fox Rothschild LLP

Israeli Tax Authority Imposes ‘Capital Declaration’ Reporting Requirement On Trusts

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For the first time since Israel began taxing trusts, the Israeli Tax Authority (ITA) has sent inquiries to some trusts seeking a declaration of worldwide assets and liabilities as of December 31, 2019. We have heard that this...more

Farrell Fritz, P.C.

Liquidating Trusts, Reopening The Economy, And Creditors’ Rights

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Bad Times- Of course, you’ve noticed that we’re in the midst of an economic mess. The nearly complete shutdown of large segments of the U.S. economy beginning in March, in response to the COVID-19 crisis, both accelerated...more

Cohen Seglias Pallas Greenhall & Furman PC

Asset Protection 101: Are You and Your Family Protected from Litigation, Creditors, and Divorce?

Presented by Cohen Seglias Attorneys Brian Lawton and Whitney Patience O'Reilly on January 23, 2020. It can take years to accumulate assets and increase the value of your business and investments. Unfortunately, without an...more

Cohen Seglias Pallas Greenhall & Furman PC

[Webinar] Asset Protection 101: Are You and Your Family Protected from Litigation, Creditors, and Divorce? - January 23rd, 12:00...

It can take years to accumulate assets and increase the value of your business and investments. Unfortunately, without an asset protection plan, you could lose everything or a significant portion of what you have worked so...more

Downey Brand LLP

Beware of Dormant Creditor Claims in California Probate Cases

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California’s probate process aims to expeditiously identify and resolve the claims of creditors against decedents. Creditors who are unsophisticated, or who simply do not learn of the decedent’s passing, may find themselves...more

Patterson Belknap Webb & Tyler LLP

Close Enough: Fifth Circuit Holds That Section 510(B) of the Bankruptcy Code Requires Subordination of Payments That “Look a Lot...

In 1930, Clarence Bennett’s wealthy uncle died. He left behind shares in Berry Holding Company ("BHC") that were subdivided into three groups. Bennett was the beneficiary of dividends paid out of one of these groups and, for...more

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