Choosing a Trustee: Navigating the Complexities and Key Considerations
Everything You Need to Know About Beneficiary Designations
In a recent decision, the Court of Appeals of Virginia upheld a lower court’s ruling that Kositzka, Wicks and Company (KWC) breached its fiduciary duty to Edward Joseph Ryan, awarding his estate $999,050 in damages, attorney...more
The Commonwealth Court of Pennsylvania held that an exemption to the application of PA Realty Transfer Tax Section (RTT) for no or nominal consideration from a trust under Section 1102-C.3(9.1)1 applies not only to transfers...more
Most US homeowners and business owners understand the importance of an estate plan; they just never seem to get around to completing the task. What do you need to know about a trust? Why are trusts a central component of any...more
Trusts are described in multiple ways, including: living or testamentary, revocable or irrevocable and grantor or non-grantor. These terms are not always mutually exclusive. A trust can be living, revocable and a grantor...more
On January 12, 2023, the Michigan Court of Appeals issued its decision in In re Claeys Revocable Living Trust, 2023 Westlaw 175242, No 360054 (Mich Ct App Jan 12 2023), which considered whether a trust beneficiary was...more
Though not a silver bullet for every situation, in appropriate circumstances, a Joint Revocable Living Trust ("Joint Trust") can provide a married couple with significant benefits and simplify the administration of assets...more
The most powerful and flexible tool estate planners have today is the revocable living trust. It is essentially a substitute for a will that allows you to avoid the often lengthy and expensive probate process, while giving...more
A common misperception of trusts is that they are legal entities that, like corporations, can hold title to real estate and other property. A new California appellate decision, Boshernitsan v. Bach (2021) ___ Cal.App.5th ___,...more
If you’re like most people, there is a laundry list of things you’d rather do than think about your estate plan. While it can be a challenging area to discuss, your estate plan is essential to ensure you and your family are...more
Background - Recently, the Indiana Court of Appeals decided the case of Murphy, et al. v. Trustee of Star Financial Bank, et al. The case involved a woman named Janice who had executed a revocable living trust in 1990. ...more
Revocable trusts are an effective way to avoid probate and provide for asset management in the event of incapacity. In addition, revocable trusts--sometimes called “living” trusts--are incredibly flexible and can achieve many...more
CONGRATULATIONS ON YOUR NEW HOME! Purchasing a home is one of the most significant investments you can make. Consequently, you will probably do everything you can to care for and protect your home, right? Those protective...more
As seniors age, many seniors believe that they should add an adult child to their bank account. Purely for ease and convenience, a jointly owned bank account would be a good way for an adult child to monitor a senior’s...more
One of the questions I am often asked by clients is, “Should I transfer my automobiles to my revocable living trust?” I generally advise clients not to transfer their automobiles to their revocable living trust. The primary...more