In a groundbreaking decision that could reshape the landscape of California estate law, the Court of Appeal in the Second District Division Four has ruled in favor of trustee David Henry Simon, affirming his right to seek a...more
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
In In re Kelly, a former executor and the trustee of a testamentary trust initiated a probate proceeding in a county court at law. No. 11-24-00066-CV, 2024 Tex. App. LEXIS 3735 (Tex. App.—Eastland May 30, 2024, original...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
Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing with an estranged child in your...more
In the next webinar in our Estate Planning 101 series, wealth preservation attorney Whitney Patience O’Reilly will discuss the basics of trusts. She will review the differences between revocable and irrevocable trusts and...more
Many California trusts confer a lifetime right to income on a person (often the surviving spouse) with the remainder passing to designated survivors upon the income beneficiary’s death. When the income beneficiary dies, is it...more
In Ackers v. Comerica Bank & Trust, N.A., an income beneficiary sued a trustee for a declaration regarding the construction of a testamentary trust. No. 11-18-00352-CV, 2020 Tex. App. LEXIS 10442 (Tex. App.—Eastland December...more
In In the Estate of Mendoza, a decedent’s son’s children filed a petition claiming their entitlement to their father’s beneficial interest in a trust created under the decedent’s will. No. 04-19-00129-CV, 2020 Tex. App. LEXIS...more
While you may love your son-in-law or daughter-in-law, you may not necessarily want to pass your assets to them that your child inherited from you but then subsequently died. Many people have reservations about this scenario....more
IRS Rules Appointment of Special Trustee and Special Trustee’s Subsequent Exercise of Power to Limit or Eliminate Trust Beneficiary’s Testamentary General Power of Appointment Will Not Constitute Exercise or Release for...more
Trusts are popular estate planning tools people use for a variety of reasons including providing for the long-term management of assets for minor beneficiaries, people with disabilities, or financially irresponsible adults....more