Estate Planning

Why Use a Trust Protector
The use of Trust Protectors is becoming increasingly common, particularly in irrevocable trusts that may last for decades, if not generations.  A Trust Protector is generally an individual, often an attorney, cpa or family member, who is given certain powers over a trust by the trust grantor...

Selecting The Right Trustee For A Third-Party Created and Funded Special Needs Trust Is Important.
The trustee of a third-party created and funded SNT is given complete discretion in making distributions to or for the benefit of the special needs child. Thus, who should serve as the trustee of a third-party created and funded SNT is important...

Protecting a Trustee from Liability (Part III)
Today's blog is a continuation of my series this week on protecting a trustee from potential liability. Perhaps the best way for an outgoing trustee (and/or new trustee) to limit any liability that may be visited upon him/her/them as a result of the administration of the trust (or to the date of his or her retirement, removal and replacement) is for the trustee and his or her co-trustees, if any, to pass their accounts...

Cook County's "Norris" Rule
For the most part, closing a probate estate is pretty easy. The executor or administrator signs a document called a final report, and this document -- along with receipts from each beneficiary -- is submitted to the court...

Appoint A Trust Protector For A Third-Party Created and Funded Special Needs Trust.
A third-party created and funded SNT can have a trust protector. At a minimum, the trust protector should can have the power to: (i) direct the trustee?s actions; (ii) receive financial-investment statements and accountings; (iii) terminate the trust (and have the assets be distributed to the remainder beneficiaries), (iv) remove and replace a trustee, and (v) direct or approve the reformation or amendment of the trust to reflect changes in the law and in order to comply with the trustmaker?s intent and purpose...

Wrapping Up a Trust.
While trust administration is largely removed from any court oversight and is managed privately by the successor trustee(s), it is a good idea to formally wrap up a trust (any trust including a revocable living trust) where the settlor(s) (or...

New North Carolina Trust Laws
In addition to the repeal of the rule against perpetuities, which is effective January 1, 2008 (perpetual trusts will be allowed in North Carolina provided certain requirements are met), there are a few other changes to North Carolina trust law, which were effective October 1, 2007: Section 39-6...

Taxation of Executor Compensation
It’s just about tax time, so I thought I would briefly discuss the taxation of executor compensation.The basic premise is that executor compensation is taxable in the hands of the recipient...

Deeds Designating Grantee as a Trustee Sufficient to Pass Title to Trust
The Florida Supreme court has ruled affirmatively on the question presented to it. Whether, under Florida Statutes section 689.07(1) as it existed before its 2004 amendment, this Deed??which is a recorded real estate conveyance deed to a named trustee of a private express trust identified in the deed by name and date, and contains other language referring to the unrecorded trust agreement, the settlors, and the beneficiaries??conveys only legal title to the property in trust to the grantee as trustee...

How to deal with greedy Trustees in Florida: Trustee Removal
Greedy Trustees can be a problem in Florida Probate Litigation and Florida Trust Litigation. Often the Trustee must be removed to resolve the issues. Adrian Thomas a Florida lawyer who specializes in Florida Trust and Probate Litigation sent me an article where he discusses individual and corporate trustees...

Auto Financing
Credit Acceptance Corp. agrees to $52.1 million class action settlement after overcharging consumers for fees and interest on automobile installment contracts.

Sea Star Agrees $18.5M Settlement in Anti-trust Class Action
Sea Star Agrees $18.5M Settlement in Anti-trust Class Action

Atlas Cold Storage
Income Trust to pay $40 million to settle a class action that claims misrepresented financial statements.

Securities Settlement
GMH Trust Securities to pay $8.75 million in pending class action suit.