Trusts

Scarinci Hollenbeck’s Tax, Trusts & Estates practice group regularly provides content on trusts. To receive our attorneys' trusts articles please subscribe to our email list.

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Will Execution, Witnesses & Notaries – State Law Does Matter

Where state law matters in proper will execution We expect that as time passes, people become more sophisticated and aware of what must be done to execute a valid will. Unfortunately, this is not so. In certain states, execution of a will is complete when it is signed by a second witness. Some states require […]

Author: James F. McDonough

October 18, 2016

Will Spendthrift Language In A Trust Always Be Respected or Not?

Will Spendthrift Language In A Trust Always Be Respected? The unequivocal answer to the question is: it depends. The grantor’s purpose for including spendthrift language in a trust is to protect the trust assets set from the beneficiary’s creditors and to prevent the beneficiary from selling or assigning his or her interest in the trust. […]

Author: James F. McDonough

February 24, 2016

Trustee Material Participation More Prominent After Recent Rulings

Power shifts in trustee material participation Taxpayer victories in Maggie K. Carter Trust v. U.S. and Frank Aragona Trust v. Commissioner were hailed as opportunities for taxpayers to structure real estate ownership by trusts in a manner that would attribute management activity to the trustee. The result of this trustee material participation was the 3.8% […]

Author: James F. McDonough

September 22, 2015

Scarinci Hollenbeck

Tax Court Decides to Issue Limits to Life Insurance Policy Control

Although all individuals holding a life insurance policy own an investment, they did not have the legal right to exert control over the investments inside the policy. However, according to a recent ruling by the U.S. Tax Court, investors who exercise control over how money is invested are subject to tax on the investment income. […]

Author: James F. McDonough

September 11, 2015

Tax Court Overturns IRS Cost-Sharing Regulation

The U.S. Tax Court recently issued a surprising decision that invalidated the part of an IRS cost-sharing regulation – under code section 482 – which states that taxpayers are required to take the costs of stock-based compensation into account. The decision regarding the cost-sharing regulation supports taxpayer criticism that questioned the regulatory requirement that cost-based transfer […]

Author: James F. McDonough

September 3, 2015

NJ State Senator Calls for Income Tax Hike and Estate Tax Cut - What it Means to You

The recent tax reform proposal from New Jersey State Senator, Raymond Lesniak, would create an income tax hike for residents over $350,000, but would also remove the estate tax. According to the NJ Spotlight, the income tax hike plan is estimated to generate more than $850 million in tax revenue, enabling the state to pay down its […]

Author: James F. McDonough

July 1, 2015

Scarinci Hollenbeck

Need To Know About Estate Tax Portability? We Can Help

Last week, the IRS announced its final rules on the estate tax portability of the deceased spousal unused exclusion (DSUE) amount, which clarifies that portability is only granted to executors if the gross value of the estate is below $5.4 million. Portability rules The new IRS rules specify that the surviving spouse can elect portability to use […]

Author: James F. McDonough

June 23, 2015

Scarinci Hollenbeck

When Does A Claim Against a Trustee Arise Under The Uniform Trust Code

It is difficult to ascertain when a claim against a trustee arises because the act giving rise to the claim may not be disclosed to the beneficiary. Therein lies the tension between the common law traditions of statute of repose (limitations) and the Doctrine of Laches (“Laches”). Laches attempts to impose a standard that recognizes […]

Author: Frank L. Brunetti

February 5, 2014

What Americans Should Know About The 2014 Tax Brackets

With only a few days left until the new year rolls in, many Americans are conducting their year-end tax planning and establishing their tax plans for 2014. The Internal Revenue Service recently released the income tax brackets for the 2014 tax year, which will be essential in helping individuals make informed decisions about their various […]

Author: James F. McDonough

January 1, 2014

Decanting By Various Means

Decanting is a popular topic among wealth advisers, trust companies, and tax professionals. In the wine industry, it means putting old wine into a new bottle. In the trust field, it means to transfer assets to a new trust to be governed by a new trust instrument that takes into account changes in law and […]

Author: James F. McDonough

October 8, 2013

Trusts

The Birds and the Bees for Trustees

Today, an increasing number of children are born with assistance of advanced reproductive technology. Such children may be conceived and born years after the death of a parent. This miracle of science poses difficulties for trustees administering existing trusts and lawyers drafting new trusts. A typical trust has a current beneficiary who receives distributions of […]

Author: James F. McDonough

August 20, 2013

Uniform Acts, Modern Portfolio Theory, and An Unintended Consequence

Trustees had been governed by the Reasonable Man standard for investing trust assets that were designed to preserve principal and avoid risk. Then, Modern Portfolio Theory came into prominence and the Reasonable Man rule fell into disfavor. Modern Portfolio Theory (MPT), supported by the work of Nobel Laureates, became the prevailing theory. In the most […]

Author: James F. McDonough

August 8, 2013

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