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Proskauer Update:  Trustee’s Corpus Payment to Pooled Fund Impermissible; Delaware Court Denies Petition to Modify  Testamentary Trust To Be Directed Trust; Tax Court Rules PPL Disregarded With Income Taxable to Policy Owner and More

Proskauer’s Personal Planning Group has published its August 2015 update, which discusses the following items:

  • Florida 5th District Court of Appeals determines Trustee’s payment of trust corpus to a pooled trust fund was impermissible. Harrell v. Badger, Case Nos. 5D14-1145, 5D14-3469 (Fla. 5th DCA 2015).
  • Delaware Chancery Court denies a
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Economic Analysis in Fiduciary Monitoring Disputes Following the Supreme Court’s ‘Tibble’ Ruling by D. Lee Heavner, Susan Mangiero 

D. Lee Heavner and Susan Mangiero have made available for download their article, “Economic Analysis in Fiduciary Monitoring Disputes Following the Supreme Court’s ‘Tibble’ Ruling”

The Abstract is as follows:

Fiduciary monitoring has become a hot topic as a result of the U.S. Supreme Court’s decision in Tibble v. Edison

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Steve Akers 2015 Summer ACTEC Meeting Musings

Steve Akers, Senior Fiduciary Counsel, Southwest Region, Bessemer Trust, has made available for download his extensive summary of the 2015 Summer ACTEC meetings on the Bessemer website.  The abstract for Mr. Aker’s full report reads as follows:

The 2015 ACTEC Summer Meeting was held in Quebec City, Quebec, Canada on June 17-20,

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By Regina A. DeMeo: What Is “Ours” Versus “Yours” or “Mine”?

This is a question that plagues me every day– either in my consults for prenuptial agreements or with those about to embark in the divorce process. Explaining the law is easy, but getting couples to agree on what should be part of the marital pie is often not easy at … Continue reading

How Harmful is Trust Proliferation? by Adam S. Hofri-Winogradow

Adam S. Hofri-Winogradow, Hebrew University of Jerusalem – Faculty of Law; University of Connecticut – School of Law, has made available for download his article, “How Harmful is Trust Proliferation?” The Abstract is as follows:

The last few decades have seen an unprecedented global wave of trust law reforms and an equally

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Baselines in Trust Term Extension by Alexander A. Boni-Saenz

Alexander A. Boni-Saenz,  Chicago-Kent College of Law, has made available for download his article, “Baselines in Trust Term Extension,” published in the Florida Law Review Forum, Vol. 97, p. 30, 2015. The Abstract is as follows:

The next battleground in the rancorous war over the Rule Against Perpetuities may be

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Court Upholds IRS Retroactive Revocation of Foundation’s Exempt Status Where Foundation Benefits One Family

In Educational Assistance Foundation for the Descendants of Hungarian Immigrants in The Performing Arts, Inc, the US District Court for the District of Columbia found that the Foundation in question operated in a manner that inured to the benefit of one family, precluding it from having tax-exempt status. Therefore, the … Continue reading

Perez v. Commissioner: IRS Can Tax Payments to Egg Donors as Income

In Perez v. Commissioner, 144 T.C. No. 4 (Jan. 22, 2015), the Tax Court held that when a taxpayer receives sums of money in exchange for undergoing procedures to donate her eggs to infertile couples, and pursuant to the controlling contracts, the sums received were designated compensation for pain … Continue reading

Steven N. Levi et al. v. Commissioner: Couple’s Return Not Filed Because Agent Who Signed Return Lacked Authority

In  Steven N. Levi et al, v. Commissioner, T.C. Memo 20-15-118 (June 29, 2015), the Tax Court held that a couple that did not sign their tax return filed an invalid return.  The Tax Court  explained that the agent who signed on their behalf lacked the authority to … Continue reading

The Supreme Court Obergefell v Hodges Decision And New Financial Planning Opportunities For Same-Sex LGBT Couples

Michael Kitces writes about new financial planning oppertunities after the Supreme Court’s decisions requiring states to recognize same sex marriages.  His article begins as follows:

The Supreme Court’s decision creates several immediate new planning opportunities for same-sex married couples, particularly those who were previously married in another state but have

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Can Trust Protector Amend Procedure For Removing Himself? 

Luke Lantta, of Bryan Cave, looks at McDevitt v. Wellin, which looks at whether a trust protector may amend the procedure for removing the trust protector.  His summary begins as follows:

We have looked at a number of chapters of the Wellin trust disputes in South Carolina and how they are shaping

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Understanding The IRC Section 691(c) Income In Respect Of A Decedent (IRD) Deduction For The Beneficiary Of An Inherited IRA

Michael Kitces writes about mitigating the combined income and estate taxation of pre tax assets, such as IRAs, by using the IRD deduction under Code Sec. 691(c).  Michael’s article begins as follows:

Pre-tax assets like IRAs can face a significant income tax burden as their value grows, a challenge that

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Trust Reformation Was Not A Remedy For Failing To Complete An Estate Plan

Luke Lantta, of Bryan Cave, writes about the Appeals Court of Massachusetts’ decision in Lesanto v. Lesanto (Rule 1:28 decision), which reminds us that certain requirements must be met to reform a trust, contrasting the Lesanto case with several recent cases in which Massachusetts courts have permitted trust modification.

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Complications in Putting Unborn Spoiled Brats to Work: Using Lessons from Labor Supply Theory to Design Incentive Trusts by John Michael Grant

John Michael Grant, has made available for download his paper, “Complications in Putting Unborn Spoiled Brats to Work: Using Lessons from Labor Supply Theory to Design Incentive Trusts.”  The Abstract is as follows::

Labor Supply Theory has never been applied to estate planning, despite its relevance to the design of

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The Computer as a Financial Planner: Robo Advisers

Paul Sullivan, in his weekly New York Times column, Wealth Matters, writes about Robo Advisers.  His article begins as follows:

COMPUTER-GENERATED investment advice has gotten a lot of attention in the last few years. And for good reason.

Many web-based services have given investors with smaller portfolios access to advice

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