McGuireWoods July 2018 Fiduciary Case Summaries

McGuireWood has released its July 2018 Fiduciary Advisory Services summary of fiduciary cases.  This summary, summarizes the following cases:

• In re Matter of the Estate of Anne S. Vose v. Lee, 390 P.3d 238 (Okla. Jan. 17, 2017) Decedent’s executor had a fiduciary obligation to the surviving spouse to … Continue reading

Babic: Income Taxation of Trusts in California

Filip Babic has published an article, Income Taxation of Trusts in California, in the AICPA Tax Insider.  The article begins as follows:

For years, the California Franchise Tax Board (FTB) has taken the position that trusts are subject to California state income tax on all of their California-source income, and … Continue reading

Samuel Bray: Fiduciary Remedies

Samuel L. Bray, of Notre Dame Law School, has made available for download a chapter on “Fiduciary Remedies,” published in the Oxford Handbook of Fiduciary Law (E. Criddle, P. Miller & R. Sitkoff eds., Forthcoming 2018).   The Abstract is as follows:

This chapter offers an overview and analysis of fiduciary remedies. … Continue reading

Herbert: Legislative Update: Virginia’s General Assembly Acts to Reduce Inconsistencies between Revocable Living Trusts and Wills

Brett Herbert, at LeClairRyan, has published an article summarizing recent Virginia legislative changes applicable to revocable trusts.  His article begins as follows:

As more people elect to use revocable living trusts for estate planning purposes instead of traditional wills, the disposition of property will increasingly depend on the interpretation and … Continue reading

Ausness: Discretionary Trusts: An Update

Richard C. Ausness has made available for download his article, “Discretionary Trusts: An Update,” which was published in the ACTEC Law Journal.  The abstract is as follows:

In the past, settlors tended to limit a trustee’s discretion by setting forth a specific formula for the distribution of trust assets. Nowadays,

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Supreme Court – Sveen v. Melin: – Retroactive Application of Revocation on Divorce Clause Does Not Violate Constitution

The Supreme Court, in Sveen v. Melin, that the retroactive application of Minnesota’s revocation-on-divorce statute — which automatically nullifies an ex-spouse’s beneficiary designation on a life-insurance policy or other will substitute — does not violate the Constitution’s contracts clause.

The opinion’s syllabus is as follows:

The legal system has long

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IRS Comments Requested On Draft Form 4422, Application for Certificate Discharging Property Subject to Estate Tax Lien,” and Form 15056, “Escrow Agreement for Estates”

The IRS has requested comments on Form 4422, “Application for Certificate Discharging Property Subject to Estate Tax Lien,” and Form 15056, “Escrow Agreement for Estates.”

Comments are due by August 6.

See Federal Register notice by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.… Continue reading