The new Corporate Transparency Act (“CTA”) takes effect January 1, 2024, and trustees are preparing for the reporting required of them for potentially the trusts they administer and certain entities owned by those trusts.  The CTA has established various requirements...

An Irrevocable Life Insurance Trust (ILIT) is a commonly used tool for preserving wealth and providing for beneficiaries.  The plan is to create an irrevocable trust and fund it with enough money to purchase life insurance on the life of the grantor, typically, so...

A trust is a legal arrangement in which a trustee holds and manages assets for the benefit of one or more beneficiaries.  The trustee is responsible for administrating trust assets and in so doing is charged with making decisions in the best interests of the...

Many people establish trusts to protect their hard-earned wealth and ensure a future for their beneficiaries.  Commonly, a trustworthy (no pun intended) close friend or relative is chosen to serve as trustee.  But what happens if that trustee, who is otherwise...

There are times when you can’t “trust” the person you name as the trustee of your trust. As an example of what can happen when the trustee goes bad, take the current saga involving the trust of the late Leonard Cohen – one of the greatest singer-songwriters of all...

Whether you are the trustee, settlor, or beneficiary of a private trust, changing circumstances over the passage of time can present unforeseen challenges to the ultimate fulfillment of the purpose of the trust. Such challenges can, rightly or wrongly, place trustees...

Special Needs Trusts are a specific type of trust generally designed to provide special protection for a vulnerable beneficiary and ensure that the beneficiary does not lose public benefits due to receipt of income or other distributions from the trust.  Thus, Special...

On September 22, 2022, the Court of Appeals of Arizona affirmed jury awards against Trustees (and also the trust Settlor and attorneys) for breach of fiduciary duty, which included compensatory damages in the amount of $10.5 million and punitive damages in the amount...

Part I -- When someone agrees to become the trustee of a trust, he or she will need to be aware of and plan for several risks, not only for themselves, but also for the beneficiaries and the trust itself. Even experienced trustees can be faced with stormy seas that...

What is estate planning? Many people would say it is a plan to transfer assets from an owner to a beneficiary, usually family members or descendants. In the family context, parents usually want their assets to take care of each other, and then upon their death, to...