Select Jurisdictional Trust Regulation

There are many factors to consider when deciding on where to locate a trust and which State’s laws will govern the trust.  A handful of these factors continue to garner much attention, and be on the forefront of States’ efforts at both refining laws around trusts and...

The Corporate Transparency Act and Trustee Reporting

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...

The Crummey World of Irrevocable Life Insurance Trusts

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...

The Importance of Record Keeping

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...

A Rock & Roll Trust Gone Bad

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...