Monday, August 18, 2014
Lindquist & Vennum LLP has published the South Dakota Trust Law Deskbook, which provides specific guidance for South Dakota trust law. The deskbook provides relevant statutes and guidance on creating trusts in the trust favorable state of South Dakota. Provided below is a description of this helpful reference guide from the author’s website:
Lindquist & Vennum LLP is pleased to announce that the firm has published the first-ever South Dakota Trust Law Deskbook. This practice aid compiles selected South Dakota statutes and administrative rules relating to trust law and private trust companies. Topics include taxation, judicial remedies, uniform probate code, property, banks and banking, fiduciaries and trusts, and administrative rules. The deskbook is intended to be used as a statutory resource by wealth advisors, trust officers, attorneys, and family office professionals across the country.
South Dakota is nationally recognized by professional advisors, industry publications, and wealthy families as a top jurisdiction for trust situs considering the state’s favorable trust laws, legislative awareness, a responsive judiciary, and business-friendly regulatory climate. The state has no rule against perpetuities, no income tax, and expansive domestic asset protection trust laws applicable to all U.S. citizens, resident aliens, and non-resident aliens. The state also offers low capitalization requirements for trust companies and reasonable insurance rates. South Dakota’s judiciary is responsive and willing to accommodate trust and estate matters, including holding emergency hearings and permitting the immediate sealing of trusts for those seeking privacy.
“It’s no accident that South Dakota is the nation’s premier trust jurisdiction,” says Mavis Van Sambeek, co-editor of the book, Trust & Estates partner in the Lindquist Minneapolis office, and fellow in the American College of Trust & Estate Counsel. “The State Legislature and Governor’s Trust Law Task Force have spent considerable effort to develop a statutory environment that is friendly to family wealth. Our new deskbook at last combines these trust statutes into an easy-to-use format.”
Friday, August 15, 2014
The third edition of Barry S. Engel’s recently published Asset Protection Planning Guide, provides a comprehensive look at an array of estate planning tools, and provides useful tips and explanations for various methods of asset protection. Of the numerous topics covered, the guide includes discussion on domestic and foreign trusts, the implications of using gifts for estate planning, and the legal and ethical considerations for asset protection. Provided below is a description of this helpful guide from the author’s website:
As with the prior two editions of this planning Guide, the insights and strategies of leading asset protection attorney Barry S. Engel that appear in this Third Edition will prove to be an invaluable resource to planners of all degrees and pedigrees, and to their clients. It will help them master the multitude of planning vehicles available, understand the strengths and weaknesses of each, and achieve client planning goals. The ideal reference for asset protection practitioners, estate planners, trust officers, tax practitioners, financial planners, CPAs and other wealth planners, the Guide covers every aspect of asset protection.
This 3rd Edition of the Guide contains over 800 pages of information, analysis, statutory law and case law relevant to the asset protection field. It includes a myriad of new topics and updates, including:
- Information on the new Uniform Asset Freezing Orders Act;
- Tax developments under FACTA;
- Income, gift and estate tax changes relevant to asset protection;
- New domestic asset protection trust-style legislation;
- Case law updates;
- Expatriation tax law changes;
- Updated practice tools;
- Recent contempt of court decisions;
- Anti-money laundering developments;
- Service of process by email; and
- Personal jurisdiction via an internet presence
Wednesday, July 30, 2014
The American Bar Association section of Real Property, Trust and Estate Law has recently published a book entitled, A Guide to International Estate Planning, Second Edition. Provided below is a synopsis of the updated and expanded book:
With the explosive growth in international investments, more and more lawyers and financial advisors realize the acute need to properly address critical issues of international estate planning for their clients. Whether you are counseling a foreign national or an American citizen, whether your practice is in the U.S. or abroad, whether you want to develop a general expertise in the area or are confronted by these issues on a more frequent basis, A Guide to International Estate Planning is a necessary and practical resource to help you identify and navigate many of the complex planning and regulatory compliance issues, both legal and tax, involved in international estate planning.
In addition to providing a complete overview of the basic principles and procedures of international asset management from addressing the conflict of laws issues that are central in determining which country's laws will govern the disposition of a donor or decedent's wealth to the basic transfer tax rules for nonresident aliens, U.S. citizens, and resident aliens, this resource teaches you proven strategies, techniques, and practical applications you can use to effectively meet your client's international estate planning needs. The book's 22 chapters are written by trust and estate lawyers with significant experience in international issues. Their advice goes beyond simply highlighting basic issues in estate planning as they also focus on key issues as compliance, treaty, choice of law, and estate administration problems. This updated edition now includes chapters on FATF and anti-money laundering and offshore compliance, as well as chapters from several foreign jurisdictions to provide comparative insights on different topics.
Thursday, July 10, 2014
Juris Publishing will soon publish a book entitled, Trust Protectors: A Practice Manual with Forms by Alexander A. Bove, Jr., which will be available in August 2014. Provided below is a description of the book:
The trust protector is generally regarded as a relatively new position in trust law, and the key feature of the position is that the protector may be granted powers over the trust, which are generally superior to those of the trustee. This places the protector in a position where, by the exercise of his powers, he can cause the trust to adjust to unforeseen changes or new conditions without the need for court action or beneficiary approval. This work takes the firm position that, with only limited exception, the role of the protector is a fiduciary one, imposing on the protector a duty to act in the best interests of the purposes of the trust and the beneficiaries.
Unfortunately, a substantial segment of the legal community, as well as the legislative bodies of a number of international jurisdictions, have taken a position that the protector is not a fiduciary, or that he may be declared in the trust not to be a fiduciary, and that the power granted him under the trust may be declared to be personal powers, whether or not such is the case, and thus he would have no liability for his actions or inactions while serving as protector. This “attraction” of providing total exculpation of the protector has effectively engendered a quick acceptance of the position by the bulk of the legal community and even by the legislatures of a number of jurisdictions, though almost totally unsupported by relevant case law. As a result, we have been seeing trusts which incorporate the use of a protector having the power to make critical dispositive and administrative decisions, as well as extensive modifications to the trusts without being exposed to liability for negligence or bad decisions which result in damages.
This work will examine in detail the role of the protector of the trust, the relationship between the protector and the trustee, between the protector and the beneficiaries, and the protector’s responsibilities to the purposes of the trust. It will demonstrate with legal support that the role of the protector is not a new role, that, in fact, the protector is simply a new name for the decades-old position of trust “advisor,” and that the trust advisor is consistently regarded as a fiduciary in relevant treatises and has been repeatedly held to be a fiduciary in relevant cases. The discussion will also review and analyze the historical issues and professional commentary relevant to trust law and the role of protector, as well as case decisions in various international jurisdictions which have shed light on the issues and some of the positions taken in the statutes of a number of jurisdictions in the United States and across the world. All legal aspects of the role will be examined, including the rights of the protector, the protector’s relationship to the trustee, and the courts’ regard for and treatment of the position. Further, the work will discuss in detail all of the practical considerations in using a protector, such as selection and special drafting considerations, the use of a protector in a foundation, and, in brief, the numerous tax issues that may apply. The conclusion will be that with only very limited exception, which will be explained, the protector is unquestionably a fiduciary, and just as a trustee, he should be held to fiduciary standards.
Wednesday, June 25, 2014
Bradford Wilcox has written a review on June Carbone and Naomi Cahn’s book entitled, Marriage Markets. Provided below is an introduction to the review:
Forget the gender gap. The fundamental divide in the United States today runs along the lines of class and marriage. College-educated Americans and their children reap the benefits of comparatively stable, happy marriages, while less-educated Americans—especially the poor and the working-class—are more likely to struggle with family lives marked by discord and marital instability. This two-tiered story, articulated powerfully by Charles Murray in his recent book, "Coming Apart," is also the one told by June Carbone and Naomi Cahn in "Marriage Markets: How Inequality Is Remaking the American Family."
Special thanks to Naomi Cahn (Harold H. Greene Professor of Law, George Washington University School of Law) for bringing this article to my attention.
Friday, June 13, 2014
ABA publishing has released a new book entitled, Flexible Trusts and Estates for Uncertain Times, Fifth Edition. Provided below is a brief synopsis of the book:
In Flexible Trusts and Estates for Uncertain Times, Fifth Edition, Jerry Horn defines estate planning objectives, describes the climate of uncertainty, identifies planning problems, and suggests solutions. The completely updated fifth edition confronts a purported lull after a period of unprecedented instability and now covers the latest updates in the tax code. In addition to these updates, you'll find complete, up-to-date information on a wealth of day-to-day situations including how to:
- Facilitate increases in income tax bases.
- Rearrange ownership of assets to permit use of exemptions.
- Maximize flexibility in selection and succession of trustees.
- Apportion death costs consistently with tax efficiency and preservation of preferred assets, and much, much more.
With more than 155 sample forms (and many alternative variables) and 19 complete documents including wills, revocable trusts, trust and estates law documents, irrevocable trusts, powers of attorney for property management and for health care and beneficiary designations, this one-of-a-kind guide will be an indispensable asset to any trust and estates lawyer.
Monday, May 19, 2014
Paul Krugman has written a review on Thomas Piketty’s book entitled, Capital in the Twenty-First Century. Provided below is an introduction to the review:
Thomas Piketty, professor at the Paris School of Economics, isn’t a household name, although that may change with the English-language publication of his magnificent, sweeping meditation on inequality, Capital in the Twenty-First Century. Yet his influence runs deep. It has become a commonplace to say that we are living in a second Gilded Age—or, as Piketty likes to put it, a second Belle Époque—defined by the incredible rise of the “one percent.” But it has only become a commonplace thanks to Piketty’s work. In particular, he and a few colleagues (notably Anthony Atkinson at Oxford and Emmanuel Saez at Berkeley) have pioneered statistical techniques that make it possible to track the concentration of income and wealth deep into the past—back to the early twentieth century for America and Britain, and all the way to the late eighteenth century for France.
For the rest of the favorable review, see Paul Krugman, Why We’re in a New Gilded Age, The New York Review of Books, May 8, 2014.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
Thursday, May 15, 2014
Deborah L. Jacobs has written a review on a Roz Chast’s new book entitled, Can’t We Talk About Something More Pleasant?. Provided below is an introduction to the review:
People who come from a family in which no ever dies don’t have to worry about a parent’s end-of-life care. For everyone else, there’s Roz Chast.
In her latest book, Can’t we talk about something more PLEASANT? the prolific author and cartoonist for The New Yorker magazine chronicles how she coped with her parents’ old age. Her brutally honest memoir covers all the issues – from dementia and incontinence to the huge financial and emotional toll. We empathize with her nightmare, welcome the occasional comic relief and realize that we are not alone.
For the rest of the favorable review, see Deborah L. Jacobs, When Children Become Caregivers: New Yorker Cartoonist Roz Chast Gets Up Close and Personal, Forbes, May 13, 2014.
Wednesday, May 14, 2014
Thomas P. Gallanis recently published a book entitled, Gallanis’ Family Property Law, Cases and Materials on Wills, Trusts, and Estates, 6th Edition (April 2014). Provided below is a description of the book found on West Academic:
The Sixth Edition of this highly-regarded casebook continues its innovative emphasis on the connection between the law of trusts and estates and the changing American family. The Sixth Edition incorporates the most recent uniform acts from the Uniform Law Commission and the Third Restatements of the American Law Institute, and discusses the very latest "hot" topics, including trust protectors, directed trusts, trust decanting, family offices, and donor standing to enforce charitable trusts. The Sixth Edition also incorporates new important cases, such as the U.S. Supreme Court's decision in Hillman v. Maretta (2013). The authors of this book have long been at the forefront of law reform in trusts and estates, and this tradition continues under the authorship of Thomas Gallanis, who is the executive director of the Uniform Law Commission's Joint Editorial Board for Uniform Trust and Estate Acts. He was also an associate reporter for the Restatement Third of Trusts and has been the reporter of two uniform acts, most recently the Uniform Powers of Appointment Act (completed 2013). The Sixth Edition emphasizes problems and questions to facilitate classroom discussion and analysis. Among many other things, the book teaches doctrine and policy, planning and drafting, case analysis and statutory interpretation. The detailed teacher's manual includes extensive syllabi and notes for classroom teaching.
Thursday, May 1, 2014
Barbara Hauser recently published a book entitled, International Estate Planning: A Reference Guide, (August 2013). Provided below is a description of the book found on the Juris Publishing, Inc. Web Store:
International Estate Planning is a practical and authoritative guide to a tremendously complex field. It provides indispensable information to lawyers, accountants, and other practitioners who work on estate planning with clients who have issues involving other countries. The book is divided into two main parts: Part One addresses the tax issues; Part Two addresses the non-tax issues. The focus of the book is on estate planning to avoid wealth transfer taxes with references to income taxes.
Topics include clients who may:
• Own homes outside the U.S.
• Have children or parents who live in other countries
• Have a spouse who is not a citizen
• Work for a multinational corporation in an office abroad
• Be “foreigners” who have investments in the United States