Trustees behaving badly? In this episode of “Future Focused,” Partners Erin Nicholls and Michael Clear discuss trusts and mechanisms available for a trust beneficiary to remove a trustee. From understanding the roles of trustees and educating beneficiaries to exploring communication breakdowns, compromise options, and even judicial routes, Michael and Erin provide expert insights and strategies
Highlighted In re Trust Under Deed to Walter R. Garrison
“This irrevocable trust no longer meets our needs, what options do we have?” This is a question that clients periodically ask. A recent Pennsylvania Supreme Court case, In re Trust Under Deed to Walter R. Garrison, illustrates a trend among states to grant
Private foundations, also known as “family foundations,” can serve strategic wealth planning goals for high-net-worth individuals while also serving charitable goals. However, private foundations require oversight and annual reporting, and administering a private foundation may be more onerous than it first appears. In this publication, we discuss the key requirements and recommended practices associated with
Every month, the IRS publishes “applicable federal rates” (AFRs) and a § 7520 rate. These are the rates prescribed by the IRS for use by taxpayers for various intra-family transactions and estate planning vehicles. Importantly, these rates have steadily increased over the last few years.
The July 2023 AFRs have been released. The current short-
The Private Client Services team is pleased to share Part II of the “Estate Planning with Digital Assets” series. In the first part of this two-part series (click here to read), author Vanessa Maczko outlined terminology and concepts that estate planners must address with their clients to facilitate the ownership and transition of digital assets
Following up on an advisory we published a year ago on LGBTQ+ Family Estate Planning (click here to read), and as many celebrate Pride Month during June, we offer this update on recent developments in state and federal laws that may have meaningful implications on estate planning strategies for LGBTQ+ individuals and couples.
First, by
In an ever-evolving landscape, it’s crucial to audit an estate plan and ensure it keeps pace with your life. On this episode, Partners Erin Nicholls and Michael Clear dive into the importance of revisiting your estate plan, examining the impact of changes in asset levels, evolving inter-personal relationships, relocating to a new state, and changes
With summer swiftly approaching, many families will be celebrating high school graduations and making plans to send those children off to college. But many are not prepared for the reality that parents lose their ability to access health and financial information related to their children after those children become young adults. Parents, therefore, may find
On this episode, join Partners Erin Nicholls and Michael Clear as they dive into a discussion on jurisdiction selection in the context of advanced planning strategies. What does it mean to select a jurisdiction when establishing a trust and what benefits are available when considering one jurisdiction over another? Erin and Michael address these questions
On this episode, join Partners Dan Daniels and Michael Clear as they discuss the importance of educating the next generation on estate planning matters. From the protection of assets in cases of divorce or litigation, to aligning a child’s assumptions with reality, you will gain insight on how best to structure a family meeting and