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Daily Business Review

Florida’s New Fiduciary Income and Principal Act

FIPA brings needed flexibility to the allocation of receipts and disbursements between income and principal, giving fiduciaries needed guidance and beneficiaries more predictability.
8 minute read

The Legal Intelligencer

The Testamentary Exception Does Not Permit a Decedent to Impliedly Waive a Survivor’s Attorney-Client Privilege

The U.S. Court of Appeals for the Third Circuit recently held that the testamentary exception to the attorney-client privilege does “not grant the deceased client the power to waive a privilege held by” the living, even if doing so would further the decedent’s testamentary intent.
6 minute read

New York Law Journal

The Final Quarter

The author writes "As the year 2024 comes to an end, we consider Surrogate’s Court opinions from the final quarter. Addressed to such issues as in terrorem clauses, and breach of fiduciary duty, the closing days of 2024 brought multiple decisions of interest."
9 minute read

The Legal Intelligencer

Pennsylvania Modernizes Trust Administration With New Directed Trust Statute

By creating these new fiduciary positions, settlors now have more flexibility to structure and assign fiduciary responsibilities within a trust beyond the traditional trustee role.
8 minute read

Daily Business Review

Tradition vs. Technology: Original Paper Wills Are Still Required

When it comes to estate planning documents such as wills and trusts, despite the widespread adoption of digital platforms in various other industries, an original signed will is still absolutely required.
6 minute read

New York Law Journal

The Least Restrictive Way to Limit Letters of Administration

"In New York, although a practitioner might expect the Surrogate's Courts to act uniformly as part of the New York State Unified Court System, Surrogate's Courts in various counties may operate differently when assessing petitions. One example is with respect to restrictions placed on letters of administration. While under-restricting letters of administration may result in inadequate safeguards on the interests of non-consenting distributees, over-restricting letters could result in (i) a hindrance of a fiduciary's powers statutorily granted under EPTL §11–1.1, (ii) an unnecessary burden on the court's limited resources caused by additional applications to remove the restrictions, (iii) delayed administration of estates, and (iv) conflicts with the legislative intent as expressed in the Bennett commission."
10 minute read

The Legal Intelligencer

Falling Back in Love With Certain Estate Planning Strategies in a Falling Interest Rate Environment

With the potential Jan. 1, 2026, sunset of the Tax Cuts and Jobs Act of 2017 (TCJA) and the reduction of the federal estate and gift tax exemption to $5 million, indexed for inflation (estimated to be approximately $7.2 million), advisers should consider whether grantor retained annuity trusts (GRATs), charitable lead trusts (CLTs), intra-family loans, and sales to intentionally defective grantor trusts (IDGTs) should be re-evaluated and re-considered for high net-worth families.
9 minute read

New York Law Journal

Navigating the Corporate Transparency and New York LLC Transparency Acts: A Guide for Trust and Estates Attorneys

"One of the most significant challenges for trust and estate practitioners is balancing the privacy interests of their clients with the need to comply with CTA reporting requirements," write Deirdre R. Wheatley-Liss and Maria F. Galante.
7 minute read

The American Lawyer

Rupert Murdoch Trust Trial Underscores Lucrative Nature of High-End Private Client Practices

Trusts and estates disputes can generate more legal work than mainstream practices when firms commit to the practice area. However, the practice doesn't come without risk.
6 minute read

New York Law Journal

Ensuring That Trusts Created During a Marriage Survive a Divorce

The treatment of trusts in divorce proceedings can complicate what might otherwise seem like straightforward estate planning.
8 minute read

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