Principal John Hartog examines the recent passage of Proposition 19 and its various tax implications. Eliminating the so-called “Lebowski Loophole,” the proposition applies to transfers of residences occurring on or after Feb. 15, 2021. However, Prop 19 does create benefits for certain taxpayers, and John explores these new criteria.
Times of economic stress may reveal trust asset mismanagement. Alternative fee structures may provide a solution.
California recently enacted its decanting statute. The new law allows an authorized fiduciary to modify the terms of an irrevocable trust without the beneficiaries’ consent or court approval. Nevertheless, the settlor’s intent must be preserved, and no beneficiary can object. Here’s how the law compares to the Uniform Trust Decanting Act (UTDA) and other state decanting statutes.
What questions should an attorney ask before hiring someone to prepare a client’s fiduciary accounting? What are the indicia of a poorly prepared accounting? Are waivers of account ever a good idea? Should the trust document routinely waive accountings? Ever? Is there anything a trustee’s attorney can do to shorten the statute of limitations on breaches of trust disclosed in an accounting?
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