Beneficiaries of trusts have certain rights to the property being held in trust for their benefit. Because of this, suits between beneficiaries and trustees can involve a number of legal issues. One of these is the way the trustee is handling the trust assets. If the trustee fails to exercise his or her legal duties with regard to managing the trust assets, beneficiaries may choose to take legal action against the trustee.
In our previous post, we began looking at how current proposals to cut spending and increase revenue could affect important estate planning tools. Last time, we looked specifically at how grantor retained annuity trusts could be affected, and we began to speak about intentionally defective grantor trusts.
The American Taxpayer Relief Act, passed not too long ago by Congress, was able to provide a measure of certainty for estate planners with respect to tax planning, but there is still uncertainty ahead because of political debates over government spending and revenue generation. Depending on the way lawmakers choose to tackle the problem, certain estate planning tools may be targeted.
Last Wednesday, the South Carolina Supreme Court overturned a settlement between..... splitting up the soul singer's estate. According to the court, a former attorney general failed to follow Brown's wishes when putting the settlement together back in 2009.
Battles over control of trusts and estate are not reserved to families where billion dollar fortunes are at stake. Even families with modest wealth can experience legal complications. Perhaps this is why the choice of whom to select as executor or trustee is a very important aspect of good estate planning. When somebody is chosen who is not right for the job, trust funds may become spent in legal fees and court battles, making for less to go around at distribution.
Many positives have come about as a result of Americans' increased involvement in estate planning and the necessary preparation for what happens to their wealth, property, and business(es) after they have passed away. Trusts, an incredibly useful means of keeping future generations' assets secure have become increasingly common, and many families have benefitted from parents' heightened familiarity with them.
In our last post, we spoke briefly about pet trusts, and how they can be excellent vehicles for ensuring a pet is cared for once its owner is gone. As we noted, pet trusts are probably the most reliable way to provide for a pet in estate planning, but they are not the only way.
Many Georgia families have an estate plan in place to provide guidance and support for current and future finances. Many also rely on trusts for specific estate planning goals. These goals can cover any number of things including protection of financial assets from tax liability, supporting charitable institutions and providing future security for a loved one.
Our Alpharetta readers may be aware of the controversy surrounding the estate of Whitney Houston. One of the issues at stake in the case is $20 million left in trust to Houston's 19-year-old daughter, Bobbi Kristina Brown. Now, the singer's mother Cissy Houston and sister-in-law Marion Houston, have filed a petition as executors of her estate, calling for a Georgia probate court to restrict the inheritance payments.
In our previous post, we began discussing several factors to take into consideration when selecting a trustee to manage your trust assets. As we already mentioned, it is important to consider the size and complexity of the trust assets, as well as the ability of any family members to carry out the tasks of a trustee while leaving personal interests aside.