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September 27, 2017
The trial court in Ohio, and the appellate court, both agreed after some well-thought out analysis, that a beneficiary’s interest in a third-party trust set up by his father was not marital property, and therefore not subject to division in that beneficiary’s divorce. Continue reading
July 5, 2017
Think twice before making gifts from one spouse to the other if there is any likelihood a divorce could follow someday. In the case of Nelson v Nelson, decided on December 16, 2016 by the District Court of Appeal of Florida Second District, the husband and wife’s California home was transferred into a marital trust for the wife. The wife also served as the trustee. When a divorce ensued, the assets of both spouses were subject to division between the spouses. Continue reading
June 22, 2017
Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. Continue reading
June 14, 2017
I would like to thank Alexander Bove and Melissa Langa for reminding me through Leimberg Information Services, Inc. of the Ferri vs. Powell-Ferri case and the more recent update pertaining to the Massachusetts Supreme Court case (the cite for which is MICHAEL J. FERRI, trustee vs. NANCY POWELL-FERRI, SJC-12070 (Suffolk 3-20-17), which addressed specific aspects of the case. Continue reading
June 6, 2017
For those who have been saying that domestic asset protection trusts (“DAPTs”) don’t work, the new Nevada Supreme Court case of Klabacka v Nelson has at least concluded that with regard to Nevada residents, Nevada asset protection trusts do work, even in highly sensitive situations that involve divorcing spouses. Continue reading
April 27, 2017
As I again read through the Delaware Court’s view in the recent Kloiber case about a Delaware trust that a divorcing spouse wanted to tap into as part of a divorce settlement, I could not help sense that the Delaware Court took every opportunity to suggest that Delaware law may not be available to protect the Delaware trust assets. Continue reading