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Posts from November 2017.
Posted in Estate Planning

It is becoming increasingly common for beneficiaries to want to create a power to remove trustees of their trusts, when the trust agreement does not grant them this power. 

In states which have adopted it, the Uniform Trust Code does grant a statutory power of removal to the trust beneficiaries, even when the governing trust document does not bestow such removal power itself.  However, such statutory powers generally require court approval and compliance with certain criteria. 

Posted in Estate Planning

In Private Letter Ruling 201737008, issued by the IRS on September 15, 2017, the Service gave retroactive tax effect to a court modification of the power of appointment held by the donor’s spouse over the donor’s trust.  Based on the retroactive County Court modification in this ruling, the surviving spouse’s power of appointment over the trust was held to be a special power of appointment for tax purposes from the trust’s inception, thereby avoiding estate taxation on the trust assets in the taxable estate of the spouse at her later death. 

The U.S. Copyright Office replaced its paper-based system for designating agents for receipt of claims of copyright infringement under the Digital Millennium Copyright Act (“DMCA”) with a new electronic system.  As part of this process, website operators and other online service providers must designate agents under the new electronic system by December 31, 2017, or risk losing protection under the DMCA.

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