When someone accepts the position of trustee, he (or she or it) must act for the benefit of the trust and its beneficiaries. In Bates v. Howell (Ga. App. 2019), Emily Howell decided that the trustee of her aunt’s trust breached his duties. She then went to court without giving anyone else notice (an ex […]
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On November 28, 2023, the IRS Office of Chief Counsel published a memorandum addressing whether modification of an irrevocable grantor trust to add a tax reimbursement clause not previously in the trust constituted a taxable gift. The IRS concluded that it does constitute a taxable gift by the trust beneficiaries because the addition of a […]
The federal Medicaid statute authorizes the use of individual self-settled special needs trusts for individuals under the age of 65. See 42 U.S.C. § 1396p(d)(4)(A). It also authorizes any applicant, regardless of age, to establish a self-settled pooled special needs trust sub-account. 42 U.S.C. § 1396p(d)(4)(C). An open question not addressed in (d)(4)(C) is whether […]
Recently we received a document we haven’t seen before which informs Medicaid recipients that their special needs trust accounting was approved. Obviously, there is probably a different form telling some individuals that their accounting was not approved, but we haven’t seen that form yet. The new form is below:
Recently the Special Needs Alliance published a new handbook for individuals with disabilities and their advocates. The SNA states: “The intent of this handbook is to explain some of the terms related to services and supports for people with disabilities, to introduce the process of transitioning from child services to adult services, and to provide […]
Warren Buffett The following video clips are from Berkshire Hathaway Annual Meetings where Warren Buffett fielded questions regarding estate planning: 2013 Annual Meeting: 2023 Annual Meeting:
Sometimes you just have to say No “No” isn’t a four-letter word. Saying “no” isn’t necessarily bad and you shouldn’t feel bad when you say it. Part of saying no means taking a stand. It can mean standing up to injustice. For example, our legal system is, for the most part, dependent on people saying […]
Some people want to control others. This reminds me of the Bible story in Genesis 27 where Jacob stole Esau’s blessing. We’re not going to focus on Jacob. Instead, we’re looking at his mother, Rebekah. That’s why this is under the heading of control, not greed. Isaac and Rebekah were unhappy when Esau married two […]
Fear is a powerful motivator. The Bible tells us to fear not. Stonewall Jackson (and others) are attributed as having said “Never take counsel from your fear.” Nonetheless, people act based on fear. In 1 Kings 19, Elijah had executed all of the false profits leading Israel astray. King Ahab whined to his wife, Jezebel. […]
Tradition can be a powerful motivator. Traditions can be like laws, meaning the group following them will not accept any change or departure from their custom. Traditions can also be a way of acting that varies with life changes. In 2 Thessalonians 2:15, Paul urged the Church to stand fast and hold to the traditions. […]
