In the past we have covered that a Trust is not a contract with the beneficiaries. No, it is a fiduciary relationship, not a contract. In the same vein, some think that a trustee acts as the agent for the trust beneficiaries.

A directed Trust can override the duty of diversification under the Prudent Investor Act.

The IRS just made it a bit easer to apply for an extension of time to make generation skipping transfer tax (GST) elections.

The IRS continues to ramp up its challenge to claims of tax-exempt status by organizations that are created to facilitate name, image, and likeness (NIL) opportunities between student-athletes and their universities.

FDIC insurance coverage for trust accounts just changed, and maybe not for the better.

A trust settlor can choose the law that is to govern his/her Trust. Until a court finds that there is a conflict of laws at which point the court gets to decide which state law applies in the construction or validity of the Trust or one of its provisions.

Individuals need to review their existing durable powers of attorney to confirm if the powers given to their agent are consistent with, or available, under Michigan’s new Uniform Durable Power of Attorney Act.

As an individual considers the propriety of making lifetime gifts while their bonus gift tax exemption is still available, he/she may consider making a split-gift with their spouse, so that each spouse’s applicable exemption amount can be used to shelter the donor’s gift from gift tax.

If an IRA is subject to community property laws, then the rights of a surviving spouse will take priority over the rights of the designated IRA beneficiary.

Beneficiaries of retirement accounts, both IRAs and employer qualified plans, must take required minimum distributions (RMDs) from their inherited IRA.