End-of-Year Charitable Giving

A charitable gift annuity (CGA) is much simpler to implement but probably not as tax efficient as a charitable remainder trust if an individual is exploring end-of-the-year philanthropy.

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Statute of Limitations for a Will?

While Michigan does not recognize a formal statute of limitations to present a Will to probate, there are plenty of other limitations periods associated with claims against the decedent or the decedent’s estate or claims against distributees of the decedent’s estate.

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Reporting Digital Asset Transactions

The IRS just released Final Regulations, Notices, and a Revenue Procedure on the reporting requirements for digital asset custodians.

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Inherited IRAs and the Custodian “Lottery”

IRA custodians may have a fair amount of latitude when it comes to titling an inherited IRA, which means that ‘all IRA custodians are not alike.’

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Purpose Trusts in Michigan

Michigan has a new purpose trust statute.

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Required Written Crummey Notices – An Old Wives Tale?

The trustee’s failure to provide written Crummey withdrawal notices to a trust beneficiary is not a reason to lose sleep.

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Non-Fungible Tokens

Investing in a non-fungible token (NFT) may provide an exciting investment opportunity, but its tax and administrative complications could easily outweigh the benefits of such a speculative investment.

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A Trustee is Not the Beneficiary’s Agent- Except for Predispute Arbitration

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.

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Uniform Direct Trust Act and the UPIA

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

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GST Relief

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

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