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.

If a qualified personal residence trust (QPRT) is to be a part of an estate plan, consider causing the QPRT’s remainder interest to be a grantor trust for income tax purposes to add flexibility.

Filing a beneficial owner interest report with FinCEN by a nonlawyer may constitute the unauthorized practice of law in some states.

The Vice President released her proposed economic and tax plan, in the form of the proposed American Housing and Economic Mobility Act of 2024 (sponsored by Senator Elizabeth Warren.) Since this is a campaign year, nothing will come of this proposed legislation, at least in 2024.

Asset protection trusts (APTs) and incomplete grantor trusts (IGTs) for gift tax purposes have a bewildering history when it comes to the IRS.