Michigan has a new purpose trust statute.

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

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.

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.