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California court finds fraudulent transfer under Uniform Fraudulent Transfer Act–calls into question usefulness of domestic asset protection trusts

USA - June 24 2013 The California Court of Appeals in Kilker v. Stillman, 2012 WL 5902348 (Cal. App. 4 Dist., Unpublished), Nov. 26, 2012, found that a fraudulent…

Kathleen R. Sherby.

Federal tax consequences of trust modification/reformation: score one for the taxpayer

USA - June 13 2013 When is a modification or reformation of an irrevocable trust given effect for Federal tax purposes? In each of two recent private letter rulings…

Kathleen R. Sherby.

How is an Illinois trust now like a fine wine? It can be decanted: a summary of the new Illinois decanting statute

USA - May 16 2013 Effective January 1, 2013, Illinois statute authorizes "decanting" of irrevocable trusts. What is decanting, you ask? Isn't that something you do…

Steven M. Dawson.

Improperly cancelled life insurance policy leads to taxable income

USA - April 5 2012 In Estate of Feder, Yulia Feder learned the hard way that failure to properly cancel a life insurance policy can lead to income tax consequences.

Kathleen R. Sherby.

Washington court finds Alaska self-settled asset protection trust subject to Washington Uniform Fraudulent Transfer Act

USA - June 28 2013 The Bankruptcy Court for the Western District of Washington has now joined other states in invalidating transfers to a self-settled trust on a…

Kathleen R. Sherby.