MAY 22, 2019
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In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

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Complex trust structures are usually administered by experienced and conscientious professionals at the top of their game. But mistakes can happen, and fixing them can be hard, time-consuming and expensive.  High net worth families in the 21st century are internationally mobile, and this mobility often requires complex structures spanning a number of jurisdictions. This complexity can occasionally lead to mistakes being made by trustees.  To alleviate the hardship experienced by beneficiaries owing to mistakes made by their trustees, English law developed a doctrine, known as the Hastings-Bass principle (after a case bearing that name), which enables the court to reverse the actions of trustees taken in circumstances where the trustees’ decision was made on the basis of irrelevant considerations, or through their failure to consider relevant factors. Read More on Trustee Mistakes Here >
The “D” word is a scary one. However, when considering the idea of a divorce, whether you are unhappy in your marriage, or your spouse has informed you that he or she is, ignoring the urge to hide under the covers is a really, really bad idea. Knowledge is the fuel you need to power through this process—from the “I am thinking about it” stage to the “OMG I was just served divorce papers” stage. Read More on Divorce Planning Here >
It would be wise and prudent for every person concerned with estate planning and/or wealth preservation to meet with appropriate advisors in 2019 to consider further steps.  On January 31, 2019, Bernie Sanders introduced S.309, the “For the 99.8 Percent Act,” in the U.S. Senate (the Act). It is highly unlikely that the Act will receive Senate approval in 2019. However, the Act, drafted to be effective as of January 1, 2020, contains proposals that resonate throughout substantial portions of the Democratic Party (and others). If the Democratic Party is successful in the 2020 elections in achieving control of the House, the Senate and the presidency, there is a material risk that some or all of the proposals will be enacted.   Find Out More on Estate Plan Changes Here >
On May 1, 2019, the IRS issued Revenue Procedure 2019-20, which reopens the determination letter program in a limited manner for individually designed plans that are merged plans or statutory hybrid plans, such as cash balance plans. The new IRS guidance provides that sponsors of merged plans may request determination letters going forward, while sponsors of statutory hybrid plans may request determination letters only during a limited window of time. The effective date of the new guidance is September 1, 2019.   Find Out More on the IRS Determination Letter Program Here >
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