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Utilizing a Power of Appointment Committee in WINGS
/in Estate Planning, Legislationby Carol Warnick
As previewed in my blog post of January 25, 2021, Wyoming laws provide an opportunity to utilize a Wyoming Incomplete Gift, Non-Grantor Trust (“WING”) to potentially avoid state income tax on the sale of assets. My previous post outlined the basic rules that must be followed for the WING to work properly, and in this blog post I want to focus on the distributions by committee in a WING.
The Distribution Committee must have at least two members other than the grantor and his or her spouse who are “adverse.” An “adverse” party is defined in the Internal Revenue Code[1] and Treasury Regulations as someone who has a substantial beneficial interest in the trust which would be adversely affected by the exercise or non-exercise of the power possessed. The other beneficiaries of the trust fit the description of adverse parties and are typically the other members. Read more
Using a WING to Avoid State Income Tax on a Sale of Assets
/in Estate Planningby Carol Warnick
One strategy for a client who wants to avoid state income tax on a sale of assets is to utilize a WING, a Wyoming Incomplete Gift, Non-Grantor trust (“WING”). Certain other states allow ING trusts, but this blog post refers specifically to the ING trust in Wyoming, or the WING. It is a self-settled irrevocable trust that is designed, as the name suggests, for the assets gifted to the trust to be an incomplete gift for transfer tax purposes. Read more
Options for Transferring Vehicle Titles – Before or After the Owner’s Death
/in Administration of Estate, Court Procedures, Estate Planning, Fiduciary Duties, Personal Representativeby Jody H. Hall
Navigating the DMV can make anyone skittish, but in the specialized area of trusts and estates, it makes people downright nervous. In addition, the Colorado DMV generally requires their own forms for transfers before or after death. As with all other assets, the name or names on the actual vehicle title is going to control how we need to dispose of or transfer that vehicle when needed. Below are a few forms specific to the unique needs of trust and estate practitioners and their clients and links for your convenience. Read more
Utah Uniform Electronic Wills Act Set for Approval
/in Estate Planning, Testamentary Intent, Will & Trust Constructionby Peter K. Smyth
Although the COVID-19 pandemic has changed many aspects of our lives, one thing that has not changed is the importance of estate planning. Creative, in-person signing ceremonies have emerged to ensure that plans are validly executed, including witnessing from opposite ends of a large conference table, witnessing signings through windows, and signing from six feet away, stepping back six feet while witnesses sign with their own pens, and retrieving documents only after witnesses have, in turn, stepped back six feet.
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Remotely Located Witnesses on Wills and Other Estate Planning Documents
/in Administration of Estate, Administration of Trust, Court Procedures, Estate Planning, Powers of Attorney, Uncategorizedby Jody H. Hall
A few weeks ago, I shared an overview of remote notarizations in Colorado. The Governor’s executive order suspending the requirement for a notary public to be physically present with the signer, along with the emergency notary rules surrounding a notarization via real-time audio-video communication issued by the Colorado Secretary of State, have given practitioners the ability to help their clients execute estate planning documents in a safer environment during the pandemic, and for the future. However, while the ability to notarize documents remotely has proven helpful, estate planners were still faced with the particular challenge involving the execution of documents that require witnesses, and how to execute a fully signed, notarized and witnessed original Will.
Earlier this year, the Colorado Supreme Court promulgated Rules 91 and 92 of the Colorado Probate Rules allowing for the remote witnessing of certain specified documents. See here. These rules were effective immediately and are in effect during any period of a public health crisis declared in Colorado requiring physical and social distancing. Rule 91 details the procedure for remote witnessing of certain non-testamentary documents, including living wills, anatomical gifts and medical powers of attorney. Rule 92 allows for remote witnesses on last wills and testaments.
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Preparing for Potential Tax Reform – Consider Wealth Transfer Planning in 2020
/in Administration of Estate, Administration of Trust, Taxesby Kami Pomerantz
Current planning environment. While 2020 has been challenging in many ways, it has also provided favorable conditions for tax and wealth transfer planning. The U.S. is experiencing historically low interest rates, some assets have low valuations due to economic volatility, and current tax laws are favorable for wealth transfer planning transactions. These factors combine to allow individuals to transfer assets out of their taxable estates at a reduced transfer tax cost.
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