Trustees are responsible for the administration of trusts, however, they can pose risks to trust assets. Trust property could be compromised due to a negligent or careless trustee. Misappropriation of funds, mismanagement of assets, or another breach of a trustee's fiduciary duties could be costly to correct.
Trustees have fiduciary duties throughout trust administration. Not all trustees are equally skilled or knowledgeable, however, uniquely skilled trustees are legally obligated to exercise their experience or knowledge to facilitate the trust administration.
The IRS recently issued proposed changes to Section 2704, which details regulations that apply to taxation of business entities. Under the proposed revisions, nearly all discounts for family business entities (including LLCs and partnerships) would be eliminated.
As we progress further into this election year, Americans are learning about each Presidential candidate's values and vision for our country. Regardless of which candidate winds up taking office, the result of this election could bring potential changes to the federal estate tax that would likely have a large-scale effect on existing and contemplated estate planning.
To some, the ability to amend a trust (notwithstanding the need for court approval) might seem contrary to one's intentions in establishing the trust, allowing the carefully crafted terms of their trust to be revised at a later date and possibly compromise assets. However, there are several factors that settlors should keep in mind when establishing an irrevocable trust that might ease their concerns regarding potential future modification.
â€‹Gun owners with multiple firearms benefit from developing an organized firearms inventory. At times, some collectors resist creating a formal inventory due to privacy and security concerns. However, responsible gun ownership involves safe and prudent practices, both in storing the physical firearms and overseeing their maintenance.
The Second Amendment does not provide protection of machine gun creation, according to a federal appeals court decision in late June 2016. The 5th Circuit ruled that the manufacturing of a machine gun is not a Second Amendment right.
In early June 2016 the 9th Circuit Court of Appeals ruled that the Second Amendment does not grant Americans the right to publicly carry concealed firearms.
ATF 41F, the new rule affecting ATF applications, went into effect on July 13, 2016. The federal regulation appears to conflict with a Florida statute.
â€‹Individuals and legal entities that apply to make or receive NFA firearms now face uniform regulations. The ATF released new forms that must be used after July 13, 2016 or the application will not be accepted.