Category: Estate law
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Fiduciary
Fiduciary Fiduciary, person standing in a special relationship of trust, confidence, or responsibility to another. For information on Fiduciary: * persons who control property for the benefit of others, see Trust; Executor * persons authorized to represent others, see Attorney; Principal and Agent * persons entrusted with the care of others because of age, inability…
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Trust Taxation
Taxation of Trusts This entry try to offer a comprehensive overview of how the tax laws apply to settlors, trustees and beneficiaries. In most countries, Trustees must comply with tax administrative obligations. The extent of these obligations will depend on the country and the nature of the trust’s assets. Record keeping In general, a trustee…
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Charitable Trusts
Charitable Trusts Administration of Charitable Trusts Charitable Trusts in New Zealand New Zealand has 1 registered charity for every 176 people. By contrast this figure is 1 for every 300 in the United States, 1 for every 344 in the United Kingdom, 1 for every 435 in Canada and in Australia 1 for every 470…
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Trust Registration
Registration of Trust Introduction In New Zealand and in some countries there is no register for standard inter vivos or testamentary trusts. In respect of incorporated charitable trust boards, registration is the process that establishes such a trust board as a corporate body. As trusts otherwise do not have legal personality, there is not the…
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Escrow
Escrow Escrow Definition Escrow, in law, may be defined as conditional delivery of money or property, or documents evidencing or transferring rights therein, to a third person to be kept by that person until certain conditions are satisfied and then to be delivered over to the obligee or grantee. The property or documents thus conditionally…
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Outline of Trust and Estates
Outline of Trust and Estates Note: this is based in United States law I. POLICY AND INTRODUCTION A. Dead Hand Control 1. Controlling consideration in determining meaning of a donative document is donor’s intention 2. Courts cannot consider wisdom, fairness, or reasonableness of donation 3. Courts can only bar donations if they are prohibited or…
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Legal subjects
Legal subjects List of legal subjects proposed by the Encyclopedia: Academic list: Administrative law Administrative law Admiralty & Maritime Advanced Legal concepts Advanced Legal Research (Year) Advocacy Agency law Agriculture Law Alternative Dispute Resolution Analysis of the Law (Federal) Analysis of the Law (State) Animal law Animal law and Policy in U.S. Law Antitrust &…
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Agricultural Law Estate Planning
Hello Agricultural Law Estate Planning Some farmers are participating in comprehensive discussions of the major income tax and estate and business planning issues for farms, ranches and agribusinesse. The following are some of these topics. Farm and Farmer Liability Environmental Law Relating to Farms and Sale Agricultural Labor Income Tax and Social Security Estate Planning:…
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What is a Section 645 election?
What is a Section 645 election? Under Section 645, if both the executor (if any) of an estate and the trustee of a qualified revocable trust (“QRT” ) elect the treatment provided for in Section 645, the trust is taxed for income tax purposes as part of the estate (and not as a separate trust)…
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Should Trusts file income tax returns to the IRS?
Should Trusts file income tax returns to the IRS? Trusts must file a Form 1041, U.S. Income Tax Return for Estates and Trusts, for each taxable year where the trust has $600 in income or the trust has a non-resident alien as a beneficiary. However, if the trust is classified as a grantor trust, it…