Florida Probate Lawyer Blog

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Triggering Events that Change Trustee Duties

Triggering Events that Change Trustee Duties

When a revocable trust becomes irrevocable and someone is serving as trustee other than the settlor, the trustee must notify the current beneficiaries within 60 days of the identity and death of the settlor, the existence of the trust, their right to a copy of the trust agreement and to reports.  The Code provision referencing a “copy” of the trust instrument refers to the amended and restated…

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D.C. CIRCUIT OVERTURNS ORDER SEALING METLIFE SIFI DOCUMENTS

D.C. CIRCUIT OVERTURNS ORDER SEALING METLIFE SIFI DOCUMENTS

MetLife Inc. v. Financial Stability Oversight Council — The D.C. Circuit reverses a district court decision that allowed MetLife and the Financial Stability Oversight Council (FSOC) to file nearly 2,000 documents under seal in connection with MetLife’s designation as a systematically important financial institution (SIFI). Chief Judge Merrick Garland, writing on behalf of the unanimous…

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Remedies for Breach by Trustee Ohio Revised Code Chapters 5810 and 5812 contain a variety of remedies for breach by a trustee. 

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Removal of a Trustee in Ohio

Removal of a Trustee in Ohio

Under the Ohio Trust Code, the settlor, a co-trustee, or beneficiary may request the court to remove a trustee or the court may remove a trustee on its own initiative.  The statutory basis for removal includes situations where (1) the trustee has committed a serious breach; (2) lack of cooperation among co-trustees substantially impairs the administration of the trust; (3) due to a trustee’s…

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Advice of Counsel Defense Avoids Penalties

It has been my experience that taxpayers who attempt to be excused for late filing of a return due to reliance on a legal or tax professional are unsuccessful.  However, an exception to this general rule occurred  in the case of Estate of Hake v. United States.  Upon the decedent’s death, her sons, as executors overpaid the state tax by $100,000 but filed the Form 706 approximately six months…

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elder law ohio medicaid miller trust stable accounts

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The Estate of Michael Jackson v. Commissioner

The Estate of Michael Jackson v. Commissioner

  The Estate of Michael Jackson’s trial began last week on February 6, 2017 over valuation issues in his estate.

The dispute centers on the Department of Treasury assertion that the Estate has understated the value of assets in the estate resulting in the Estate owing taxes of over $500 million more than was reported on the Estate Tax Return 706.  The executors valued his name and likeness at…

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Interference with an Inheritance Ohio probate lawyers are familiar with the following elements that must be proven to maintain a claim for interference with expectancy interest: (1) an existence of an expectancy of inheritance in the plaintiff; (2) an intentional interference by a defendant(s) with that expectancy of inheritance; (3) conduct by the defendant involving the interference which is tortious, such as fraud, duress or undue influence, in nature; (4) a reasonable certainty that the expectancy of inheritance would have been realized, but for the interference by the defendant; and (5) damage resulting from the interference.

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trustee fiduciary duty removal Ohio Trust Code

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Tortious Interference with an Expectation of an Inheritance

Tortious Interference with an Expectation of an Inheritance

Daniel A. McGowan, an Ohio and Florida Probate Lawyer, was recently published in the Cleveland Metropolitan Bar Journal.  His article, which surveys the development of law of intentional interference with an expectaton of an inheritance in Ohio probate litigation over the recent years, appears below.

Dec16_Bar_Journal

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A "Fair" Estate Tax Isn't Possible

A “Fair” Estate Tax Isn’t Possible

The United States is unique in many respects.  First, when compared to other industrialized countries, we are relatively low taxed.  However, this characteristic doesn’t carry over to the inheritance tax because many developed nations do not have an estate tax on the books (see Canada, Australia and Sweden).   Those that do have an average tax rate of 15 percent according to the Organization for…

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http://digital.ipcprintservices.com/publication/?i=354225&p=18#%7B%22page%22:19,%22issue_id%22:354225%7D 

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Attorney-Client Privilege in Probate

Attorney-Client Privilege in Probate

Probate Attorney Daniel A. McGowan handles fiduciary liability and inheritance disputes throughout Ohio and Florida.  He can be reached for a free consultation by clicking here.

The attorney client privilege in the context of fiduciary litigation and inheritance disputes has been the recent topic of various erudite discussions by academics and legal practitioners.

Under Ohio law, an attorney…

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Distribution of Probate Assets to Minors

Distribution of Probate Assets to Minors

Probate Attorney Daniel A. McGowan practices in Ohio and Florida and can be reached for a free consultation by clicking here. 

Executors and Administrators frequently face the question of what to consider when handling distributions of estate assets to minors and trusts.  Fortunately, there are a variety of statutory options that are available when making distributions to minors.  Factors…

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When to Hire An Appraiser

When to Hire An Appraiser

Source: When to Hire An Appraiser

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