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Trust Administration

Does Your Existing Trust Split into Two Trusts at the First Death?

splitting trusts

Fortunately, most of our clients come in every so often, at which time, we have the opportunity to review the documents and make sure everything is up to date, reflects the client’s current wishes, and that the trust and other documents are set up in a way that will most efficiently provide for administration and distribution of an estate....

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Naming a Trust as Beneficiary of Your IRA

IRA Beneficiary Designation

There is considerable confusion concerning the effects of naming a trust as the beneficiary of an IRA. What is most remarkable about this subject is that it seems to me that most professionals who should know better, i.e. CPA’s, investment professionals and lawyers, have as many misconceptions and gaps in their knowledge as the general public....

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Las Vegas Attorney Robert Graham Allegedly Disappears with Millions of Client Money

It's very important to have a reputable attorney for your probate needs. This article is an example of a possible worst-case scenario. Whether or not the allegations are true will remain to be seen. At Grant Morris Dodds, we believe in being beyond reproach. Thousands of clients have trusted us over the years with their probate court & probate needs. Read the details from the Las Vegas Review Journal article here....

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Uniform Principle and Income Act (UPAIA)

Unitrust Conversion.  A unitrust, or total return trust, is a trust that pays beneficiaries a fixed percentage of trust assets as opposed to paying them the income from the trust assets.  Under Nevada law, the term “income” means an annual distribution from the trust equal to not less than 3 percent and not more than 5 percent of the net fair market value of the trust’s assets as determined at the end of the calendar year by averaging, over the preceding 3 years, both the income and principal assets of the trust (trustee or beneficiary can petition the court to...

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Uniform Prudent Investor Act (UPIA)

Trustees are to administer a trust or estate in accordance with the terms of the trust or will in spite of the provisions of UPIA.[i]  Otherwise, trustees are obligated to comply with the prudent investor rule.[ii]  The prudent investor rule consists of the trustee considering the terms, purposes, requirements for distribution and other circumstances of the trust when investing and managing trust property.  The trustee is to satisfy this standard by exercising reasonable care, skill and caution.[iii]  This standard dates back to Harvard College v. Amory, 26 Mass. (9 Pick) 446 (1830).  Trustees should “observe how men of prudence, discretion...

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Duties of a Trustee

[caption id="attachment_1566" align="alignright" width="300"] The Offices of Grant Morris Dodds[/caption] The first duty of the Trustee is to honor and Carry out the intentions of the settlor or the trust as provided for the in the trust agreement.  Almost all rules of the rules of trust law are default rules that the settlor can “alter or abrogate.”[i]  Beneficiaries of a trust can also excuse the performance of a trust when all are “capable and not misinformed” under traditional trust law.[ii]Trustee Duties.  Other duties of the Trustee are as follows: Duty of Loyalty.  Under a Duty of Loyalty, a trustee who invests and manages trust...

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The role of Trust Protectors, Trust Advisers, and Special Fiduciaries

This article explains some of the powers that Trust Protectors, Trust Advisers, and Special Fiduciaries might be given. Trust Protector: a trust protector is a third party who is given contractual powers to protect the terms of a trust.  The position of trust protector has been common in offshore asset protection planning but is a newer concept in onshore asset protection planning.  A trust protector’s powers and authority are spelled out in the trust instrument.  The most common power of a trust protector is the ability to remove and replace a trustee who is not administering the trust according to its...

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Trust Administration in Nevada

Closing Procedures and Timeline.  Following is an explanation of the recommended administrative and termination procedures. Affidavit of Successor Trustee (“AST”) - The signing of an AST by the successor trustee formally installs them as the trustee of the Trust and is evidence of the same.  If real property is owned by the Trust, the AST will add the Successor Trustee to the title of the property upon recording in the proper county recorder’s office. Notice to creditors – In Nevada known creditors have thirty (30) days from mailing date to file a written claim with the Trustee and ninety (90) days from the first...

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