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Wealth Management Update - Family and Matrimonial

To print this article, all you need is to be registered or login on Mondaq.com. July 2021 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts AFRs The July applicable federal rate ( AFR ) for use with a sale to a defective grantor trust, self-canceling installment note ( SCIN ) or intra-family loan with a note having a duration of 3-9 years (the mid-term rate, compounded annually) is 1.00%, down from 1.02% in June and up from 0.45% in July of 2020. The July Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2%, which is

Texas Bill Would Provide Release Relief To Trustees Who Deliver Adequate Accountings

Advertisement New Texas Bill Would Provide Release Relief To Trustees Who Deliver Adequate Accountings Without A Timely Objection By The Beneficiary Tuesday, March 16, 2021 A recent bill has been submitted that would provide a trustee release relief for transactions described in an accounting where a beneficiary fails to timely object to the accounting and there is no fraud, intentional misrepresentation, or material omission. The bill provides: Sec. 113.153. BENEFICIARY’S APPROVAL OF ACCOUNTING. (a) This section does not apply to a trust that is under judicial supervision. (b) If a beneficiary does not object to a trustee’s accounting before the 180th day after the date a copy of the accounting has been delivered to the last known address of the beneficiary: (1) the beneficiary is considered to have approved the accounting; and (2) absent fraud, intentional misrepresentation, or material omission, the trustee is released from liability relating to all matters in

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