Trust Laws in the United States

In the United States, trusts are widely used for wealth transfer and tax planning purposes. The laws governing trusts vary from state to state, although the evolution of those laws this century has led to increasing uniformity of those laws among many states. But important distinctions remain, and several states notably stand apart, endeavoring to be more attractive to those seeking to form and administer trusts. Overlaying the state laws, some federal laws – particularly those concerning taxes – play a central role in the design and administration of trusts.

Written by experienced attorneys and other subject matter experts, this book is an in-depth survey of trust laws in the United States. It provides clear explanations of the law and practical insights into its application. A series of state-specific chapters cover key aspects of each state’s trust laws in the most populous states, as well as key jurisdictions like Delaware, Nevada, New Hampshire, South Dakota, Tennessee, and Wyoming. Topics covered include:

• the creation of trusts
• modification of trusts
• decanting
• trustee duties
• directed and divided trusts, and
• state income taxation of trusts

In addition, a series of chapters covers subjects that are relevant to trusts throughout the United States. These topical chapters include:

• the federal income taxation of trusts
• wealth transfer tax considerations in the design and administration of trusts
• considerations in selecting a trust situs
• choice of law principles, and
• the use of mediation to resolve trust disputes

This book is a comprehensive resource for lawyers, accountants, trust officers, and others who advise settlors, beneficiaries, and trustees on the formation and administration of trusts in the United States.

table of content

Foreword

Todd D. Mayo, UBS

 

Part I

Arizona

California

Colorado

Chris Schmidt & Taylor Smith, Goodspeed Merrill

Connecticut and New York

Von Sanborn & Constance E. Shields, Teitler & Teitler

Delaware

Florida

Osvaldo Garcia, JP Morgan & Christopher Weeg, Comiter Singer

Georgia

Illinois

Susan Bart, ArentFox Schiff

Massachusetts

Ruth Mattson, Verill Dana

Michigan

Nevada

Michaelle D. Rafferty, Maupin, Cox and LeGoy

New Hampshire

Patrick Collins & Brandon Vallie, McClane Middleton

New Jersey

Kevin Centurrino & Lance T. Eisenberg, Berkowitz, Lichtstein, Kuritsky, Giasullo & Gross, LLC

North Carolina

Ohio

Oregon

Emily Karr, Stoel Rives

Pennsylvania

Jennifer Gayle, Mannion Prior

South Dakota

Jim Paladino & Mario Signori, South Dakota Planning Company

Tennessee

John Bunge & Aaron Flinn, Holland & Knight

Texas

Virginia

Washington

Karen E. Boxx, University of Washington

Wyoming

Chris Reimer & Amy Staehr, Long Reimer Winegar LLP

 

Part II

Federal income taxation of trusts

Brad Dillon, Andreessen Horowitz

Federal gift and estate tax considerations

Implications of beneficial ownership reporting on trusts

Considerations in selecting a trust situs

Todd D. Mayo, UBS

Resolving trust disputes through mediation

Kevin Rethore, Caffrey Hill

Choice of law in respect of trusts

Ronald J. Scalise, Tulane Law School