Missouri's Fiduciary Access to Digital Assets Act (MFADAA)
A while back, I published an article in my newsletter entitled “Planning For Your Digital Assets.” Within it, I introduced the concept of “digital assets”; property stored on the Internet or in an electronic version rather than in a safety deposit box or filing cabinet. I emphasized that digital assets, like traditional assets, have both monetary and sentimental value and thus should be provided for in wills, trusts and powers of attorney.
Trust Administration for Trustees
Missouri adopted its version of the Uniform Trust Code in 2004. Section 456.8-813.1.(1) of the Revised Statutes of Missouri states in part, “A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests.”
Review Your Options Before Rolling Over IRA
As many people are aware, if a distribution is made from an IRA prior to the time the individual has attained age 59 1/2, the distribution is classified as a premature withdrawal and an additional 10% penalty tax is levied on the amount of the withdrawn funds. There are, however, some exceptions to this rule. One of the most common exceptions is if a person takes a series of substantially equal periodic payments over a period of time.
Refinancing, Title Insurance and Your Living Trust
Many of my clients have created a living trust in connection with their estate plan. I like to compare a living trust to a safe. A safe is designed to hold and protect assets that have been placed inside it, likewise, a living trust holds and protects assets that have been retitled into the name of the living trust.
Problems with Annuity Beneficiary Designations
A recent case before the IRS (PLR 200803002) exposes some problems with not reviewing the beneficiary designations of annuities in relation to your overall estate plan.
In this case a decedent had purchased a non-qualified annuity during his life and named his trust as the beneficiary. During his lifetime, the annuity increased in value. At the time of his passing, the decedent had not received any distributions from the annuity, nor had the annuity reached its starting date.
Non-Compete Agreement Protection
The Missouri Supreme Court recently ruled that non-compete agreements between an employer and an employee are valid in certain limited situations. In its ruling, the Missouri Supreme Court stated:
Grantor Retained Annuity Trusts
In “Trust Spotlight”, we pick a trust and simplify it to help you better understand how it works. This issue’s spotlight covers the Grantor Retained Annuity Trust, or GRAT.
Missouri Estate Planning, 3rd Ed., Vol. 2, §13.20 states in part, that “the purpose of a GRAT is to transfer future growth in the value of trust assets to family members . . . free from the imposition of federal transfer taxes.”
Confusion With Beneficiary Designations On IRA's And Annuities
In meeting with clients and reviewing their estate plans, I have noticed many problems with the beneficiary designations on IRA’s, and annuities. Sometimes I have noticed that beneficiaries have not even been named! Sometimes I have noticed that the percentages for the beneficiaries do not add up to 100%. Other times I have noticed that clients have named a Living Trust as either the primary or contingent beneficiaries of their plans.
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