The Court of Chancery of Delaware recently validated the Delaware asset protection trust laws and rejected a creditor’s attempt to seize assets held in a Delaware asset protection trust in order to enforce a $14 million judgment from Michigan against the trust’s grantor. In the Matter of the CES 2007 Trust. The creditor alleged that
Despite voters rejecting several tax-related constitutional amendments in a March referendum, the Louisiana Legislature has approved two new amendments to appear on the ballot next April. The two amendments would afford the Legislature more flexibility in developing budgets and making tax changes.
On January 23, 2025, Philip Kirk Jones and Kelly Scalise secured a significant appellate victory for two charitable foundations, The Marshall Heritage Foundation and Marshall Legacy Foundation (“Foundations”), in a trust litigation brought by a co-trustee of the Foundations against a co-trustee of the Peroxisome Trust, the funding trust of the Foundations.
On March 22, 2024, the Treasury Department published a proposed regulation relating to certain transactions involving Charitable Remainder Annuity Trusts (“CRATs”) investing in single premium immediate annuities (“SPIAs”). The rule would designate transactions seeking to exclude from income SPIA payments from a CRAT under Section 72(b)(2) of the Internal Revenue Code (the “Code”).