Transfer on Death Deed: The 2023 Wyoming legislature enacted legislation providing for transfers of title to an interest in real property after the death of the owner by a transfer on death deed on and after July 1, 2023 any insurance coverage on the property transferred shall be extended to co...
New rules for amount that trust accounts are FDIC insured.
In Wyoming, a very useful estate planning and asset protection tool is transferring working assets into a LLC and that LLC interest into a trust. However, both the manager of the LLC and the trustee. have a fiduciary duty to the LLC and to the trust, which means the manager must conduct business in a manner that the manager reasonably believes to be in the best interests or at least not opposed to the best interests of the company. This case discusses examples of that, and how to administer properly and within the law in Wyoming.
Many people now choose to use a revocable living trust to pass along their estate to their survivors, instead of relying on the traditional last will and probate. It may be best though, for you to create a trust. And the question then is: what does it mean to fund the trust--how do I do that?
How Much to Tell your Heirs About your Estate Planning Decisions--Communicating the what and why.
There are planning tools you can use to help your Personal Representative administer your estate.
Wyoming Unclaimed Property--How to Make Sure ALL of Your Accounts and Property Transfer as You Intended
You can keep your accounts or other property from being unclaimed property at the state of Wyoming. Make sure your beneficiary designations on ALL of your accounts--bank accounts, investment accounts, policies, retirement accounts have proper beneficiary designations.
Here's how the new IRS life expectancy tables affect required withdrawals from IRAs and 401(k) plans
Modern estate planning is more flexible that you might think. Be sure to contact your estate planning attorney regularly, especially where there are changed circumstances in your life.
Doing good deeds--avoid using bad deeds: Why using a warranty deed is usually the better choice
Please be aware of the limited use of a durable power of attorney for estate planning and incapacity planning--this tool is not always the best tool for the job.
My property has covenants--do I still have an easement? The Wyoming Supreme Court issued an opinion May 6, 2020 regarding the relationship between easements and covenants in a case called Gayhart, Trustee of the Gayhart Trust and Corsi. The reason this may be of interest to property owners wi...
Balancing how I wish to make my trust and the benefit of the beneficiaries.
There are several qualifications a person should have before you appoint them to be your Personal Representative.
What do the types of ownership of real property mean, and how should my conveyance documents be created: tenancy by the entirety, tenants in common or joint tenants with right of survivorship?
If having trouble keeping up with your mortgage payments is a concern right now because of the uncertainty at least for the short term, here are some tips. 1. Don't ignore letters from your lender. The first notices you will receive will offer good information about foreclosure prevention opt...
A recent Wyoming Supreme Court opinion, in the April 2019 term, the Everston case (1029 WY 84), identified three purposes for a proposed decanting of a trust: (1) allowing Trust property to continue to be enjoyed by the Settlor's intended beneficiaries with favorable transfer tax and asset prote...