31 July

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Are My Trust’s Bank Accounts Fully Insured? Part 2

Recently we have been receiving questions from our clients about the amount of Federal Deposit Insurance Corporation (FDIC) insurance coverage their revocable trusts have on their bank accounts. This article is the second article in a series of blog posts written to explain the current FDIC deposit insurance rules, and in particular how they apply to trusts. You can find the first article here: Are My Trust’s Bank Accounts Fully Insured? Deposit Insurance Coverage for Revocable Trusts When a revocable trust owner names five or fewer beneficiaries, the owner's trust deposits are insured up to $250,000 for each unique eligible beneficiary. The term revocable trust owner applies to the Trustmaker (also called a settlor) of a formal revocable living trust, as well as the named depositor/account holder of a payable on death (POD) account. The FDIC considers POD accounts to be informal trust accounts. Non-Trustmaker trustees are not considered account owner’s for...

24 July

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Are My Trust’s Bank Accounts Fully Insured?

Posted by Bobby Feisee

in Bobby's Blog, News

Recently we have been receiving questions from our clients about the amount of Federal Deposit Insurance Corporation (FDIC) insurance coverage their revocable trusts have on their bank accounts. This article is the first in a series of blog posts written to explain the current FDIC deposit insurance rules, and in particular how they apply to trusts. While this information is current at the time of writing, the rules for irrevocable trusts will be changing on April 1, 2024, to bring them into conformity with the revocable trust rules. The information in this series was derived from the FDIC’s website, as well as an email exchange between Insight Law and the FDIC. Federal Deposit Insurance Fundamentals The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC provides separate insurance coverage for funds depositors may have in different classes of legal ownership. The FDIC refers to these...

14 July

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Understanding IRS Notice 2023-30: Safe Harbor Deed Language for Conservation Easements

Posted by Bobby Feisee

in Bobby's Blog, News

If you have a conservation easement on your property or are in the process of putting a conservation easement on your property make sure your attorney includes Safe Harbor Language to protect the easement against future changes that could impact your easement. The Internal Revenue Service (IRS) has released Notice 2023-30 which outlines the safe harbor deed language for extinguishment and boundary line adjustment clauses. This language is required by Section 605(d)(1) of the SECURE 2.0 Act of 2022 and the notice explains how donors can amend an original eligible easement deed to incorporate the safe harbor language. Charitable contributions of qualified real property interests to qualified organizations for conservation purposes can be eligible for deductions. A qualified real property interest includes a restriction (granted in perpetuity) on the use that may be made of the real property. The SECURE 2.0 Act, necessitates the release of safe harbor deed language for extinguishment and...

14 July

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Breaking Down the SDNY Ruling in SEC v. Ripple Labs, Inc.

Posted by Bobby Feisee

in Bobby's Blog, News

On July 13, 2023, Judge Analisa Torres of the United States District Court for the Southern District of New York (SDNY) issued an important ruling in Securities and Exchange Commission (SEC) v. Ripple Labs, Inc., et al. that may signal a future loss for the SEC in the SEC v. Coinbase, Inc. case also currently pending in SDNY. The reason for this has to do with the court’s analysis of what it calls “programmatic sales” by Ripple Labs and the other Defendants. In order for me to describe this fully, I need to provide you with some background about the case. In 2011 and early 2012, Arthur Britto, Jed McCaleb, and David Schwartz developed source code for a cryptographically secured blockchain, which is now known as the XRP Ledger. The XRP ledger is run on the Ripple Network, known as RippleNet which is a decentralized global network of over 150 validators...

13 May

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TRUTH ABOUT ESTATE PLANNING WEBINAR ON DECEMBER 22, 2023

Posted by Bobby Feisee

in Training

WHEN: December 22, 2023 at 12:00 PM EST WHERE: ZOOM WHAT YOU WILL LEARN: Most people don’t know what to expect from an estate planning attorney, let alone know the right questions to ask. In our experience, most families who have completed their estate plans don’t fully understand their legal documents and the serious impact it can have on their loved ones. The Truth About Estate Planning™ Program will prepare you to deal with your planning concerns and examine your goals without the time pressure of making decisions. [gravityform id="42" title="true" description="false"]...

13 May

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TRUTH ABOUT ESTATE PLANNING WEBINAR ON DECEMBER 6, 2023

Posted by Bobby Feisee

in Training

WHEN: December 6, 2023 at 10:00 AM EST WHERE: ZOOM WHAT YOU WILL LEARN: Most people don’t know what to expect from an estate planning attorney, let alone know the right questions to ask. In our experience, most families who have completed their estate plans don’t fully understand their legal documents and the serious impact it can have on their loved ones. The Truth About Estate Planning™ Program will prepare you to deal with your planning concerns and examine your goals without the time pressure of making decisions. [gravityform id="41" title="true" description="false"]...

13 May

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TRUTH ABOUT ESTATE PLANNING WEBINAR ON NOVEMBER 17, 2023

Posted by Bobby Feisee

in Training

WHEN: November 17, 2023 at 12:00 PM EST WHERE: ZOOM WHAT YOU WILL LEARN: Most people don’t know what to expect from an estate planning attorney, let alone know the right questions to ask. In our experience, most families who have completed their estate plans don’t fully understand their legal documents and the serious impact it can have on their loved ones. The Truth About Estate Planning™ Program will prepare you to deal with your planning concerns and examine your goals without the time pressure of making decisions. [gravityform id="40" title="true" description="false"]...

13 May

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TRUTH ABOUT ESTATE PLANNING WEBINAR ON NOVEMBER 1, 2023

Posted by Bobby Feisee

in Training

WHEN: November 1, 2023 at 10:00 AM EST WHERE: ZOOM WHAT YOU WILL LEARN: Most people don’t know what to expect from an estate planning attorney, let alone know the right questions to ask. In our experience, most families who have completed their estate plans don’t fully understand their legal documents and the serious impact it can have on their loved ones. The Truth About Estate Planning™ Program will prepare you to deal with your planning concerns and examine your goals without the time pressure of making decisions. [gravityform id="39" title="true" description="false"]...

13 May

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TRUTH ABOUT ESTATE PLANNING WEBINAR ON OCTOBER 20, 2023

Posted by Bobby Feisee

in Training

WHEN: October 20, 2023 at 12:00 PM EST WHERE: ZOOM WHAT YOU WILL LEARN: Most people don’t know what to expect from an estate planning attorney, let alone know the right questions to ask. In our experience, most families who have completed their estate plans don’t fully understand their legal documents and the serious impact it can have on their loved ones. The Truth About Estate Planning™ Program will prepare you to deal with your planning concerns and examine your goals without the time pressure of making decisions. [gravityform id="38" title="true" description="false"]...

13 May

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TRUTH ABOUT ESTATE PLANNING WEBINAR ON OCTOBER 4, 2023

Posted by Bobby Feisee

in Training

WHEN: October 4, 2023 at 10:00 AM EST WHERE: ZOOM WHAT YOU WILL LEARN: Most people don’t know what to expect from an estate planning attorney, let alone know the right questions to ask. In our experience, most families who have completed their estate plans don’t fully understand their legal documents and the serious impact it can have on their loved ones. The Truth About Estate Planning™ Program will prepare you to deal with your planning concerns and examine your goals without the time pressure of making decisions. [gravityform id="37" title="true" description="false"]...