Thursday, May 28, 2015

digitalassetsLast year, we told you about the Uniform Law Commission’s approval of the Uniform Fiduciary Access to Digital Assets Act (“UFADAA”), the primary purpose of which is to empower fiduciaries, guardians, and agents with the power to “access, manage, distribute, copy, or delete digital assets and accounts”.

According to the Uniform Law Commission’s website, the UFADAA “is an important update for the Internet age. A generation ago, files were stored in cabinets, photos were stored in albums, and mail was delivered by a human being. Today, we are more likely to use the Internet to communicate and store our information. This act ensures account-holders retain control of their digital property and can plan for its ultimate disposition after their death. Unless the account-holder instructs otherwise, legally appointed fiduciaries will have the same access to digital assets as they have always had to tangible assets, and the same duty to comply with the account-holder’s instructions.” (more…)

Thursday, May 28, 2015

ThinkstockPhotos-88063929On Wednesday, the Cook County Clerk issued a statement reminding couples that the last day for same-sex couples in Illinois to backdate marriages to the date of their civil unions will sunset tomorrow, May 29.

Illinois’ gay marriage law took effect on June 1, 2014 and provided for the ability to backdate marriages for a period of one year.

Tuesday, May 26, 2015

statuteoflibertyThe New York State legislature is considering becoming a directed trust state. In a directed trust, the trustee is allowed to act under the advice or direction of someone else, an advisor or protector, who could make decisions regarding investments, distributions or other trust matters. Earlier this year, the New York State Senate referred a bill to its Judiciary Committee which would expressly allow grantors to establish directed trusts in New York State and sets out general parameters for such trusts. (more…)

Tuesday, May 19, 2015

The 7520 rate for June has increased to 2.0%.

The June 2015 Applicable Federal Interest Rates can be found here.