Philip Purcell, CEO of Morgan Stanley, is under fire again. In a shake-up that shocked even observers who said they had seen such an explosion coming, the beleaguered Purcell watched two of his top executives resign in protest of his leadership on...
With a traditional deferred gift annuity, guaranteed annuity payments are made to a donor and/or another individual for life, starting at a specified date more than one year from the donor's transfer to the charity. Typically, a donor who has...
Susan Sontag social commentator, critic, activist and acclaimed writer executed her last will and testament six months before she died on Dec. 28, 2004 at age 71. Her death, reportedly from complications of acute myelogenous leukemia, concluded a...
The editors of Trusts & Estates are pleased to announce the addition of Jeffrey L. Evans to the advisory board's Investments Committee. Evans, whose article Rating the Quarterback starts on p. 29, is a consultant to the New York based Institute...
Special needs trusts (SNTs) trusts created for the benefit of a disabled beneficiary present exciting opportunities for corporate fiduciaries. They also risk sapping fiduciaries' time and emotional energy. Sometimes, the wisest choice is for a...
With just two revenue rulings, the Internal Revenue Service established the 5 percent exhaustion rule, which essentially says that if there is a more than 5 percent possibility that a charitable remainder annuity trust (CRAT) will run out of...
From David A. Handler of Kirkland & Ellis in Chicago we have this report on the latest development in the Tax Court's understanding of the Internal Revenue Code Section 2036(a): On March 15, the court issued a decision in Estate of Wayne C...
Planners have a challenge: They must find sophisticated, highly tax-efficient techniques that weave family values into financial plans but don't land clients in audit hell. Enter the health and education exclusion trust (HEET). This type of trust...
The most frequently cited reason for lawsuits against attorneys is poor client communication.1 Comprehensive communication is especially critical in the complex, emotional and often conflict-ridden relationships between trustees and beneficiaries...
Morgan Stanley made several key additions last month. On the advisor front, Barney Greengrass joined the firm's New York City office from Smith Barney; David Napolitano left Wachovia to join the Paramus, N.J., branch; and the team of Elizabeth...
