NtNew Jersey has become one of only a handful of states to expressly permit guardians to transfer the assets of their wards for the purpose of attaining eligibility for Medicaid.1 Now in the Garden State, a self-sufficient adult child who acts as...
Most people haven't noticed, but the Uniform Trust Code (UTC) and the Restatement (Third) of Trusts together abolish the 125-year-old common law distinction between discretionary and support trusts. The immediate effect: In the nine states and...
Changes in prudent investor standards in the 1990s freed trustees to delegate investment functions to investment advisors and investment managers. Recently, the market has been uncertain, leaving trustees without clear-cut investment opportunities...
With the private wealth industry integrating more services under one financial umbrella, the opportunity to profit increases dramatically but so does the potential for conflicts of interest. The industry seeks economies of scale and to do more...
Wealthy art collectors often donate or loan their treasures to museums. Rarely, though, do they create whole new museums to showcase their collections. Yet that is just what Shelley and Donald Rubin have done. This Oct. 2, the doors opened to The...
Firms proved exceedingly supportive of reps affected by this year's devastating hurricane season. Many of the nation's largest broker/dealers helped Florida-based reps with compensation for September, as officials at several firms said the...
It wasn't until Mal Makin walked into the basement of the building he'd just bought that he realized exactly what he was getting himself into. There had to be 100 yellow wires that just headed up and slumped down like a slide on a roller coaster...
Richard Branson, founder of Britain's Virgin Atlantic Airways, was once asked the best way to become a millionaire. There's really nothing to it, he joked. Start as a billionaire and then buy an airline. Branson's joke must seem like...
Smith Barney has introduced a new segmentation program designed to offer benefits to clients based on the level of assets they keep with the firm. Among the major attributes of the program is a new Citibank credit card for clients with $5 million...
The last quarter hasn't been great for retail brokerages. Low trading activity and geopolitical uncertainty kept investors on the sidelines, and advisors are feeling the pinch. We're seeing a mean reversion in revenues and profits, says Frank...
