Roy M. Adams and Charles A. Redd partners in the New York and St. Louis offices of Sonnenschein, Nath and Rosenthal LLP held an online teleconference July 20. Several thousand people dialed in to listen to an hour and a half chat about Marital...
How and when the assets in qualified plans and individual retirement accounts (IRA) and their benefits are exempt from claims of creditors is a much litigated issue. Two recent cases are on point: a U. S. Supreme Court case, Yates v. Herndon,1 and...
To great fanfare, the government recently indicted seven leaders of the largest Muslim charity in the United States, the Holy Land Foundation for Relief and Development, for allegedly supporting terrorism. But, while news of the arrests made...
Gideon Rothschild, partner in New York's Moses & Singer LLP, reports: Oklahoma and Missouri have passed asset protection trust legislation bringing to seven the states allowing settlors to create trusts for their own benefit that enjoy protection...
Sixty-four of the top multi-family offices had more than $169 billion in assets under management at the end of 2003, up 17 percent from 2002, according to this month's Bloomberg Wealth Manager magazine. The firms all managed a minimum of $4...
Many estate planners are aware that bequests in wills and trusts of pecuniary amounts can pose an income tax problem. Many assume that the problem also extends to pecuniary amounts on beneficiary forms for individual retirement accounts (IRAs). As...
The intentionally defective grantor trust1 is a mainstay of many estate plans. Yet, for more than a decade, the IRS has struggled with the transfer tax consequences of the grantor's income tax payments. Since 1994, the IRS has sent conflicting...
From David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC in Stamford, Conn., we have this update: IRS approves donor control of investments. In a private letter ruling that was issued but not published as of presstime, the Internal...
Calculating required minimum distributions (RMDs) from tax-qualified retirement plans1 is one of the most pressing questions advisors face. Many wealthy individuals wish to defer benefit payments for as long as possible to enjoy tax-free...
There's an old saw in business that says the success of a company depends not on size but on filling a void in the marketplace. A small 24-hour convenience store can't compete with Safeway or K-Mart, but then Safeway and K-mart can't compete with...
