The role and responsibility of the trustee seem obvious at first glance to manage the wealth left in trust for the good of the beneficiaries. Much has been written about trustee duties. Detailed and complicated state statutes govern trustee...
We have all seen the projections of wealth in the trillions of dollars passing from one generation to the next over this decade. Although the average monetary inheritance may not be life-changing for many beneficiaries, for others, it very well...
David A. Handler and David Sennett's May article, Avoid FLPs: Try restricted management accounts instead drew a response from another frequent Trusts & Estates writer and respected estate-planning lawyer. Owen G. Fiore made so many excellent...
Collecting is not for the faint of heart. In recent years, the news has brimmed with stories about unsuspecting private collectors and museums having to turn over items from their collections to individuals claiming that the art had been stolen or...
The last years of the so-called new economy brought at least one familiar result: America's rich grew richer, according to the most recent Federal Reserve Board survey of consumer finances. Average net worth of the top 10 percent of households...
Suppose you told clients about an annual gift-giving program that would allow them to give up to $55,000 per beneficiary, repeat the process again and again, and defer federal income tax on the gift until it was used and probably avoid it...
Attorneys evaluating disputes involving beneficiaries or fiduciaries should remember that the American Rule, stating that each party must pay his own legal fees, does not always apply in trusts and estates litigation. A recent example is In re...
On July 10, Alaska Governor Frank Murkowski signed into law a new state trust bill that passed the 23rd Alaska legislature by unanimous vote.1 The provisions of this bill improve creditor protection for third-party beneficiary trusts and self...
In the next decade, as baby boomers stand to inherit trillions of dollars from their parents, more new millionaires might be born through inheritance than investing. These new inheritors likely will dump advisors who had served their parents, or...
Class B shares fell out of favor with fund investors two years ago, and they raise some suitability issues that may make brokers wary. Yet, to some, Class Bs remain a good option for small investors.
