Practice Management

In a Dodd-Frank report to Congress Wednesday night, the SEC supported imposing user fees on investment advisers as the best method for improving oversight. But it recommended legislators consider three options, including giving responsibility to...

The need – and demand – for specialized services for the gay community is both substantial and growing, observers say.

The truth is, asset managers haven’t gotten very involved in the debate surrounding the Dodd-Frank financial reform legislation, mostly because they say there are few issues that apply to them. According to Barbara Novick, founder of...

Of all the categories of conduct that will land a certified financial planner before the CFP Board of Standards’ Disciplinary and Ethics Commission, bankruptcy currently ranks number one. And the number of bankrupt CFPs who come before the...

The SEC must deliver two Dodd-Frank reports to Congress by January 17 and January 21. Compliance consultants, securities lawyers and lobbyists expect the regulator to recommend an SRO for investment advisers in the first and a fiduciary standard...

Charlotte: “Get this,” said one of the participants from our recent affluent focus group. “I met with my accountant over the holidays to go over year-end details and then stopped by my advisor’s office to drop off a sizable check—he was off for...

IRS declines to rule whether a self-settled asset protection trust is subject to IRC Section 2036 estate inclusion, leaving such trusts vulnerable In PLR 200944002 (Oct. 30, 2009), the taxpayer created an irrevocable trust for the benefit of...

Strict privity requirement relaxed in New York: Personal representative of estate may sue estate-planning attorney for negligence In Estate of Schneider v. Finmann, 2010 N.Y. Slip Op. 05281 (June 17, 2010), the New York Court of Appeals relaxed...

The IRS rules that the beneficiary of a trust will be treated as the owner thereof under Internal Revenue Code Section 678 In PLR 200949012 (Dec. 7, 2009), a trust was established that wasn't by the grantor under IRC Sections 671 through 677. The...

Charitable lead annuity trusts (CLATs) have received considerable attention recently, in light of current low interest rates. If structured correctly, CLATs have the twin benefits of (1) providing payments to charity for a number of years, and (2)...