In certain circumstances, trustees may want to change the terms of an irrevocable trust. This can be accomplished by decanting, which typically refers to a pour over of funds from one trust to another, usually with different terms, through a...
The attorney-client privilege protects communications between clients and their attorneys by prohibiting their disclosure and admissibility in a judicial proceeding. But, when attorneys represent fiduciaries, the application of the attorney-client...
The combination of the generous $5 million gift, estate and generation-skipping transfer (GST) tax exemptions (adjusted for inflation) provided in the 2010 Tax Act, historically low interest rates and depressed estate values has provided an...
USRAP Uniform Statutory Rule Against Perpetuities GST generation-skipping transfer POA power of appointment bp bonus points PFTC private family trust company Top jurisdictions are bolded in blue. Florida and Wyoming (honorable mentions) are also...
The interplay among tax laws, investment performance and a beneficiary's wellbeing shapes a fiduciary's responsibilities. When a trustee distributes assets from a trust to meet a beneficiary's needs, the question of how to satisfy that...
Global geopolitical concerns have contributed to an unstable economy and increasingly volatile markets. Excessive volatility adds even more complexity for fiduciaries and their investment advisors particularly those who rely on historical...
The first bankruptcy case involving an Alaska asset protection trust (APT), In re Mortensen,1 has been decided. This case (we'll refer to it as Mortensen II, as it was the second of three related rulings) revolved around the February 2005...