Back in 2001, Congress enacted sweeping changes to the transfer tax system, including a host of technical corrections that are important to practitioners. As with all the other provisions of the Economic Growth and Tax Relief Reconciliation Act of...
Upon accepting a trust, a trustee may be given a non-binding letter of wishes by the settlor.1 Such statements are designed to offer trustees of discretionary trusts some guidance in the exercise of their discretion. (For a typical letter of...