Being a Fiduciary in the Age of Uncertainty
The interplay among tax laws, investment performance and a beneficiary's wellbeing shapes a fiduciary's responsibilities. When a trustee distributes assets...
The High Cost of Aging
Long-term care (LTC) and how we pay for it continue to be major issues for Americans and our federal, state and local governments. Congress attempted...
2011: A Time to Hunker Down
As we begin 2012, certain global concerns from 2011 continue to resonate. We're still dealing with an: uncertain global economy, with a focus on the troublesome...
Beating the Odds
As advisors to wealthy families, we have a responsibility to help clients plan for the future and prepare for unpredictable events. The start of a new...
Coping With Fragility
If we had to sum up the current investment environment in one word, it would be World financial markets are currently extremely fragile as Europe heads...
Volatility An Impediment for Trustees
Global geopolitical concerns have contributed to an unstable economy and increasingly volatile markets. Excessive volatility adds even more complexity...
Best Practices for Scriveners
Lawyers drafting wills and trusts must regularly contemplate age-old issues such as ademption, advancement and lapse, as well as more recent issues such...
Note From the Editor
It looks like we'll be ending 2011 with a dose of uncertainty. As this issue goes to press, the Super Committee is on the verge of collapse, along with...
Tax Law Update
Inflation adjustments published The Internal Revenue Service published the 2012 inflation adjustments in Revenue Procedure 2011-52. The unified credit...
Willing Buyer, Willing Seller, Willing Donor
Given the current real estate market, some owners are feeling more charitably inclined than they used to be. The thought crossing their minds is something...
Step-Transaction Doctrine Compliance
With the lifetime gift tax exemption at $5 million and the gift tax rate at 35 percent, now's a perfect time for taxpayers to take advantage of wealth...
Trusts That Cry for Attention
Over the past several years, a number of state law changes have caused the issue of trust modification/reformation1 to garner more and more attention...
Watch Your Back and Cover Your Tracks
A client's lack of sophistication and guidance regarding trust-owned life insurance (TOLI) can put estate-planning lawyers in the hot seat. Most states...
Fraudulent Transfer Claims
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...
Executive Decisions
Corporate executives who amass large amounts of company stock face some unique wealth-transfer challenges and opportunities. Large holdings of a single...
A Survival Guide for Private Foundations and Endowments
It looks like 2012 may be another difficult year for not-for-profits' investment portfolios. Volatility threatens to stay up; yields, down. Many private...
A Gift From Above: Estate Planning On a Higher Plane
Generally, most clients want the same thing: control, use and enjoyment of their assets until death and protection of their assets from potential claimants....
Avoid Erroneous Assumptions: Ask First, Draft Later
The best plans and intentions can be led astray by misconceptions based on erroneous assumptions, especially with philanthropic succession planning. Often,...
Philanthropy
The Internal Revenue Service and the courts have been very active this year in the charitable arena. There have been informal reports of increased audit...
Unpredictable Treatment
As the world appears to shrink, more people acquire property in multiple jurisdictions or have family members living in different countries. Residents...
The Accidental American
Too often, people who live outside the United States and are citizens of other countries discover that they're U.S. citizens as well and, therefore, owe...
The Quarterback Dilemma
Estate plans originate in a number of ways, but in every one, early on in the process, the client interacts with at least one estate planner who may be...
With This Ring I Thee Tax
On June 24, 2011, 42 years after the gay rights movement began with the Stonewall Riots in New York City, Governor Andrew M. Cuomo signed the Marriage...
Unconventional Wisdom
From an international perspective, family businesses in the Gulf region are taking new approaches to succession. In five areas, some leading Gulf families...
Defending Offshore Trusts From Foreign Attack
Trustees sometimes find themselves staring down the barrel of the litigation gun, whether as the target, or, more typically, as a neutral party standing...
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