A successor trustee is the individual named in a trust document to step in as trustee in the event of the original trustee’s death, incapacitation, or resignation. A successor trustee assumes the role of safeguarding the...more
Recently, much has been written about Rupert Murdoch’s petition to amend his Nevada irrevocable trust to grant his eldest son, Lachlan, voting control over News Corp and Fox Corporation. While the battle between family...more
Managing the assets left in a trust is a major responsibility: It’s your job to properly manage and administer trust assets to the letter—or potentially face costly legal consequences. In the instance of a lawsuit, trustee...more
It doesn’t matter whether the trust you manage owns commercial or residential real estate—the challenges are the same. The property’s location, value, and construction only determine the extent of these challenges. In this...more
As its name implies, a purpose trust is a type of trust that you create and establish for a specific purpose. Unlike traditional trusts, which operate to benefit identifiable individuals or entities, purpose trusts exist to...more
A client recently told me about a conversation he’d had with an institutional co-trustee. The co-trustee was pushing back on the approval of a trustee liability policy. The institutional co-trustee’s reasoning was that most...more
Trustee relationships can be complicated. Trustees not only manage assets, but they also must ensure that beneficiaries’ needs are met. Learn what to do when there is a breakdown in the trustee-beneficiary relationship and...more
If I own or manage a private trust company (PTC), what insurance do I need? This is a great question and, as in many situations, the answer is that it depends. It depends on whether a public trust company is involved, whether...more
The popularity of private trust companies (PTCs) is increasing. This is because PTCs offer privacy to families, more flexibility, and potential cost savings when compared to a family office or a corporate trustee....more
The Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and it presents a significant change to trustees’ responsibilities. This article explains what the CTA is, clarifies the new reporting requirements,...more
If you have been asked to serve as a trustee, you no doubt have questions about the duties and responsibilities of the role. You also should be clear on your trustee insurance coverage. Unfortunately, some confusion exists...more
The news headlines have been exciting over the past year, covering the fluctuating stock market, the turbulence of certain currencies and cryptocurrency trading platforms, and the tug-of-war between Democrats and Republicans...more
Find out how a special needs trust can ensure the financial security of a special-needs loved one, without jeopardizing their public assistance payments....more
Establishing a trust is an essential part of estate planning. Although some people think trusts are only for the very wealthy, the truth is that a trust is beneficial for anyone who wants to stay in control during their own...more
If you have a child or another loved one with special needs, it’s only natural to worry about their future. How can you make sure their financial needs are taken care of without jeopardizing their public assistance payments?...more
Estate planning involves deciding how your assets will be maintained and distributed after your death or in the event you become incapacitated. In addition to your financial wealth, your assets can include your homes,...more
So far, 2022 has been a rough year for portfolio management. The war in Ukraine, China’s zero tolerance for COVID-19, 40-year inflation highs, and rising interest rates have created significant market volatility....more
Family Offices that serve high-net-worth individuals have been in recent global headlines as governments target them in an effort to tax corporate and individual gains....more
3/31/2022
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Trusts
If a friend or family member has asked you to be the trustee of their estate, you probably have many questions. One of your concerns may involve your insurance coverage. We often hear the following from our clients: “I was...more
When a family member or friend asks you to become their trustee, it conveys a high level of trust in you. However, many of our clients tell us that they did not fully understand the enormity of the job when they accepted it....more