People with special needs have won an important victory in the Senate where the Special Needs Trust Fairness Act passed unanimously. However, the fight is not over. For people with disabilities, special needs trusts are often a vital way to protect assets and ensure that they have the resources needed to meet their expenses. […]
Read More »Gift Giving and What to Do About IRS Form 709
Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you have to follow the gift-tax rules. Fortunately, those rules don’t require you to file a gift tax return every single time someone celebrates a birthday or other special event, but it’s important […]
Read More »Want to Spare Your Kids From a Family Fortune?
From shirtsleeves to shirtsleeves in three generations, goes the early 20th-century American proverb. Then there’s the 19th-century British version: Clogs to clogs in three generations. And from Italy, date uncertain: From the stable to the stars and back again.
Read More »Estate Planning for Your Works of Art
Art investors are nearly always advised not to invest in art at all, but to collect it. Buy what you like, the conventional wisdom goes, not what you expect to increase in value. But collectors still must contemplate financial matters, especially related to inheritance, advisers say. It’s essential for them to consider what will happen to […]
Read More »Homeless Man Claims His Inheritance Is Being Wrongfully Held From Him
A homeless man in New York City claims that he was left an inheritance of $100,000 that the executor of the estate has refused to give him for three years.
Read More »Estate Planning Attorney Pleads Guilty to Fraud and Other Charges
A Wisconsin estate planning attorney who faced 33 federal charges stemming from fraudulent activity and stealing her wealthy clients’ money has reached a deal and will plead guilty to five of the charges.
Read More »Wells Fargo Ordered to Pay for Committing Trustee Fraud
When creating a large trust, especially one for a minor child, it is often a good idea to use the services of a professional trustee. Many banks, both large and small, offer the service. However, there is no guarantee that professional trustees will behave appropriately.
Read More »Should You Be a Trustee?
It is fairly easy to find online advice about who to appoint to be a trustee. However, there is comparatively little advice for those chosen concerning whether or not they should accept the position. Some things to consider are below.
Read More »Australia’s Richest Woman Loses Control of Family Trust
Gina Rinehart is the wealthiest person in Australia. However, it appears that greed might have cost her control of a family trust worth billions.
Read More »Choosing a Trust Company
It is often a good idea to choose a professional trust management company to be the trustee of your trust. However, you need to be careful and pick the right company to make sure that you are getting a good deal on costs and fees.
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