Recent statutory changes in Tennessee law has authorized the separation of the traditional trustee roles by allowing for the appointment of a Trust Advisor (also referred to as a Trust Protector) who can have the authority to “direct” an exercise of a power held by the Trustee, including directio
A Domestic Asset Protection Trust (DAPT) provides an opportunity to protect your assets from the claims of third-party creditors, which makes it a powerful tool to enhance your estate plan. Because DAPTs require giving up some control over your assets, they are not right for everyone.
Many early-retirement Boomers feel comfortable that their estate plan is in order, having put their estate plan in place when they had younger children. With adult children, and the increase in the estate and gift tax exemption amounts, many feel that there is little planning to be done.
When considering which state to form a Private Trust Company (PTC), there are various laws and topics that should be considered, including requirements around annual reporting, residency of personnel, and capital requirements.
Jennie Cherry and Miles Padgett, Kozusko Harris Duncan
Friday, April 12, 2019
Over the past decade, matriarchs and patriarchs of successful families have been shifting their focus of the family’s largess from their children to a broader group of individuals, such as grandchildren, siblings, and nieces.
Jennie Cherry and George N. Harris Jr., Kozusko Harris Duncan
Thursday, April 11, 2019
Trusts classified as foreign for U.S. tax purposes, whether established under the law of a U.S. state or of an offshore jurisdiction, must review whether they have any U.S. tax or information reporting filings to make in 2019 with regard to income earned and distributions made in 2018.
Estate planners have also sought ways to modify trusts that are irrevocable as a result of changed circumstances or because the planner’s client is the beneficiary who objects to the terms of the trust.