Although it is flattering to be asked to be a trustee, you should give careful consideration about serving in this important role, as performing the responsibilities of a fiduciary can expose you to great personal liability, especially if you lack training.
Whether it be a family member, trusted friend, or professional advisor, whom you pick as a trustee matters. An ideal trustee will follow through on the objectives outlined during your lifetime, your spouse’s lifetime, and through the trust’s ultimate disposition.
Despite the easing of estate taxes on many taxpayers, many family-held businesses continue to be burdened with large potential transfer taxes. Using a real-life story of one family business, we show how the family successfully addressed this problem.
Becoming a great beneficiary starts with having a great trustee. If a trustee devotes the majority of his or her time to administrative matters and managing investments, the wealth distribution process often gets the least attention when it ideally deserves the most.
Todd Mayo, Principal and General Counsel and Stephen J. Tall, CTFA, TEP, Chief Fiduciary Officer and Chief Operating Officer – Perspecta Trust
Wednesday, July 25, 2018
Many of the wealthiest and most sophisticated families are reconnecting to their family roots in entrepreneurship and are investing in, and managing, direct investments using thoughtfully designed trusts and private trust companies.
Tax reform has created major changes and opportunities for high-net-worth taxpayers, particularly those who are real estate investors and developers. The creation of the Internal Revenue Code section 199A brings a new, advantageous deduction to those in the real estate business.
While laws in the United States generally allow trust property to be protected from the creditors of beneficiaries, there has traditionally been an exception to these protections where property in a trust is derived from a beneficiary’s own contributions to the trust.