This article addresses the complex U.S. tax rules governing cross-border grant-making by private foundations.
In today's world, domestic asset protection trusts can be a useful planning tool. However, under certain circumstances can be subject to intense scrutiny. Holland+Knight defines and outlines the case for domestic asset protection trusts.
This article highlights the fact that most wealthy U.S. families customarily choose individuals rather than trust companies to serve as trustee, even for complex trusts holding very substantial assets and even though a family who can afford it now has the option of creating its own trust. The article also argues that reliance on individual trustees carries the risk that it depends on an unbroken line of succession from one 'wise' (competent, diligent) trustee to the next, with little or no transition time or cushion to adjust for unexpected events.
A discussion of pre-nuptial, post-nuptial or cohabitation agreements.
Your fellow FOX members have contributed these death and estate settlement tools and samples. Please note that these samples have been provided for illustrative purposes only, and may not represent the latest versions.
Your fellow FOX members have contributed these trust administration tools and samples. Please note that these samples have been provided for illustrative purposes only, and may not represent the latest versions.
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. In rejecting this traditional rule, some states have modernized their laws, via statute, to allow creditor-protected self-settled trusts under certain circumstances. Some key provisions of these laws are summarized for comparison.
1031 Exchange, commonly known as like-kind exchange, can be a smart tax strategy for business owners who also own or invest in real estate.
Changes in the federal tax laws have provided a renewed focus on state income taxes and strategies available to minimize these taxes. While personal trusts have been used most commonly as estate and gift tax planning tools, they now have increased importance as vehicles for minimizing a family’s federal and state income tax liability. If you live in a high-tax state there may be opportunities to reduce or eliminate state taxes on some of your income by establishing a new trust in Delaware or moving an existing trust to the First State.
One of the most important, yet most forgotten, parts of estate planning is keeping track of who will benefit from those assets, including life insurance, which are not governed by your will. Providing for your family includes knowing which types of assets are not governed by your will; ensuring your assets are going to where you want them to go; and keeping your beneficiary designations updated.