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Following the enactment of the Corporate Transparency Act (CTA), the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) explained that the CTA and FinCEN regulations
As families and their advisers begin to prepare for U.S. entities in their succession planning structures to comply with the Corporate Transparency Act (CTA), consideration should be given to U.S.
Rather than viewing trusts as a mechanism to protect beneficiaries from the dangers of wealth, what if trusts were viewed as vehicles to “ignite a fire” within the next generation?
Being asked to oversee a family trust is a big deal. It’s a huge responsibility, and one you may not feel prepared to accept. Even if you’ve participated in or been exposed to the world
Choosing a trustee is a major decision—one that may impact you and your family in many ways for generations to come. Essentially, when you establish a trust for the benefit of others, you are
Beginning with the trustee fiduciary duties to the beneficiaries of a trust, attorney Abbey Magnuson of Foley & Lardner’s Estate & Trusts Practice Group discusses ways to mitigate
To effectively serve as a trustee, it's crucial to understand your fiduciary duties. Even trustees with the best of intentions can create liability for themselves by being unprepared for the job
Unlike trustees, who have very specific fiduciary duties spelled out for them in our trust laws, beneficiaries don’t have much guidance to help them in the role of beneficiary. Our answers to
When it comes to selecting trustees, families often choose family members to serve in this role. However, if you agree to serve as a trustee, you become a “fiduciary” who must
Serving as a trustee for your family can be a valuable experience for you, while also providing an important service to your family. But before you accept the position, make sure that you understand