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In addition to passing on knowledge, there are various ways to pass on wealth, and that is where smart estate planning and planned gifts come into play. This guide seeks to give you a quick reference to how families can manage wealth, considering taxes, additions of new family members, managing risk, and charitable objectives. It addresses issues c...

Spring and summer are typically filled with celebrations of life’s milestones, graduations, and weddings to name just a few. These and other life events are all occasions when we may wish to bestow meaningful gifts on those we care about. Thoughtful gifting strategies can help families transfer wealth from one generation to another, soft...

Given the uncertainty after the 2016 presidential election, it is critical to implement the best strategies to minimize taxes come April 15, 2017 (and beyond). While it is unclear which tax reforms will be pursued and what order, there are considerations and informational points—broken down by tax areas in a summary of planned changes—t...

Private family trust companies have increased in popularity in recent years, and several states have adopted statutes specific to them. This compiled information compares state trust law requirements for Virtual Representation, Nonjudicial Settlement Agreements and Nonjudicial Modification Agreements in selected states that have PFTC statutes, incl...

The Trump administration has released its tax reform outline: the “2017 Tax Reform for Economic Growth and American Jobs.” Although it doesn’t include specific proposals like the border adjustment tax, it does call for a “territorial tax system to level the playing field for American businesses,” as well as significant...

A much anticipated and, perhaps, over-hyped news conference rolling out the Trump Administration’s tax reform plan generated very little “new news.” Treasury Secretary Steven Mnuchin and National Economic Director Gary Cohn presented an outline of a plan that is very similar to the talking points the President promoted on the camp...

When a loved one dies, there isn’t a checklist of tasks to complete to expedite the grieving process. When you have been named the Executor (or “Personal Representative”) of the estate, you have an administrative process to navigate in addition to the emotional one. Thankfully, in that role, there are a finite number of actions th...

Michigan recently passed an act that allows individuals to create Domestic Asset Protection Trusts ("DAPTs"), an attractive option to help people protect their assets from the claims of third party creditors. If the basic requirements of the newly adopted Michigan statute are satisfied, it also permits the trust settlor to retain certain ...

On April 26, 2017, President Donald Trump presented the core principles of his proposal to significantly overhaul the Tax Code, including reducing individual tax brackets from seven to three, lowering corporate and individual tax deductions, and eliminating the alternative minimum tax. If key elements of the administration’s tax reform propos...

Every family has its own reasons for establishing a private family trust company (PFTC) which can be structured to suit the family’s needs and desired goals. When deciding whether to establish a PFTC, there are several important issues to consider. Taking an in-depth look at these considerations—including capital requirements, regulator...

The Board of Directors plays a pivotal role in the effective governance of any organization, including the private family trust company. Board members fulfill their roles and responsibilities, in part, by holding regular meetings that utilize a comprehensive agenda. One vital tool for an effective Board meeting is the meeting agenda. Here, ten sugg...

For decades, Delaware has led as an innovative and flexible jurisdiction for establishing and administering personal trusts. There are five reasons to explore the First State as the premier location for your new or existing trust—even if you don’t reside in the state. Delaware is also a leader in providing “directed trusts,”...

Tax positions of a candidate are aspirational, and the newly-elected president will need to work with Congress to implement tax changes. In a summary comparing the outline of the tax reform proposals the Trump administration released on April 26, 2017 and the proposal the House GOP put forth in June 2016, it addresses the topics that are most relev...

Many successful individuals and prominent families do not realize the full benefits of strategic financing or leverage, especially when it comes to wealth and estate planning. In fact, an estate or succession plan that includes appropriate borrowing strategies can help preserve a family’s legacy and enable more efficient transfer of wealth fr...

President Trump’s recently released “core principles” for tax reform and simplification initiates the beginning of what is sure to be a heated debate over the future of U.S. tax policy. The announcement was short on policy details and far from enacted legislation. Also, the legislative process is complex and slow, particularly for...