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Modifications, reformations and decanting of a trust have all gained in popularity as a result of modernized trust laws, changes in family circumstances and/or a desire to change trust administration. This paper looks at some of the benefits of South Dakota's decanting, modification and reformation statutes.

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Act) reinstated the gift, estate and generation-skipping transfer (GST) taxes that were repealed earlier in 2010. The reinstatement comes with increased transfer tax exemptions and favorable rates for 2012. Get a closer look at the details in this white pa...

The term “family bank” grew from the idea that a Dynasty Trust can act much like a traditional bank by providing resources to fund particular needs of beneficiaries in successive generations, for instance, purchasing real estate and other large assets, funding business endeavors, providing family distributions to fund “health, edu...

Personal liability for family members serving individually as a trustee can result from improper asset allocation, lack of diversification, unacceptable due diligence and monitoring, environmental issues with real estate, and other distribution and/or investment issues. The directed trust and private family trust company (PFTC) are two great option...

For many private collectors of fine art, lending artwork from their collection to a museum or cultural institution is a highly valuable and meaningful experience. For the good of the arts, it is very important that collectors continue to loan, but for the protection of collectors, it is also important that the financial value of the artwork be full...

Incentives, credits, and deductions within the U.S. tax system are currently in the spotlight, and most advisors are aware that unprecedented exemptions for gift and estate taxes are set to expire on December 31, 2012. Less clear, however, is how families can manage their assets to capitalize on the credits before the window closes. This article lo...

More and more states are recognizing same-sex marriage. Although marriage and its legal implications are governed by state law, for federal purposes the Defense of Marriage Act (DOMA) defines marriage as a relationship between one woman and one man. This inconsistency creates some tax planning challenges for same sex couples.

Advisors should protect their clients who own fine art and other collectibles from financial loss with properly executed tax and estate planning. This article highlights two recent examples of how oversights, such as defective title, create marketability challenges that may result in substantial financial consequences for collectors.

Since the election, President Obama has reaffirmed his commitment to increasing marginal tax rates for upper income taxpayers while maintaining for lower income taxpayers the tax rates that have been in place since 2001. The basic theme is to reverse for upper income taxpayers the tax benefits conferred by the Economic Growth and Tax Relief Reconci...

Identity theft is now the fastest-growing financial crime, according to Thomson Reuters. Some 8.1 million people or 3.5 percent of the U.S. population were victims of identity theft last year. This paper outlines best practices to help safeguard your assets.

One of the key benefits of having a financial plan is how it can inform decisions regarding spending patterns and investment strategy. There are two questions that often come up during the process of developing a financial plan: How much risk should I take in my portfolio, assuming different spending levels and if I seem to have enough to cover rou...

Choosing an executor is one of the most important decisions individuals make when preparing their will. This white paper explains the executor’s role and offers insights into how you might choose an executor for your estate.

This white paper collects research highlights from earlier papers by Generation Investment Management on five key subjects: Climate Change, Pandemics, Real Needs at the Base and Peak of the Economic Pyramid, Water, and Demographics.

Many people are aware that the current federal gift and estate tax exemption of $5 million is scheduled to revert to $1 million at the end of 2012. Not only is the exemption set to drop, tax rates are slated to increase from 35 percent to a range that tops out at 55 percent. This means that a single person who makes a $5 million gift on December 31...

This paper provides an analysis of the new 3.8% Medicare surtax set to take effect in 2013 and recommends planning strategies to reduce its impact. Atlantic Trust suggests several vehicles to mitigate the effect of this tax, including tax-exempt bonds, rental real estate, S-Corporations, Roth IRA conversions, charitable remainder trusts and install...