Wall Street Journal, Laura Saunders
The estate tax is no longer the biggest concern for most affluent people who want to avoid taxes on wealth they leave their heirs... new rules present tax-saving opportunities that many people planning estates still are unaware of - and that could contradict advice they received in the past.
Wall Street Journal, Liz Moyer
It is getting easier to tinker with irrevocable trusts, thanks to a process known as "trust decanting." Such trusts used to be difficult and costly to alter even if the trustee thought a change could be in the beneficiary's best interest. But decanting lets trustees change certain terms by figuratively pouring the assets from an old trust into a new one.
Wall Street Journal Kelly Greene and Arden Dale
Wealthy families got a holiday gift on Jan. 1, when Congress agreed on permanent estate-tax rules that are much more generous than many financial planners had expected. Some aren't celebrating, however. Instead, they are grappling with new questions about how best to set up trusts for their heirs—while keeping a measure of control over their wealth.
Wall Street Journal, Annamaria Andriotis
Want to give the kids a little something extra for the holidays? Get going. The generous lifetime gift-tax exemption—in which couples can give up to $10.24 million to descendants tax free—expires at the end of the year.
Massachusetts Lawyers Weekly, Amy Kanyuk
Read more about how trust situs has emerged as a critical issue for high-net-worth families and their trusts. Whether seeking privacy, securing protection from creditors or a dissident spouse, updating existing trust provisions or looking to minimize taxes, Bay State families need look no further than their close neighbor to the north.
Bloomberg, Elizabeth Ody
Read more about how asset-protection trusts are the way many insulate their wealth from lawsuit claims.
Chip addresses some of the frequently asked questions about Directed Trust Administration, Modern Trust Law, and how Concord Trust Company can help.
Law 360 , Brian Amaral
The Massachusetts Supreme Judicial Court recently turned aside Bank of America’s efforts to cut its living trust's state tax liabilities by millions of dollars, finding that the bank was indeed an “inhabitant” of the commonwealth. This ruling highlights the importance of the place of trust administration when it comes to assessing state income and capital gains tax on trusts.