Results for "trusts"

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Why most of your richest clients are also the oldest

August 23, 2017

Six of the 25 richest Americans are over 80, according to the Bloomberg Billionaires Index. Carl Icahn and Charles Koch, for example, are 81. Earlier this month, Sheldon Adelson turned 84 and George Soros hit 87. Warren Buffett, the fourth-richest...

Cases affect planning for gays

June 23, 2013

The Supreme Court could throw out the federal law that bans gay marriage as early as today in one of two decisions due from the nation's top court in the coming days involving same-sex marriage. The 1996 federal Defense of Marriage Act, which...

Estate-tax flux could boost grantor trusts

February 5, 2017

With the federal estate tax in flux, advisers may want to consider planning strategies that afford some measure of flexibility. For example, there's the grantor trust, a common type of irrevocable trust. (More: What will the estate tax look...

RIAs weigh pros and cons of offering trust services

August 30, 2017

When it comes to trust services, most financial advisers prefer an arm's-length connection that serves client needs but outsources custody and fiduciary responsibilities elsewhere. "There is tremendous responsibility that comes with being a...

Fired UBS adviser revives Palm Beach scandal

August 16, 2017

"Holy crap!" That's how Craig Price, a UBS senior vice president, told securities regulators he reacted when he saw the $2,600 tab for a client-development dinner he attended at an upscale Palm Beach, Fla., restaurant. It wasn't the size of...

How non-grantor trusts can help clients save big on state income taxes

January 20, 2015

Hoping to save your estate planning clients some money on state income taxes? Try a NING or DING — a Nevada or Delaware Incomplete Non-Grantor Trust. When it comes to estate planning, it's easy to focus on what's going on federal level with...

Michael Jackson vs. IRS: Thriller battle over value of the estate

February 13, 2014

A bitter court battle between Michael Jackson's estate and the Internal Revenue Service spotlights a major problem for clients who are rich and famous: placing a value on intangible assets. Mr. Jackson, who died in 2009, is once again front-and-center...

AfterSteps helps advisers handle post-death tracking of accounts

July 21, 2013

AfterSteps Inc. has the potential one day soon to plug in to financial advisers' practices as an outsourced provider. The adviser version of the online platform will help with an often-touchy task: post-death tracking of a client's accounts...

'Tony Soprano's' estate likely to get whacked

July 14, 2013

Advisers last week chimed in about the tough lessons to be learned from an ill-considered estate plan, after it was revealed that 40% of the late actor James Gandolfini's $70 million estate may be owed in taxes. Provisions in Mr. Gandolfini's...

Financial lives in flux as DOMA decision awaited

June 23, 2013

A Supreme Court decision on same-sex marriage, expected any day now, could improve the financial outlook significantly for couples living in certain states, but many gay partners still will have to work around a system that affords financial...

Giving spree seen complicating taxes

April 7, 2013

With the April 15 deadline for filing tax returns fast approaching, financial advisers face a deluge of tax returns involving substantial gifts — a vestige of clients' giving spree due to their tax uncertainty late last year. Doubt about the...

IRS rethinks rules for savings accounts to care for young people with disabilities

November 20, 2015

The tax-advantaged savings accounts that Congress approved late last year to cover costs of caring for young individuals with disabilities are a step closer to being available. The Internal Revenue Service on Friday issued changes to the proposed...

Surprising trials of passing down vacation homes

August 23, 2016

Vacation homes are more prevalent than ever but passing on these cherished properties to the next generation is turning out to be less than delightful in some cases. Parents and their adult children can have different ideas about what's to become...

Networking: Pershing plumps up trust lineup

August 24, 2012

Pershing LLC has added two independent trust companies to its existing network of outside providers. BOK Financial of Tulsa, Okla., and Rapid City, S.D.-based Independent Trust Company of America have joined Pershing's Trust Network referral...

Coming soon: National Advisors Trust on Schwab platform

August 22, 2012

National Advisors Trust Company is expanding its administrative trust services to the Schwab Advisor Services platform. The trust company's capabilities will be available on Schwab's custody platform beginning in the fourth quarter of this year,...

BofA wields ax at U.S. Trust: Sources

June 19, 2012

Bank of America Corp., the second- biggest U.S. lender, eliminated some managers from a unit catering to wealthy families as it cuts costs, said two people with knowledge of the move. Executives who oversaw trust officers and private-client...

'Targets on their back,' wealthy turning to trusts

May 23, 2012

Executive-liability insurance is often the first line of financial defense for executives and directors caught up in litigation such as investor lawsuits. For others without such coverage, asset-protection trusts are the way many insulate their...

GRAT pack would get smacked by Obama plan

March 9, 2011

Anita Sarafa, a managing director for JPMorgan Chase & Co. Private Bank, helped a client give more than $300,000 to his parents free of gift taxes, using an estate strategy the Obama administration is seeking to limit. Grantor retained annuity...

Adviser who led double life gets 17 years for $20M fraud

March 24, 2010

A federal judge has sentenced a Massachusetts adviser to more than 17 years in prison for committing a fraud that netted him more than $20 million from the descendants of a 19th-century industrialist and using the money on personal extravagances,...

Boston Private Financial's sale of Westfield to management should buoy bank, repay bailout bill

October 7, 2009

Recent and upcoming unit sales at Boston Private Financial Holdings Inc. will give the bank holding company enough cash to repay government bailout funds without a capital raise, an analyst said Wednesday. Fox-Pitt Kelton analyst Thomas Alonso...

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