Results for "trusts"

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Advisers use ethical wills to look beyond client assets

June 19, 2018

Sometimes an inheritance is more about the legacy than the assets being passed down, and sometimes it's a little bit of both. Enter the ethical will, which is also known as a "legacy letter" or "living legacy" by financial advisers helping their...

Why the super wealthy may want to fund life insurance with a loan

June 22, 2018

Wealthy clients looking to use life insurance in their estate plans may find that funding their policies with a loan makes sense, especially as interest rates are still relatively low. The goal is to exploit low interest rates to get a cheap...

Buzz Aldrin dust-up highlights the challenges facing older clients

June 25, 2018

Financial advisers working with elderly clients should take heed of the legal brouhaha involving former astronaut Buzz Aldrin and two of his children. Mr. Aldrin, 88, who set foot on moon during the 1969 Apollo 11 mission, has gone to court...

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...

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...

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...

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...

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...

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,...

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...

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...

Drastic changes to tax and estate planning for same-sex couples

August 30, 2013

Certified public accountants, tax attorneys and financial advisers will want to revisit their estate-planning techniques for same-sex couples now that the Treasury Department and the Internal Revenue Service recognize these marriages for federal...

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...

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