Results for "trusts"

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Paul Allen's $26 billion estate could take years to unravel

October 18, 2018

Paul Allen's family office will live long and prosper. The billionaire's vast holdings at Vulcan Inc. -- with real estate, art, sports teams and venture capital stakes -- would take years to unravel, if that's even what he wanted. Mr. Allen,...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

Secrets for successfully decanting trusts

January 14, 2014

What do you do when you have an irrevocable trust in a state with hefty income taxes or weak creditor protection laws? Create a new one in a new jurisdiction. Decanting an irrevocable trust is an estate-planning technique that's picking up steam...

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,...

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...

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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