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When Aretha Franklin passed away in 2018, it was believed that she had no will. That meant her estate would be divided among her surviving heirs – four sons, one of them disabled and under legal guardianship. However, several years after her death, two different...
The federal government, and some state governments, have a gift and estate tax that applies to assets transferred to another party. However, the tax only applies if the transfers exceed a specific threshold. Amounts below that threshold are exempt from tax. In...
Trustees can have significant discretion in how they manage assets depending on the language of the trust instrument. However, as fiduciaries, they owe a duty of loyalty to beneficiaries and can be charged with breach of fiduciary duty for acting or failing to act...
Individuals usually create a trust because they want to protect and provide for loved ones. However, it’s common for them to be concerned about how knowledge of the trust assets might affect their beneficiaries and the actions of third parties. Beneficiaries might...
Serving as a trustee is a responsibility that must be undertaken with care because trustees act in a fiduciary capacity. They owe certain legal duties to the beneficiaries of the trust and can be personally liable for breaching those duties. Accordingly,...
Generally, trustees are required to prudently invest the assets of a trust. If they fail to do so, pursuant to the Prudent Investor Act, they can be personally liable to the beneficiaries of the trust. As a result, many trustees prefer to delegate their investment...