A Dynasty Trust is one that may continue in existence indefinitely. In most states, a Trust can only exist for a certain period of time. Many times this restriction is called the “Rule Against Perpetuities” which requires that a trust must terminate no later than 21 years after the death of the last life in […]
Wellington R. Burt made millions off Michigan’s lumber industry and Minnesota’s iron mines. At one point, Burt ranked among the eight wealthiest men in America. He died on March 2, 1919, leaving an estate estimated, at the time, at $40 million to $90 million. For some his death marked the beginning of a long wait. […]
Life insurance proceeds are paid out to beneficiaries tax free upon an insured’s death. However, the proceeds are included in calculating the value of the decedent’s estate. While many clients believe their estates are not significant enough to worry about tax planning, one large life insurance policy can cause his or her estate to become […]
In November 2004, a US Marine named Justin Ellsworth was killed in action in Iraq. His parents wanted access to Justin’s email account and asked Yahoo! for help. Yahoo! said no; allowing anyone access to another person’s email account is against their terms of service. Ellsworth’s parents decided to take Yahoo! to court and on […]
Trustees are given certain responsibilities and duties when administering a trust. These responsibilities can vary depending upon the trust instrument or document, but there are a few duties that apply broadly to all trustees. This article will cover the two main duties, those of Loyalty and Care, that all trustees must understand before accepting the […]