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    Headlines

    Donors Often Overlook Benefits of Giving Appreciated Stock

    The Chronicle of Philanthropy article By Holly Hall

    With the stock market at historic highs, fundraisers who aren’t talking to their donors about making a new gift or fulfilling a pledge with appreciated stock are missing out, experts say.

    Many wealthy people don’t understand the advantages of giving appreciated stock versus cash. They can take an immediate tax deduction for … Read More

    Serious Lessons From Comedian Chris Tucker’s $14 Million IRS Bill

    Forbes article by Robert W. Wood

    Comedian Chris Tucker is witty, but it is hard to outwit the IRS when it moves to collect on a huge tax bill.

    The funny man was reportedly hit with a new lien adding $2.5 million to a previous $12 million, suggesting that Mr. Tucker ran up additional back taxes for 7 years totaling … Read More

    Vanessa Williams Slapped With Six Figure IRS Tax Lien

    Forbes article by Robert W. Wood 

    The IRS filed a $369,249 federal tax lien against Vanessa Williams, saying the singer-actress owes the federal government that amount on her 2011 earnings.

    Tax liens aren’t fun, and no celeb or anyone else likes the embarrassment, much less having to pay. The lien was filed on August 13, 2014, as this copy of … Read More

    What Is Janet Yellen Worth?

    Federal Reserve officials benefited from gains in asset prices that have boosted the wealth of millions of other Americans, financial disclosure reports show.

    Fed Chair Janet Yellen’s assets were valued at $5.3 million to $14.1 million last year compared with a range of $4.8 million to $13.2 million in 2012, according to financial disclosure documents released today.

    Inheriting In Trust Can Protect Beneficiary

    Greenbaypressgazette.com article by Carissa Giebel

    What does it really mean to inherit in trust?

    Beneficiaries can inherit in one of two ways. The first way, and most common, is to inherit assets outright, where the assets are distributed free and clear from all oversight and directly to the beneficiary. A check is made payable to the beneficiary or assets are … Read More

    Estate Planning: A Ranking of Good Assets and Bad Assets

    Forbes article by William Baldwin

    Some assets are terrific holdings in estates. Go to your grave clutching them.

    Some are bad for heirs. Play hot potato with them during your senior years.

    What follows is a tax ranking for retirement assets. At the top: the holdings you should hang onto as long as you can. At the bottom: the holdings … Read More

    With Rise of Wealth Management, A Call For More RIA Audits

    Fierce Financial IT article by Renee Caruthers

    The year 2014 has so far shaped up to be a banner one for wealth management. Charles Schwab’s 2014 Benchmarking Study reported that registered investment advisors (RIAs) in this year’s study had the highest profitability since the inception of the study in 2006.

    The Schwab study’s findings have been backed up by firms’ … Read More

    Lauren Bacall’s Pooch to Inherit 10,000 Dollars From Her Fortune

    From The Times of India

    Late Lauren Bacall had kept aside 10,000 dollars of her 26.6 million dollars fortune for her beloved papillon pooch, Sophie.

    The 89-year-old actress’s 10-page will gave her three children, Sam Prideaux Robards, Stephen Humphrey Bogart, and Leslie Bogart, equal share in her property as executors of her estate, the New York Post reported.

    The Oscar … Read More

    Resource Guide: Money Smart for Older Adults

    Wills, Trusts & Estates Prof Blog by Gerry W. Beyer

    The Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) have made available a resource guide entitled Money Smart for Older Adults.

    The guide provides information for financial planning and, avoiding and addressing elder financial exploitation. Provided below is the introduction to the guide:

    With over 50 million … Read More

    ESTATE PLANNING: LLCs and Trusts

    The Times (nwi.com) article by Christopher W. Yugo

    Q: Last week you wrote about the different ways to own rental property. It sounds like you prefer to use an LLC rather than a trust. Isn’t there a way to limit liability and avoid probate? What if you own multiple rental properties?

    A: Last week I wrote about how using an … Read More

Features

10 Most Popular Trust Advisor Stories for 2014

Wealth managers and estate planners love celebrity headlines as much as everyone, as long as there’s a core of advice that less flashy high-net-worth clients can apply to their own family finances.

Based on the feedback we get, Trust Advisor readers appreciate in-depth coverage of what’s going on in the business, but the financial feats and failures of the famous … Read More

When Can Breaking Bad’s “Just Call Saul” Deliver Dynastic Trusts in New Mexico?

Estate planning was central to the Emmy-winning TV powerhouse. Now that the show is no longer pumping $1 million an episode into the state economy, trust may finally get some traction.

Walter White’s final struggle to leave a legacy for his son swept the Emmy awards this week but “Breaking Bad” is over and done with now.

Tourists still come … Read More

Resource Guide: Money Smart for Older Adults

Wills, Trusts & Estates Prof Blog by Gerry W. Beyer

The Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) have made available a resource guide entitled Money Smart for Older Adults.

The guide provides information for financial planning and, avoiding and addressing elder financial exploitation. Provided below is the introduction to the guide:

With over 50 million … Read More

Nevada, Alaska Win for Top Choices as Best Trust States in America

Cross-border asset war enters a new phase as Nevada captures almost twice as many votes as every other jurisdiction in the country put together. What’s the state’s secret? And are the accounts following its fame? 

When we asked Trust Advisor readers to name the best state for trust accounts, we were expecting a tight race between the top-tier jurisdictions.

After … Read More

Robin Williams Hid His Assets After All, But Any ILITs May Have Backfired On His Planners

While the savvy comedian evidently pulled the once-public trusts back into the shadows before he died, what we know about the assets might produce a little better than tragedy.

The small comfort for Robin Williams’ grieving heirs is that despite rumors, his real estate plan is tighter than anything younger and less wealthy stars like Philip Seymour Hoffman put together.… Read More

SEC Crusade Against Billionaire Offshore Trusts Near $750 Million Reckoning

The IRS never blinked when $1 billion in stock moved to various island tax havens, but the advisors who suggested the transfers should have been more careful to avoid attracting even nastier attention. 

If you thought the tax cops were tough on trusts designed to shift wealth out of U.S. jurisdiction, it’s now clear that the IRS’s wrath has nothing … Read More

North Carolina Bank Starts Christmas Early with Cheap Advisor-Friendly Loans to Fund Acquisitions

Buying a competitor’s book used to be a cash-only proposition unless you knew the right banker. Now that specialized lenders are on the scene, acquisition-hungry advisors finally have a green light to roll up rivals.

When Live Oak Bank announced a few weeks ago that it has handed out over $100 million in advisor loans in the last 18 months, … Read More

Why Are So Many Parents Disinheriting Their Kids? Ask Anderson Cooper Who Knows the Brutal Truth of Losing His $200 Million Inheritance

Sting and Philip Seymour Hoffman are only the latest mega-millionaire parents writing wills that disinherit their children. While the stars may be pleased with their charitable impulse, advisors need to soothe multigenerational tensions now.

When news breaks that multiple celebrities within a three-week period are cutting their kids out of their estate plans, it’s not hard to see which way … Read More

TAMPs On Fire: New Data Shows Advisors Hot for More Managed Account Solutions

A few years ago, managed accounts had hit a wall. Now the top providers have all the new business they can handle – and early adopters are already reaping the rewards.

It took a little time, but now it feels like everyone in the advisory industry has realized that mere survival is a poor runner-up when you have a chance … Read More

Despite Extreme Wealth, Hillary Clinton’s Estate Planning Feels a Little “Working Class”

The Clintons have gone from White House to riches over the last decade but last year’s disclosures reveal nothing more sophisticated than a residence trust and a lot of cash. Truly well off families can do better.

Hillary Clinton stepped in a PR snake pit a few weeks ago by trying to distance her ultra-high-net-worth tax burden from the breaks … Read More

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