Networks - PFTC

Establishing residency in a state with lower tax rates can result in significant tax savings for some individuals and trusts. But changing residency is not as straightforward as it might seem.

To effectively serve as a trustee, it's crucial to understand your fiduciary duties. Even trustees with the best of intentions can create liability for themselves by being unprepared for the job or by not fully understanding their obligations.

When it comes to selecting trustees, families often choose family members to serve in this role. However, if you agree to serve as a trustee, you become a “fiduciary” who must understand all of your fiduciary duties and perform them all.

Unlike trustees, who have very specific fiduciary duties spelled out for them in our trust laws, beneficiaries don’t have much guidance to help them in the role of beneficiary.

Serving as a trustee for your family can be a valuable experience for you, while also providing an important service to your family.

For families with significant wealth, a new IRS Revenue Procedure could result in millions of dollars in tax savings. The procedure makes the Deceased Spouse Unused Exclusion available up to five years after the death of the first spouse of a married couple.

Selecting the right trustee is one of the most important decisions a grantor will make. The role of trustee has evolved significantly over the 21st century, and today’s trustee needs to recognize that a trust is rooted in a human relationship, not just a legal one.

With increasing interest rates, the Treasury Department's recent publication of long-awaited proposed regulations will change the life-expectancy factors used in life expectancy-based estate planning.

Many affluent parents have concerns about the impact a significant inheritance could have on their children. If you're not ready to give the bulk of your estate to charity but you are concerned about the potential impact of inherited wealth on your children, there are other options.

A private family trust company (PTC) often serves as an excellent governance framework and corporate structure for a virtual family office (VFO) by providing integrated, holistic oversight of fiduciary, investment, tax, philanthropic, governance, and other activity.