by PTC Research | Oct 1, 2024 | Articles
If an irrevocable trust pays “income” to a beneficiary, the Uniform Fiduciary Income and Principal Act, and many States’ laws already enacted, authorize the trustee to convert this irrevocable trust from an “income” trust to a “unitrust.”...
by PTC Research | Jun 10, 2024 | Articles
There are many factors to consider when deciding on where to locate a trust and which State’s laws will govern the trust. A handful of these factors continue to garner much attention, and be on the forefront of States’ efforts at both refining laws around trusts and...
by PTC Research | Dec 20, 2023 | Articles
The new Corporate Transparency Act (“CTA”) takes effect January 1, 2024, and trustees are preparing for the reporting required of them for potentially the trusts they administer and certain entities owned by those trusts. The CTA has established various requirements...
by PTC Research | May 23, 2023 | Articles
An Irrevocable Life Insurance Trust (ILIT) is a commonly used tool for preserving wealth and providing for beneficiaries. The plan is to create an irrevocable trust and fund it with enough money to purchase life insurance on the life of the grantor, typically, so...
by PTC Research | May 18, 2023 | Articles
A trust is a legal arrangement in which a trustee holds and manages assets for the benefit of one or more beneficiaries. The trustee is responsible for administrating trust assets and in so doing is charged with making decisions in the best interests of the...
by PTC Research | Apr 12, 2023 | Articles
Many people establish trusts to protect their hard-earned wealth and ensure a future for their beneficiaries. Commonly, a trustworthy (no pun intended) close friend or relative is chosen to serve as trustee. But what happens if that trustee, who is otherwise...
