For parents, it is difficult to watch children or grandchildren go through a failed marriage. But even worse might be the knowledge that money you left for their inheritance ends up in the hands of an ex-son or daughter-in-law. The good news is that you can take steps today to protect the assets passing to…
In 2005 a trust beneficiary filed a law suit against her trustee (her father) claiming that her father illegally transferred $2 billion of her money to a trust for another beneficiary. The case was settled for just under $1 billion. The father and daughter in this story are members of the Pritzker family (Hyatt Hotels,…
You can select an individual as a Trustee, such as a close friend or family member; or a professional Trustee can be selected such as an attorney or CPA; or you may choose a financial institution or a bank. A good Trustee should be someone who is honest and trustworthy, because they will have a…
Trustees are those individuals (family members, attorney, or CPA for example) or entities (such as a bank trust department) named in a trust agreement to administer the trust. Trustees are required to manage and invest trust property and to distribute the trust property to certain individuals (the beneficiaries) based upon the instructions contained in the…