As counsel to Trustees, we provide ongoing advice regarding the Trustees' fiduciary duties, including managing trust assets and making distributions. We also serve as Trustee. In these roles, we work closely with accountants in preparing and filing fiduciary income tax returns and with financial advisors in investing and managing trust assets. We advise Trustees and clients as to the best practices to administer Irrevocable Life Insurance Trusts. In all cases, income, estate, gift and generation-skipping tax issues are carefully considered.
Recent engagements include:
- Advising a client and Trustee in administering a newly created Irrevocable Life Insurance Trust, including the purchase of a second-to-die life insurance policy.
- Administering a Family Trust for the benefit of a deceased client’s surviving spouse, including funding the trust with interests in a family limited partnership, allocating generation-skipping tax exemption, and dividing the trust into separate GST exempt and non-exempt shares.
- Acting as Trustee of continuing trusts established by parents for the benefit of adult children.