Can fiduciaries avoid liability under environmental law?

Article Abstract:

Estate planners must be conversant with laws on liability for environmental damages since many trusts and estates contain real property. The environmental liability of fiduciaries managing or owning real estate changed dramatically under CERCLA, and liability is now strict, joint and several, and fault is immaterial. Defenses to liability under CERCLA include the 'innocent landowner' defense. Suggested strategies for avoiding or mitigating liability include the exercise of due diligence, examination of existing trust properties, drafting an environmental policy statement, sale and abandonment.

Laws, regulations and rules, Liability for environmental damages

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Guidelines for using trusts for minors effectively

Article Abstract:

An IRC 2503(c) trust can be a good way of shifting funds to younger family members and does not require that the donee be able to make withdrawals from the trust. The trust must be drafted carefully so that the gift is of a present interest qualifying for the gift tax annual exclusion. Income tax savings are also possible depending on whether trust income is retained or distributed. This decision depends on such factors as the donee's maturity and the income tax brackets of all concerned.

Taxation, Gifts to minors

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Owning assets in trust results in tax and nontax benefits

Article Abstract:

Protection from creditors and marital discord and tax savings in both the estate and generation-skipping transfer tax are the advantages of owning assets in trust. The disadvantages are the cost and complexity of trust administration and the loss of direct control of assets. When compared to tax savings, the cost of trust administration is not a significant factor. The loss of control is the most significant disadvantage, but it can be minimized by careful structuring of the trust.

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