How individual trustees can avoid liability and breaches of trust
Article Abstract:
Trustees can guard against personal liabilities to which they are subject and which result from their acts or omissions. Trustees can be liable in tort or in contract, including equity, to beneficiaries, parties to contracts, and victims of negligence. Criminal liability is also possible. Insurance is available to cover only some of these risks. Administering trusts with care to perform the various common law and statutory duties is the best insurance against personal liability.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1997
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Stringent rules for S corporations eased by new law
Article Abstract:
Estate planners have more flexibility to use S corporations due to the 1996 Small Business Job Protection Act. For example, changes were made to the two-year trust qualification time upon death, besides income in respect to decedents. Structural organizational changes were made, such as permitting subsidiary holdings and increasing the shareholder population. A new stockholding trust is permitted, the electing small business trust. Other changes are also discussed.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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Recent regulations clarify use of QSSTs in estate planning
Article Abstract:
IRS regulations issued in 1995 provide guidelines regarding the applicability of tax rules to grantor trusts, qualified Sub-chapter S trusts (QSSTs), and other trusts holding S corporation stock. Estate planners must be careful to draft trusts that will not unintentionally cause the loss of S election status. Planners also should weigh the final disposition of S stock upon stockholders' deaths and the effects of using QSSTs and marital trusts to hold stock.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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