In its simplest terms, “self-dealing” is defined as any action or series of actions where a trustee (the individual or firm appointed to administer the property and assets within a trust) uses his or her position to serve themselves above the best interests of the trust’s beneficiaries. While there are some obvious examples of self-dealing […]
After a year as eventful as 2020, it’s no surprise that you might need to update your estate planning documents in 2021, including your trust. However, trusts are not always easy to amend, and some types of trusts actually can’t be amended at all. If you’re looking to make changes to your trust, here’s […]
Many studies have shown that while the winter holiday season should be the happiest time of year, the divorce rate actually spikes in the months immediately following. Here are some of the reasons why this is the case, as well as the steps you can take to prevent fiduciary disputes from arising in your […]
Earlier this year, Gaslowitz Frankel partners Craig Frankel and Robert Port met virtually for an episode of our Wealth Matters radio show with Tim Curtin of the Curtin Law Firm to discuss everything you wanted to know about will administration and the probate process. During their conversation, Tim, Craig, and Robert provided helpful tips […]
While we always encourage you to regularly revisit your estate planning documents, significant life events like divorce require immediate action. Spouses tend to name each other as fiduciaries in their estate planning documents. Changing these designations as soon as the relationship is over will help to avoid conflict between new spouses and blended families down […]
Divorce is a complicated legal process with many financial ramifications. With so many immediate life-changing decisions to negotiate with your former spouse, it’s easy to push long-term planning to the back burner. This may lead to future will, trust, and estate disputes, especially if the marriage ends on less than amicable terms. Here are […]
An Employee Stock Ownership Plan (ESOP) is a benefit plan allowing employees to buy or earn stock in their employer’s company. How Do ESOPs Work? Essentially, a company sets up a trust fund into which it contributes new shares of its own stock or cash to buy existing shares. Alternatively, the owner of a private […]
There are few things in this life as emotionally exhausting as a divorce. Not only are you grieving an ended marriage, but you are immediately tasked with a pile of paperwork to review and sign. Between bank statements, proof of income, mortgage statements, tax returns, retirement account statements, and more, it’s easy to feel like […]
A family office is a wealth management and advisory organization that assumes the daily administration and management of a family’s (or multiple families’) affairs, primarily for high net worth individuals and families with complex financial needs and objectives. Who Needs a Family Office? Families or individuals who require the services of a family office typically […]
When setting up a trust, it’s important to understand what you are committing to and the future implications of those commitments. One of the most important considerations is whether your trust will be revocable or irrevocable. A revocable trust gives you the ability to amend or terminate the trust and remove property at any time […]
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