There’s been quite a bit of press coverage of “fiduciary duties” when it comes to professionals giving financial advice. Bank trust departments and trust companies always have been held to the fiduciary standard, and are proud of it. Unfortunately, there are some documented cases when individuals with such duties simply ignored them. Special needs Lawrence…
Month: April 2017
The Wrong IRA Beneficiary?
Sometimes mistakes in an estate plan can be repaired after death. Sometimes not. Charles Sukenik executed his will on November 4, 2004. His estate was to be divided between his surviving spouse, Vivian, and the couple’s private foundation. His revocable trust was restated at the same time, giving Vivian certain real property and the balance…
More Trouble for Long-Term Care Insurers
More than 400,000 long-term-care insurance policies were sold in 1992, according to figures published by The Wall Street Journal. These are the policies that help seniors cover the costs of nursing home stays at the end of life. At least 400,000 additional policies were purchased each year in the subsequent ten years, peaking at about…
Retirement Tax Trap
Dear Garden State Trust Company: My wife and I have been spending our winters in our Florida home for several years. What steps do I have to take to change my residency to Florida, so I can stop paying income taxes in my home state? —FLYING THE COOP Dear Flying: This is a complicated problem,…