Should You Rescue a Child By Bringing Him into the Family Business?

You may be surprised to learn that more than 90% of American businesses are family businesses, according to Entrepreneur magazine. The term “family business” is defined as a non-publicly traded business that contains two or more family members. It’s not unusual for a patriarch or matriarch to dream of one day including one or more […]

Naming a Corporate Trustee for a Short While

Despite earning more than $27 million in salary, and millions more in endorsements, basketball superstar and cultural phenom Dennis Rodman appeared in court three years ago because he was unable to pay $800,000 in past due child support. He claimed that he was broke. Scottie Pippen, a teammate of Rodman’s on the Chicago Bulls championship […]

Keeping It in the Family

A constant challenge of my job is the “dealing with contingencies” issue.  Whenever I discuss an estate or asset protection plan with a client, I have to probe into various circumstances, which, no matter how remote, may occur and therefore should be dealt with in their legal documents. “So, upon the demise of the survivor […]

Retention of Your Advisors

When you have a revocable living trust, you typically serve as your own trustee. Upon your inability to serve as your own trustee, you name a successor trustee. While many trusts contain provisions regarding how a trustee no longer serves in the event of his or her disability, I’ve reviewed many trusts that don’t include […]

Spendthrift or Risk Tolerance?

A client, “Alec” discussed imposing a third party trustee on his son “Terrance’s” inheritance, while leaving his daughter in charge of her inheritance without imposing a gatekeeper of any kind. Alec worried that the substantial sum he was going to leave his son would be squandered without proper supervision. “Tell me about Terrance,” I asked. […]

Trustee Liability

When naming spouses, children or other loved ones to serve as trustees in your testamentary (after death) trust or trust shares, consider a recent case where an estate trustee who took an “egregious” position in litigation has been ordered to personally pay more than $140,000 in costs. Lawyers say the costs decision in Craven v. Osidacz […]