Fiduciary

Defined Benefit Pension Plans Face Less ERISA Fiduciary Risk Under Recent Supreme Court Decision

Topics: DOL, ERISA, Fiduciary, Qualified Plans

The WRMarketplace is created exclusively for Finseca members by experts at Troutman Sanders and the Finseca staff. WR Marketplace #20-14 was written by Jim Earle and Christopher Stock. The Finseca WR Newswire and WR Marketplace are published by Finseca as part of the Essential Wisdom Series, the trusted source of actionable technical and marketplace knowledge…

Watch Your Step: Fiduciary Pitfalls for Trustees of Irrevocable Life Insurance Trusts

Topics: Fiduciary, ILIT, Irrevocable trusts, Trusts

This WRMarketplace was created exclusively for AALU members by experts at Troutman Sanders and the AALU staff. WR Marketplace #19-14 was written by Michael P. Vito, Counsel, and Jennifer M. Smith, Counsel, Baker & Hostetler LLP. The AALU WR Newswire and WR Marketplace are published by the AALU as part of the Essential Wisdom Series,...

No Good Deed Goes Unpunished – Does the Executor Know He Can be Personally Liable for Unpaid Taxes?

Topics: Fiduciary, Regulation

Protecting executors may start with life insurance. Executors are charged with paying the decedent’s federal tax liabilities before paying general creditorsor distributing assets to beneficiaries. Fiduciaries in possession of a decedent’s assets can be held personally liable for unpaid taxes if they make such payments or distributions and then have insufficient assets to pay taxes.

Who’s Who – Are Trust Advisors Fiduciaries? Does It Matter?

Topics: Fiduciary, Regulation

A Trust Advisor is an individual (or a group of individuals) separate from the settlor (the creator) of a trust, the trustee, or a beneficiary, who is designated in the trust instrument to direct the trustee in the exercise of the trustee’s powers. Trust protectors, investment advisors, distribution advisors, and business advisors/directors are all variations…

Picking Your Trustees- Be Careful Out There – Beneficiaries as Trustees.

Topics: Fiduciary, Regulation

It is commonplace to have family trusts structured as dynastic trusts for descendants (children, grandchildren, etc.) because they qualify for transfer tax deferral and creditor protection according to longstanding and appropriate tax principles. Deciding to have a child or other descendant serve as a trustee of such a trust teaches the beneficiary about wealth stewardship,…

Who Can You Trust with Your Policy Finding the Right Fiduciaries for Insurance Trusts.

Topics: Estate planning, Fiduciary, Irrevocable trusts, Trusts

ILITs are a mainstay in legacy and life insurance planning, and having a responsible, experienced trustee is critical for the ILIT to achieve the client’s objectives. Finding suitable ILIT trustees, however, has become increasingly difficult, particularly given the complexities and potential liabilities associated with ILIT administration (both before and after receipt of policy death benefits),…

ERISA Fundamentals – A Primer on Fiduciary Duties.

Topics: ERISA, Fiduciary, Qualified Plans

To protect employees with regard to certain employer-sponsored benefits, ERISA imposes fiduciary responsibilities on employers and others plan manager and administrators, which can be enforced by lawsuits and civil penalties from the Department of Labor. Anyone that has discretionary authority with respect to the administration of a plan or the disposition of its assets is…

Hot Off the Press- Proposed Regulations on Basis Consistency and Information Reporting for Estate Fiduciaries – New Rules, New Headaches.

Topics: Fiduciary, IRS, Regulation, Treasury Department

The WRMarketplace is created exclusively for AALU members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides deep insight into trends and events impacting the use of life insurance products, including key take-aways, for AALU members, clients and advisors. The AALU WRNewswire and…

The Winds of Change Are Blowing – What’s on the Horizon

Topics: DOL, Fiduciary, IRS, Regulation

The WRMarketplace is created exclusively for AALU members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides deep insight into trends and events impacting the use of life insurance products, including key take-aways, for AALU members, clients and advisors. The AALU WRNewswire and…

DOL Issues Proposed Regulation Revising the Definition of Fiduciary and the Prohibited Transaction Exemptions for Adviser Compensation.

Topics: DOL, Fiduciary, Regulation

Thursday, June 4, 2015WRM#15-20 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides deep insight into trends and events impacting the use of life insurance products, including key take-aways, for AALU members, clients and advisors.…