What Are The Benefits Of Naming A Corporate Fiduciary?

Many individuals who establish trusts choose to name a close friend or relative as trustee.  However, there are many situations where naming a corporate fiduciary is a far better alternative. Acting as a trustee requires that the person have a good background in finance and tax. Failing that, the liability of making poor financial decisions […]

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Corona Virus Update From Stephen J. Silverberg, Esq.

We are following the news about Coronavirus and a second burst of the traditional flu that’s impacting people in our community. While we don’t believe that anyone should panic, we do want to encourage anyone with older or immunocompromised loved ones to be prepared. The CDC is encouraging everyone to have extra food and supplies on hand, in […]

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What Is a Trustee Responsible For?

If you have been appointed as the trustee of a trust, consider it a vote of confidence in your judgment and trustworthiness. It is also a major responsibility. A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a “trustee,” holds legal title to […]

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An Intentionally Defective Grantor Trust is Legal

Despite its name, a “defective grantor trust” is a legal and valid trust. The “defective” part only describes the fact that it’s not valid for income tax shifting purposes. Because it’s a Grantor Trust, all of the income, deductions, and credits are reported on the individual income tax return of the person creating the IDGT, […]

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