Starting this month, you'll notice some new names on our editorial advisory board list. We've added a committee of practitioners we feel have been underrepresented when it comes to input on content in our magazine.
I've advised generations of families for three decades. They often ask for advice for the younger generations, which we call Generation Two, or G2 for short.
Below are 21 points for advising G2. While much of the advice may be familiar, it may be helpful.
Sympathetic to the claims that so-called warehousing is generally bad. Another common concern is that because DAFs are generally pass-throughs to other charities, various sorts of donor abuses can occur and are more likely than when charitable contributions go directly to “real” charities. Such abuses range from sophisticated estate-planning transactions down to donors running contributions to athletic departments for tickets through a DAF to obtain a 100 percent charitable deduction rather than the allowed 80 percent deduction.
Tax & Accounting US, CCH Research & Learning Wolters Kluwer
Creating Creditor Protection Trusts Must Extend Beyond the Spendthrift Provision
In discussing the creditor protection of trusts, practitioners almost always focus first on whether the trust has a spendthrift provision and the protections afforded by the spendthrift provision. In our opinion, this is much like focusing on whether your car has a “Police Up Ahead Alerter” when in fact your car cannot go greater than 30 mph.
Fiduciary and personal interests occasionally conflict in the investment or management of trust property. Transactions which are “affected by a conflict” are generally voidable by an affected beneficiary.
