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Modifications, reformations and decanting of a trust have all gained in popularity as a result of modernized trust laws, changes in family circumstances and/or a desire to change trust administration. This paper looks at some of the benefits of South Dakota's decanting, modification and reformation statutes.

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Act) reinstated the gift, estate and generation-skipping transfer (GST) taxes that were repealed earlier in 2010. The reinstatement comes with increased transfer tax exemptions and favorable rates for 2012. Get a closer look at the details in this white paper.

The term “family bank” grew from the idea that a Dynasty Trust can act much like a traditional bank by providing resources to fund particular needs of beneficiaries in successive generations, for instance, purchasing real estate and other large assets, funding business endeavors, providing family distributions to fund “health, education, maintenance and support” (HEMS) expenditures and so on.

Personal liability for family members serving individually as a trustee can result from improper asset allocation, lack of diversification, unacceptable due diligence and monitoring, environmental issues with real estate, and other distribution and/or investment issues. The directed trust and private family trust company (PFTC) are two great options to combat these potential liability issues without inhibiting a family’s flexibility and control.

With the International Monetary Fund and most analysts ratcheting down global growth forecasts, no end in sight for Europe’s fiscal and financial challenges, and a looming fiscal cliff in the United States, there is considerable hope that China, the world’s second largest economy, can remain an engine of global growth. Only Chinese growth his slowing rapidly. Is it time to revise expectations?

This paper looks at the possibility of an upturn in housing and the headwinds most likely to impede a robust recovery.

Dividends have taken a back seat in recent years, but historically have represented 40% of large cap equity market total returns. In some periods, dividend income was the only return to equity investors. Higher yielding equities provide strong current income plus the opportunity for appreciation without being eroded by future inflation. The Relative Value Dividend Focused strategy’s annual gross yield of 2.9% as of December 31, 2011 was 30% higher than the S&P 500 yield of 2.2% and over 50% higher than the 10-year Treasury yield of 1.9%.

Pension plan sponsors face significant challenges.  Retirement obligations continue to increase, and the two major equity market set-backs in 2000 and 2008 have produced widening funding gaps.  So what does the future hold?  Will their plans be able to reliably achieve their stated return objectives?  Unfortunately for plans relying solely on traditional equities and fixed income, the prospects look grim.  Our analysis suggest these plans will likely experience a 2% shortfall per annum over the next 7-10 years.

For many private collectors of fine art, lending artwork from their collection to a museum or cultural institution is a highly valuable and meaningful experience. For the good of the arts, it is very important that collectors continue to loan, but for the protection of collectors, it is also important that the financial value of the artwork be fully insured while on loan. This white paper looks at what collectors can do to protect their assets.

This white paper examines the need for family office reporting and types of reporting, the challenges in providing such reporting, how to design a reporting framework, the effects of the recent financial crisis and impending securities legislation, typical versus best practice reporting, the role of technology, and outsourced reporting solutions.