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144 Insights found for Practices > Private Clients, Trusts and Estates
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Event

Illinois Uniform Powers of Appointment Act

Illinois State Bar Association Continuing Legal Education

Location:
Chicago, Ill.
Event
Event

2019 Estate Planning Update

Family Office Exchange

Event

Credit Shelter Trusts

Anatomy of Trust, New York State Bar Association Trust & Estate Law Section

Location:
New York, N.Y.
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Current Issues in Charitable Giving

American Bankers Association

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Do As I Say, Not As I Write: Perspectives on Drafting, Administration and Beyond

38th Annual Kansas City Estate Planning Symposium

Location:
Kansas City, Mo.
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Estate Planning for Digital Assets

Hawaii Estate Planning Council

Location:
Honolulu, Hawaii
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Fiduciary Litigation Roundtable

American Bankers Association

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Full Disclosure: It’s a Matter of Trust

38th Annual Kansas City Estate Planning Symposium

Location:
Kansas City, Mo.
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Illinois Trust Code: Judicial Modification of Trusts, Decanting

Chicago Bar Association

Location:
Chicago, Ill.
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Event

The Engaged Beneficiary: What You Need to Know

Family Office Exchange Rising Gen Forum

Location:
Chicago, Ill.
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The New Illinois Trust Code – Who, What, When and Why

2019 Illinois Banker’s Association Bank Counsel Conference

Location:
Chicago, Ill.
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The Use of S Corporations in Estate Planning

56th Annual Hawaii Tax Institute

Location:
Honolulu, Hawaii
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Event
Event

Drafting Estate Planning Documents

2020 Fundamentals Course Series

Location:
Chicago, Ill.
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Fiduciary Litigation Roundtable

American Bankers Association

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Event

Is Any Trust Really Irrevocable Anymore: All About Decanting

American Academy of Estate Planning Attorneys

Location:
Webinar
Event

Non-Judicial Trust Modifications

American Bankers Association Wealth Management and Trust Conference

Location:
Orlando, Fla.
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Opportunities in a World Gone Mad

Sterling Trustees LLC

Location:
Webinar
Event

Planning In A Low Interest Rate Environment

Hawaii Estate Planning Council

Location:
Webinar
Event

Tax Planning for Closely-Held Business Interests Before a Liquidity Event

32nd Annual RPTE National CLE Conference

Location:
Webinar
Event

What Does Charitable Planning & Giving Look Like in 2020?

Hawaii Community Foundation

Location:
Webinar
News Release

25 Schiff Hardin Attorneys, 7 Practice Areas Ranked by Chambers USA 2016

Twenty-five Schiff Hardin attorneys and seven practice areas received leading rankings in the 2016 edition of Chambers USA: America’s Leading Lawyers for Business.

News Release

3 Schiff Hardin Attorneys, Private Clients, Trusts and Estates Group Ranked by Inaugural Chambers High Net Worth Guide

Chambers HNW 2016 is the publisher’s first directory for the private wealth market, recognizing the world’s leading high net worth advisers.

News Release

Eight Schiff Hardin practice areas earned a National Tier 1 ranking on the 2017 edition of the U.S. News – Best Lawyers® “Best Law Firms” list

The firm also earned 30 Metropolitan Tier 1 rankings across its Ann Arbor, Chicago, Dallas, New York, San Francisco, and Washington, D.C. offices.

News Release

Schiff Hardin Advises Client in Global M&A Network’s “U.S.A. ESOP Deal of the Year”

Schiff Hardin is pleased to have been counsel to E&M Ice Cream in a transaction that was recently awarded the “U.S.A. ESOP Deal of the Year” at the 2016 Americas M&A Atlas Awards by Global M&A Network.

News Release

Chambers High Net Worth 2017 Recognizes Two Schiff Hardin Attorneys

Schiff Hardin is pleased to announce that two attorneys were recognized in the 2017 edition of Chambers High Net Worth guide, a leading legal industry ranking.

In The News
News Release

Partner Thomas Abendroth Recognized with Austin Fleming Distinguished Service Award by Chicago Estate Planning Council

Schiff Hardin LLP is pleased to announce that Thomas Abendroth, partner and Private Clients, Trusts and Estates Practice Group leader, is the 2017 recipient of the Austin Fleming Distinguished Service Award by the Chicago Estate Planning Council.

News Release

Schiff Hardin Expands Trusts & Estates Practice With Addition of Susan T. Bart in Chicago

Schiff Hardin LLP today announced that Susan T. Bart has joined the firm’s Private Clients, Trusts and Estates Group as a partner in the Chicago office.

News Release

Sixth Schiff Hardin Attorney Elected ACTEC Fellow

Schiff Hardin LLP is proud to announce that Christine R. W. Quigley has been elected a fellow of the American College of Trust and Estate Counsel (ACTEC).

Event

Do Trusts Really Create Trust Fund Babies?

40th Annual Duke University Estate Planning Conference

Location:
Durham, N.C.
News Release

Schiff Hardin Adds Michael K. Moyers as Partner and Two Associates to Growing Trusts & Estates Practice in Chicago

Schiff Hardin LLP today announced that Michael K. Moyers has joined the firm’s Private Clients, Trusts and Estates Practice Group as a partner in the Chicago office, along with two associates.

News Release

Schiff Hardin Attorneys Recognized as “Leaders in Their Field” in 2018 Chambers High Net Worth

Schiff Hardin is pleased to announce that six attorneys were recognized as “Leaders in Their Field” in the 2018 edition of Chambers High Net Worth, a legal industry ranking focused on the private wealth market.

News Release

Schiff Hardin Earns 38 Top-Tier Rankings by U.S. News – Best Lawyers

Schiff Hardin announced today that the firm earned top recognition for its marquee practices nationally and in key markets in the 2018 edition of U.S. News – Best Lawyers® “Best Law Firms.”

News Release

Schiff Hardin Named “Innovation Builder” by BTI

Schiff Hardin LLP has been singled out by corporate counsel as one of only 28 percent of law firms clients view as a BTI “Innovation Builder,” which recognizes firms that bring change to the legal market through new technology, services, strategies, or structures.

News Release

Schiff Hardin Recognized as an “Illinois Powerhouse” Law Firm

Schiff Hardin LLP is proud to announce that the firm has been named a 2018 “Illinois Powerhouse” by Law360 in recognition of its significant and precedent-setting work over the last year.

News Release

Schiff Hardin Recognized with 40 Top-Tier Rankings in U.S. News “Best Law Firms” Report

Schiff Hardin announced today that the firm has received 40 top-tier rankings and national recognition for its premier practices in the 2019 edition of U.S. News – Best Lawyers® “Best Law Firms.”

News Release

Thirteen Attorneys Named New York Metro Super Lawyers and Rising Stars

Schiff Hardin LLP is pleased to announce that 11 attorneys have been recognized on the 2018 New York Metro Super Lawyers list and two have been named Rising Stars.

News Release

Abendroth Named Chair of the Ripon College Board of Trustees

Schiff Hardin LLP is pleased to announce that Private Clients, Trusts and Estates Practice Group Leader Thomas Abendroth has been named chair of the Board of Trustees at his alma mater, Ripon College.

In The News
News Release

Schiff Hardin Continues Strategic Expansion with Three Estate Planning Lawyers in New York and Chicago

Schiff Hardin has continued to expand its Private Clients, Trusts and Estates Practice Group with the addition of three attorneys in its New York and Chicago offices. Stephen Liss, a former senior wealth strategist for UBS Financial Services and Barclays, joins as a partner in the firm’s New York office.

News Release

Schiff Ranked as “Law Firm of the Year” in Construction-Litigation and Earns 45 “Best Law Firms” Rankings

Schiff Hardin LLP announced today that the firm has received 45 top-tier rankings and national recognition for its premier practices in the 2020 edition of U.S. News – Best Lawyers® “Best Law Firms.”

News Release

Schiff Trusts and Estates Group and Attorneys Recognized in 2019 Chambers High Net Worth

Schiff Hardin LLP is pleased to announce that the firm was ranked for its work in Private Wealth in Illinois and nationwide in the 2019 edition of Chambers High Net Worth, a legal industry ranking focused on the private wealth market.

In The News

Bart Featured on Making Changes to Irrevocable Trusts

American College of Trust and Estate Counsel

News Release

Best Lawyers Recognizes 59 Schiff Attorneys, Six “Lawyers of the Year,” and 21 Ones to Watch

Schiff Hardin LLP is pleased to announce that 59 attorneys have been listed in the 2021 edition of The Best Lawyers in America, with six attorneys also being named a “Lawyer of the Year” in their respective areas of practice and location.

News Release

Morrison Named to 2020-2022 Class of ABA RPTE Fellows

Joanna Morrison has been named as a fellow in the 2020-2022 program of the American Bar Association (ABA) Real Property, Trust and Estate Law Section (RPTE).

News Release

New York Metro Super Lawyers and Rising Stars Recognizes Seven Schiff Attorneys on 2020 Lists

Schiff Hardin LLP is pleased to announce that seven lawyers have been recognized on the 2020 New York Metro Super Lawyers and Rising Stars lists.

News Release

Schiff Earns 46 “Best Law Firms” Rankings in 2021

Schiff Hardin LLP has received 46 top-tier rankings in the 2021 edition of U.S. News – Best Lawyers® “Best Law Firms,” nationally recognizing the firm’s premier practices.

News Release

Schiff Elects Three Attorneys to Partnership

Schiff Elects Three Attorneys to Partnership

News Release

Schiff Hardin Adds Christopher Roman in Chicago to Growing Trusts and Estates Practice

Schiff Hardin LLP today announced that Christopher Roman has joined the firm’s Private Clients, Trusts and Estates practice group as counsel in the Chicago office.

News Release

Schiff Launches Coronavirus Task Force to Address Business and Legal Issues of Pandemic

Schiff Hardin LLP announced today its launch of a Coronavirus Task Force to address the significant business, legal, and economic challenges facing companies as a result of the coronavirus (COVID-19) pandemic.

News Release

Schiff’s Private Clients, Trust and Estates Practice Group Named to Chambers High Net Worth Awards 2020 Shortlist

Schiff Hardin LLP is pleased to announce that the firm’s Private Clients, Trusts and Estates Practice Group has been named to the Chambers High Net Worth Awards 2020 shortlist for USA Private Client Team of the Year – Midwest and Central Region.

News Release

Schiff Trusts and Estates Group and Attorneys Recognized in 2020 Chambers High Net Worth

Schiff Hardin LLP is pleased to announce that the firm was ranked for its work in Private Wealth in Illinois and nationwide in the 2020 edition of Chambers High Net Worth, a legal industry ranking focused on the private wealth market.

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Alert

Colorado’s Use Tax Notification Statute May Become a Model for Other States

Earlier this month, the Supreme Court declined to hear an appeal challenging Colorado’s use tax notification statute. This decision could inspire other states to impose similar notification requirements on out-of-state vendors.

Alert

Does a Repeal of the Death Tax Mean No Tax at Death?

Donald Trump’s election has raised the question of whether the federal estate tax will be repealed. Our recommendation: Do not stop planning based on the assumption that the estate tax is going away forever, and continue to use trusts because of the long-term wealth preservation benefits they provide.

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IRS Issues Proposed New Regulations to Restrict or Eliminate Valuation Discounts

Proposed regulations released August 2, 2016 would permanently and profoundly change estate planning for families that own a controlling interest in a privately held corporation, partnership, or limited liability company.

Article
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New Jersey Repeals The State’s Estate Tax

On October 14, 2016, Governor Chris Christie signed new legislation repealing the state’s estate tax for those dying after January 1, 2018. This new legislation provides a significant benefit to many New Jersey estates which could have otherwise owed a substantial amount of state estate tax upon the Decedent’s death.

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Tax Talk: When Reporting Gifts at Discounted Values, a Qualified Appraisal is Crucial

In this article, we explain what constitutes a qualified appraisal and identify some pitfalls to avoid.

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The U.S. Estate Tax Reaches the Century Mark

The modern U.S. estate tax regime celebrates its 100th birthday this year. Each estate is taxed on the wealth it transfers to its beneficiaries, as opposed to the beneficiaries being taxed on the shares they receive.

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Wealth Transfer Planning By the Numbers: The Unofficial 2017 Exclusions and Brackets

The official inflation adjustments for 2017 will not be released by the Treasury Department until late 2016, but the expected adjustments have been calculated for certain important wealth transfer numbers.

Alert

Employer-Sponsored Charities May Allow Businesses to Help Employees Affected by Recent Disasters

The destruction caused by Hurricanes Harvey, Irma, and Maria and the wildfires in California have led to an outpouring of charitable gifts and donations.

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Estate Planning: How to Manage Digital Property Assets

Fiduciaries and family members often face challenges in managing the digital property owned by a person who has passed away or become disabled, especially if there is no plan and authorization for the management of those assets.

Alert

Final Tax Reform Bill Bars Taxpayers from Prepaying State and Local Income Tax

The final tax reform bill expected to pass this week not only curtails the deduction for state and local income taxes and property tax, but also eliminates individuals’ ability to claim an itemized deduction by prepaying their 2018 state and local income taxes in 2017.

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Funding Hurricane Relief: Limitations Suspended for Charitable Contributions

The President signed into law the Disaster Tax Relief and Airport and Airway Extension Action of 2017 last week, which provides tax incentives for those making charitable contributions to assist in the relief efforts underway in areas affected by Hurricanes Harvey, Irma, and Maria.

Alert

Increases to Gift and Estate Tax Exclusions Projected for 2018

Increases to the annual gift tax exclusion, and the U.S. estate tax, gift tax, and generation-skipping transfer tax (GST) exemptions are projected for 2018, providing favorable opportunities for tax-efficient wealth transfers.

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IRS Advisory May Limit Individuals’ Ability to Deduct 2017 Property Tax Prepayments

The IRS published guidance yesterday that may limit individuals’ ability to deduct prepayments in 2017 of real property tax not assessed until 2018 or later.

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Summaries of State Decanting Statutes

Decanting is a technique that permits a trustee to make certain modifications to an irrevocable trust. While a few states permit decanting under the common law, about half of the states have adopted decanting statutes.

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Tax Reform: House and Senate Have Agreement in Principle on Tax Reform

U.S. House and Senate Republicans have reached a deal that reconciles the differences between the House and Senate tax reform plans, paving the way for a final vote next week and final passage of tax reform by Christmas.

Alert

Treasury to Withdraw Proposed Regulations Restricting or Eliminating Valuation Discounts

The U.S. Department of the Treasury plans to withdraw proposed regulations issued in August 2016 that would have narrowed or eliminated taxpayers’ ability to claim valuation discounts on transfers of interests in family-controlled entities.

Alert

UPDATE: Increases to Gift and Estate Tax Exclusions in 2018

The Internal Revenue Service announced increases to the annual gift tax exclusion, and the U.S. estate tax, gift tax, and generation-skipping transfer tax (GST) exemptions for 2018, providing favorable opportunities for tax-efficient wealth transfers.

Alert

What’s Your Name, Man?

Alexander Hamilton did do a million things, and made his name known. If he was alive today, he likely would be very concerned about his name and its value and use after his death. He would benefit from planning concerning his right of publicity.

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10 Estate Planning Tips for Families with Beneficiaries with Special Needs

If your family includes a person with special needs, here are 10 tips to get you started on the right track to developing an estate plan that works for your family.

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ABLE Accounts: What They Are and What They Mean for Your Family

Individuals with disabilities and their families have many options to set aside funds without jeopardizing eligibility for means-tested government benefits.

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FAQs on the Use of the Gift Tax Medical and Tuition Expense Exclusion

Often grandparents or other family members or friends would like to make additional gifts but have already bumped up against their annual gift tax limits.

Article
Alert

New Pass-Through Deduction Presents Tax Planning Opportunities for Pass-Through Owners

The Tax Cuts and Jobs Act (the “Act”) will dramatically change the tax treatment of income from many partnerships, limited liability companies, and S corporations.

Alert

Qualified Opportunity Zones: An Introduction to New Opportunities under the 2017 Tax Cuts and Jobs Act

The IRS and Treasury Department issued proposed regulations that explain how investors can take advantage of the statute’s unique opportunity for deferral and exclusion of capital gains taxes by investing in designated distressed communities or QOZs.

Alert

Tax Reform One Year Later: Winners and Losers

One year has passed since significant tax law changes were enacted in December 2017. The overall impact of the Tax Cut and Jobs Act of 2017 (TCJA) on estate and tax planning for individuals and their families is close to what we expected — it’s been a mixed bag for taxpayers.

Article
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Hands Off Your Trust: U.S. Supreme Court Limits State Income Taxation of Trusts

The U.S. Supreme Court recently decided a case that addresses how a state may tax a particular trust. State courts have been addressing similar questions with increasing frequency.

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Three Ways for Gen X, Y, and Z’ers to Get Educated About Family Finances

As the holidays approach and gatherings are planned, you may be considering how and when to carve out time to discuss elements of your family finances while your loved ones are together for a visit.

General

Top Articles on Tax Reform

Tax returns filed in 2019 are the first to fall under the new regulations of the Tax Cuts and Jobs Act. Read more about our coverage on tax reform and its effects on businesses and individuals.

Alert

Update: Hands Off Your Trust: U.S. Supreme Court Limits State Income Taxation of Trusts

The U.S. Supreme Court recently decided a case that addresses how a state may tax a particular trust. State courts have been addressing similar questions with increasing frequency.

Article

U.S. Supreme Court Addresses State Income Taxation of Trusts in Kaestner

Illinois State Bar Association Trusts and Estates Newsletter

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Attorney-Client Privilege in Illinois Ownership Disputes: Accessing Privileged Documents

Business divorces are often messy. Those who individually or collectively control a private business sometimes seek to force out owners of non-controlling shares.

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Attorney-Client Privilege in Illinois Ownership Disputes: Protecting Privileged Documents

This post explains steps that Illinois LLCs and their majority members can take to protect otherwise privileged communications from disclosure to minority members in advance of and during litigation.

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Attorney-Client Privilege in Ownership Disputes: Illinois Corporations and Other Jurisdictions

This post explains the rules that apply to Illinois corporations and business entities organized in other jurisdictions.

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Alert

Enhanced Opportunity for GRATs as a Powerful Estate Planning Technique

The Internal Revenue Service (IRS) just released one of the all-time low interest rates applicable to certain wealth transfer techniques, including grantor retained annuity trusts (GRATs).

Alert

Four Considerations When Entering Into a 50/50 Business Relationship

Unlike businesses with a single controlling owner or several owners, a 50/50 business by its very nature is ripe for disagreement between its owners. Owners of a 50/50 business will need to proactively consider how to handle disagreements when setting up their business venture and drafting their operating agreement, shareholders agreement, or partnership agreement.

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How the SECURE Act Affects Retirement and Estate Planning

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was signed into law in December 2019, introduces a number of new rules and provisions that impact retirement savings in both employer-sponsored and individual retirement plans.

Alert

IRS Delays Tax Payment Deadline, But Be Certain to File on Time

U.S. Treasury Secretary Steven Mnuchin announced today that individual taxpayers can defer federal tax payments of up to $1 million for 90 days.

Alert

IRS Formalizes Federal Income Tax Relief and Delayed Tax Payment Deadline

The IRS released Notice 2020-17 on March 18, 2020, formalizing the relief announced the previous day by U.S. Treasury Secretary Steven Mnuchin, which extended the time to pay certain taxes by 90 days.

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IRS Formalizes Tax Filing Deadline to July 15

Late on Friday, the IRS formalized U.S. Treasury Secretary Steven Mnuchin’s announcement earlier in the day regarding the extension of the tax filing deadline to July 15 by issuing Notice 2020-18, which contains several important clarifications.

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Minority Shareholders: Seek These Rights Early On

Minority owners of a business face unique challenges. With limited or no control over the management and governance of a business, minority owners can be unfairly left in the cold or squeezed out. However, deliberate preparation and negotiation at the initial stages of the business can set up minority owners with the necessary tools to eliminate or reduce many of these difficulties and even avoid future conflict.

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New York Allows Video Notarization for Estate Planning as Social Distancing Becomes Norm

The coronavirus pandemic has created a new normal of social distancing and self-isolation. A side effect of this new normal is the inability for clients and advisers to come together in the same room to discuss, plan, and execute on their estate planning objectives.

Alert

Qualified Opportunity Zones, the Final Regulations: What’s New, What’s Changed, and What’s Stayed the Same

On December 19, 2019, the U.S. Treasury Department (Treasury) and the Internal Revenue Service (IRS) released the final regulations relating to investment in Qualified Opportunity Zones (QOZ).

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Treasury Secretary Extends Tax Filing Deadline to July 15

In a tweet this morning, U.S. Treasury Secretary Steven Mnuchin announced that the IRS is extending the tax filing deadline from April 15 to July 15.

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Trust Modifications

Trusts are more complicated today with multiple people sharing fiduciary responsibilities and varying state rules for how long a trust can last. We have created the following resources to help you understand the options of modifying irrevocable trusts.

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Trust Modifications Options

Trusts have become much more complicated over the centuries. They may own a wide variety of assets, including residences, real estate, interests in family business, and interests in increasing complex financial instruments.