Most people remember the late Leona Helmsley as the convicted tax felon famous for uttering the words "only little people pay taxes", but she is also remembered for having a will that left a $12 million trust fund for her Maltese dog, Trouble. While that is extreme, we all know the strong bond between pet and owner - such that many people refer to a pet as their child. While legally pets are considered property, to their owners, pets may be best friends and family -- and in some cases, a pet may be a person's only friend or family member. Therefore, when a person considers his or her estate ...
Over the past few years, we have seen a dramatic increase in the number of clients interested in holding assets in trust for their children. This is a trend we are noticing across the board, regardless of the size of the estate. This is not due to younger generations' lack of financial savvy or level of sophistication, but more related to the housing market bubble's bursting, uncertainty in the stock market and the fifty percent divorce rate. Parents have shown an increased concern in insulating their children's inheritance from these more prevalent pitfalls. Particularly when the ...