Boyes, Farina & Matwiczyk

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Monthly Archives: March 2018

Potential Problems with Siblings as Trustees

…When parents create trusts, they often consider appointing one or more of their children as trustees. On the surface, it may seem like the best way to protect their legacy is to keep trust management within the family. However, this plan may backfire due to practicality or family dynamics.

Appointing two or more siblings as co-trustees could create logistical problems.

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IRAs and the So-Called Kiddie Tax

…Parents and grandparents often transfer IRAs to minor children within their estate plans. A rule called Tax on a Child’s Investment or Other Unearned Income (also known as the “kiddie tax”), was enacted to curtail transfers for the main purpose of avoiding higher taxes that would be paid by adults. The recently enacted Tax Cuts &

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