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Jan 1, 2010 12:00 PM
Situs Shopping
Now more than ever, advisors must identify those states providing greater protection for grantors, beneficiaries or fiduciaries
Perhaps one of the most noticeable developments I'm seeing in the last couple of years is clients and their advisors paying increasing attention to situs and jurisdiction selection in estate planning. Indeed, they're regularly considering jurisdictions other than their residencies or domicile for their trusts and closely held business entities.
There are a number of reasons for this increased focus. The trusts and estates bar and professionals from financial institutions are working on model uniform laws or specific state statutes effectively addressing recurring issues. Clients' increased mobility forces more thorough reviews of laws in different jurisdictions. Also, states looking to generate additional revenue are enacting laws to attract business to their states. Additional business opportunities exist for financial institutions that staff offices and create situs in those states with favorable laws.
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| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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