When individuals are given the responsibility of managing a high-asset trust, they are charged with distributing large amounts of funds and property on behalf of another individual’s estate. And in cases where the estate is dynamic and growing, trustees can be greatly involved in the process of administering trusts, warranting compensation for their efforts. The question is, then, how much money are trustees actually entitled to? That is the question at the heart of one dispute between the estate and foundation of a famous painter and the three individuals he chose as his trustees.
In the past, for many Floridians, as well as people in other states across the nation, consideration for the possible federal estate tax liability was among the factors taken into account during their estate planning. While the changes to the federal estate tax exemptions have resulted in fewer people owing federal estate tax on inheritances, there still may be situations in which it is a good idea to plan for death taxes.