Richard Yam, J.D.

For many collectors, assembling an art collection is a journey fueled by passion, intellect, and a deep appreciation for beauty and history. It reflects your unique taste and often becomes intertwined with your personal story and legacy. But as with other significant assets, the question eventually arises: how do you thoughtfully pass this collection – and the legacy it represents – to the next generation without inadvertently creating friction among your loved ones? As advisors deeply involved

Many people don’t think about art as a traditional asset such as cash, securities, or real estate. However, art collections are often quite valuable and can make up a significant portion of your entire estate. Art collectors may own art for many reasons – some have a passion and love for art, some own an art collection to decorate their homes, and others own art strictly as an investment. Some art collectors may be artists themselves, creating works as a source of income. They also may create a

With the tax season fast approaching, you may have questions about how your trust is taxed, who is responsible for tax filings, or how trust income taxes get paid.

A Revocable Trust – sometimes referred to as a “Living Trust” – is a lifetime trust that can be amended or revoked at any time during the creator’s life. The creator (or “grantor”) of the trust typically also serves as trustee and is also a trust beneficiary during their life. At the grantor’s death, the terms of the Revocable Trust direct how the grantor’s assets are to be distributed, essentially acting as a substitute for the Will. Nonetheless, the grantor still executes a Will. This is beca

One of the most flexible and powerful gifting techniques is to loan money to other family members, especially in a period of low interest rates. The reason it works is simple: on average, the person receiving the loan should be able to invest the money received in a way that produces a rate of return greater than the interest rate on the loan. Thus, when the borrower returns the loaned money at the end of the loan’s term, they will be able to keep this excess return. Because the money was loane

Who would you trust to take care of your children if something happened to you? Who would you trust to manage their finances? Who in your life would be capable of administering your estate if you pass away? For some fortunate people, the answers to these questions are clear. For many others, however, answering these questions is far from easy. When clients are crafting or revising their estate plans, there are a lot of questions to answer and a lot of decisions to make. As a starting point, we

What is a Charitable Lead Annuity Trust (CLAT)? A charitable lead annuity trust (“CLAT”) is a type of charitable trust whereby a charity, donor advised fund, or foundation of the grantor’s choosing (the “Lead Beneficiary”) receives annual payments, either for a term of years or the grantor’s lifetime. At the end of this defined period, the remaining CLAT assets are distributed to the CLAT’s non-charitable beneficiaries, who are usually the grantor’s descendants, or trusts for the descendants’ b

Why is it called a “Dynasty Trust”? Some are surprised to learn that most trusts are temporary. Unlike a corporation, partnership, or other artificial legal entity, most trusts cannot be perpetual. A rule of law called the “Rule Against Perpetuities” terminates most trusts automatically and cuts them off at a few generations. As a result, even the most careful trust planning will eventually be unwound, because these temporary trusts will terminate, and the property will be distributed outright

The purpose of this article is to provide you with an overview of estate planning basics. Establishing or revising an estate plan first and foremost involves making a series of decisions, some of which can be daunting. We hope the information below serves as a useful guide during this process. Find answers to common tax reform questions here. What is an estate plan and why do I need one? Contrary to popular belief, estate planning typically involves more than just signing a Will. It generally i

The objective of the GRAT is to remove appreciation on the transferred assets from the grantor’s estate. The structure of the GRAT also allows this removal of appreciation to be done at minimal or no gift tax cost. Operation of the GRAT The grantor transfers an asset with high appreciation potential to the GRAT, which is an irrevocable trust. In return, the grantor retains a qualified annuity interest for a specific term of years. Common terms of years for annuity trusts range from 2-10 years.

What is a Charitable Remainder Trust (CRT)? It is a trust where non-charitable beneficiaries (usually the grantor and grantor’s spouse) receive payments at least annually during their lives or for a number of years, and a charity receives the trust assets remainingat the end of the trust term. A charitable trust is also referred to as a “split interest trust”. This is because the beneficial interests in the trust are “split” between the initial non-charitable beneficiaries and the charitab

The following is a brief summary of the changes to the estate, gift, and GST exemptions that will occur due to the sunset of provisions in the Tax Cuts and Jobs Act of 2017. Our team outlines some of the timely implications on tax planning and estate planning that should be considered. For a broader overview of the tax law changes expected in 2026, read this blog post. Introduction The Tax Cut and Jobs Act (TCJA) of 2017 was a major tax reform that, amongst other changes, doubled the estate, gi