By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law Although attorneys are trained in the technical aspects of the law, we haven’t been taught how to run a successful business, often relying upon trial and error as costly teachers. In the process of building my own practice, I have made each and every one of the following mistakes when hiring associate attorneys, so I am speaking to you from experience. Mistake #1: Focusing mainly on the associate’s law school, credentials, experience and technical expertise. As educated and experienced…
Trustasaurus: The Gradual Extinction of the Age 25, 30 and 35 Trust
By Steven J. Oshins, Esq., AEP (Distinguished) Read nearly every trust drafted by nearly every law firm and you’ll see provisions that make mandatory distributions at staggered ages. Why is this done? I have no idea. Maybe because their standard “form” trust agreement does that??? Is it good planning? Absolutely not! STAGGERED DISTRIBUTION TRUST A “Staggered Distribution Trust” is a trust that makes mandatory staggered distributions upon the beneficiary reaching staggered ages. The most widely-used provisions distribute one-third at age 25, one-half of the balance at age 30 and the balance at age 35. The philosophy of doing this is…