“Adam Hofri-Winogradow recently published an Article entitled, ‘The Demand for Fiduciary Services: Evidence from the Market in Private Donative Trusts’, 68 Hastings Law Journal 931 (2017). Provided below is an abstract of the Article: ‘Recent revelations on the use of fiduciary services raise concerns regarding their use for tax and creditor avoidance. Yet given the secrecy shrouding much of the fiduciary industry, we do not know which fiduciary services are used for such purposes, and to what extent. Shining a light on a particularly obscure part of the industry, this Article presents and analyzes the results of the first-ever global survey of professional service providers to private donative trusts, having obtained 409 usable responses from professionals in 82 jurisdictions, amplified by twenty-five interviews conducted with professional trust service providers in five jurisdictions. I report new data on four controversial features of current trust practice: (1) perpetual and extreme long-term trusts; (2) trust terms exonerating trustees from liability to beneficiaries; (3) tools rendering beneficiaries’ entitlements inaccessible to their creditors; and (4) the control of trusts by their creators …'” (more)
[Gerry W Beyer, Wills, Trusts and Estates Prof Blog, 18 October]
First posted 2017-10-19 06:23:38
Leave a Reply