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Fiduciary duty is a legally binding responsibility of a professional to act in the client’s best interests. If they have agreed to act as a fiduciary, they cannot act in the best interests of ...
For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the ...
Kentucky Revised Statutes; University of Louisville Digital Collection: The statute law of Kentucky with notes, praelections, and observations on the public acts : comprehending also, the laws of Virginia and acts of Parliament in force in this commonwealth : the charter of Virginia, the federal and state constitutions, and so much of the king of England's proclamation in 1763 as relates to ...
The directed trustee's role is administrative which involves following investment instructions, holding legal title to the trust assets, providing fiduciary and tax accounting, coordinating trust participants and offering dispute resolution among the participants
The recent attempt to eliminate Kentucky’s income tax faced immediate missteps. Lawmakers tried to give their tax-cutting decisions a rational justification by establishing a trigger formula ...
Every 401(k) plan has at least one person who handles administering the plan and investing its assets. This role is known as plan fiduciary and it carries with it important responsibilities ...
The Uniform Fiduciary Income and Principal Act (UFIPA) is one of the uniform acts that have been proposed in an attempt to harmonize the law in all fifty U.S. states. [1] UFIPA was finalized and adopted by the Uniform Law Commission (ULC) in 2018. [2] UFIPA is an updated version of the Uniform Principal and Income Act (UPIA).
Under the Prudent Investor Act standard, a fiduciary would not be held liable for individual investment losses, so long as the investment, at the time of acquisition, is consistent with the overall portfolio objectives of the account. Diversification is explicitly required as a duty for prudent fiduciary investing.