Investing and Managing Trusts Under the New Prudent Investor Rule: A Guide for Trustees, Investment Advisors, and Lawyers (Hardcover)

~ (Author), Thomas A. Melfe (Author) "Trusts are not only for the rich..." (more)
Key Phrases: advisory affiliate, applicable gift instrument, prudent investor rule, New Rule, Model Act, Third Restatement (more...)

Editorial Reviews

Review

An essential reference for all professionals and family trustees as well as their legal and financial advisors. -- Estate Planning Magazine

Contains specific chapters for lawyers, investment managers, and trustee/directors of tax-exempt entities, and should be of particular interest to financial planners and stockbrokers. -- Journal of Financial Service Professionals

Investing and Managing Trusts is clearly written and packed with useful information. It is a timely handbook. -- Philanthropyroundtable.org

Product Description

In the next few years, the world's senior generation will pass on some ten trillion dollars--more than the value of all the companies listed on today's stock exchange--to their heirs. Much of this unprecedented transfer of wealth will take the form of trusts. But the old Prudent Man Rule that trustees have followed for generations has been scrapped, and the new Prudent Investor Rule, which now applies in most states, drastically changes the way trusts must be operated. Trustees cannot hope to learn "on the job": today's investment principles and portfolio management techniques are too demanding. With Investing and Managing Trusts under the New Prudent Investor Rule, Train and Melfe show trustees how to manage trusts according to this important new Rule.

Many current and future trustees are unfamiliar with the far-reaching provisions of the new Prudent Investor Rule, which should soon govern trust investing in all fifty states. Investing and Managing Trusts under the New Prudent Investor Rule explains the investment and administrative obligations--as well as the new liberties--imposed by this stringent Rule.

John Train, an authority on building wealth, brings his deep knowledge and dry wit to this thorough guide, in collaboration with Thomas Melfe, eminent New York trusts and estates attorney. Train and Melfe also highlight the various forms of trusts and the major suitable and unsuitable types of investments, so that family trustees, as well as readers in the investment and trust business, law, and financial planning can understand the key strategic and managerial considerations.

This practical, straightforward guide--the first comprehensive discussion of the new Prudent Investor Rule for private trustees-comes complete with useful sample forms, management guidelines, checklists, and a glossary. It is an essential reference for all professional and family trustees as well as their legal and financial advisors.

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Product Details

• Hardcover: 282 pages
• Publisher: Harvard Business Press (August 23, 1999)
• Language: English
• ISBN-10: 0875848613
• ISBN-13: 978-0875848617
• Product Dimensions: 9.3 x 7.7 x 1.1 inches
• Shipping Weight: 1.7 pounds
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon.com Sales Rank: #363,275 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

29 of 34 people found the following review helpful:

5.0 out of 5 stars Finally a complete and easy to follow book on trusts, September 8, 1999

By A Customer

This is one of the few books of its type to explain all the important data points of managing trusts and investing. Its straight forward and comprehensive. This is written for lawyers and non-profressionals with an interest in this area.

This book could become the industry standard.