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

John Train (Author), Thomas A. Melfe (Author)
5.0 out of 5 stars  See all reviews (1 customer review)


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Book Description

August 23, 1999
By 2010, baby boomers will pass ten trillion dollars to their children. This unprecedented transfer of wealth will boost the need for executors and trustees, many of whom will not know how to manage and invest the assets in their care as required by the New Prudent Investor Rule. "Investing and Managing Trusts Under the New Prudent Investor Rule" explains this demanding new rule in terms of finance and investing so that professionals and nonprofessionals alike can optimize their clients' wealth while protecting themselves from liability. This book is a must-have for all trustees, their advisors, and anyone called to serve as a fiduciary.

John Train, the author of several bestselling financial guides, applies his dry wit to decipher the New Prudent Investor Rule with legal expert Thomas Melfe. The only straightforward resource to link investment insights with legal ramifications, this comprehensive book will guide investors and trustees as they seek to advise their clients knowledgeably and responsibly. Complete with sample forms, management guidelines, and checklists, this reference is a must-read for all trustees, both individual and corporate, as well as lawyers, estate planners, and investment advisors.



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

From the Back Cover

"A clear, understandable, and thought-provoking guide to an emerging and important new approach to investing and managing trusts."
-John F. King, President, Brown Brothers Harriman Trust Company

"As a former probate judge who rendered leading national decisions on Trust Prudent Man Rule issues, I commend Train and Melfe for this astonishingly clear and instructive guide. Every private trustee, investment manager, broker, lawyer, and financial planner must read this book if they are to meet their responsibilities under the new Prudent Investor Rule."
-Honorable Millard L. Midonick, Retired Surrogate, New York County Surrogates Court

"This book is not only a clear and concise guide to trust investment and management under the new Prudent Investor Rule, but it also provides an excellent introduction to trusts as investment and wealth management tools. The several appendices, which reflect the authors' extensive experience, will be invaluable aids to the novice and expert alike." -Jim Huffman, Dean and Professor of Law, Lewis and Clark Law School

"We are about to witness the greatest transfer of wealth in history--from the older generation to the younger generation. The dollars will be in the trillions, and for the tens of thousands of new trustees, this book is an up-to-date, clear, and very friendly guide to managing and investing those dollars under the new Prudent Investor Rule."
-Adam Smith, Author, The Money Game, and Chairman, Adam Smith Global Television

"This book will be an indispensable tool for anyone who suddenly (or not) wakes up to find himself trustee of a family trust. Even for the experienced lawyer or investment manager advising in the creation of trusts or managing trust assets, Train and Melfe provide not only an invaluable checklist, but an essential corrective for the serious misconceptions that abound in the realm of trust management. Well-organized and surprisingly readable, Investing and Managing Trusts under the New Prudent Investor Rule will move the world of trusts from the arcane to the commonplace, where it belongs."
-John Temple Swing, Lawyer, and President Emeritus, Foreign Policy Association


Product Details

  • Hardcover: 282 pages
  • Publisher: Harvard Business Review 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 Best Sellers Rank: #1,003,985 in Books (See Top 100 in Books)

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28 of 33 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 review is from: Investing and Managing Trusts Under the New Prudent Investor Rule: A Guide for Trustees, Investment Advisors, and Lawyers (Hardcover)
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.

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Inside This Book (learn more)
First Sentence:
Trusts are not only for the rich. Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
advisory affiliate, applicable gift instrument, prudent investor rule, investment management agreement, successful offeror, acting hereunder, execution page, investment duties, trust investing, trust portfolio, marital deduction trusts, private trustees, prudent man rule, overall investment strategy, governing instrument, charitable corporations, remainder beneficiaries, marital trust, trust terminates, trust instrument, income beneficiary, aggregate market value, gross contribution, inter vivos trust, income beneficiaries
Key Phrases - Capitalized Phrases (CAPs): (learn more)
New Rule, Model Act, Third Restatement, Old Rule, New York, Real Prop, American Law Institute, Uniform State Laws, Wall Street, National Conference of Commissioners, Prudent Person Rule, Restatement of the Law Third, Second Restatement, Trust Corporation, United States
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