To be sure, there may be some meaningful differences in the burdens of persuasion and burdens of proof between the formal and informal fiduciary relationships--those in confidential relationships have to show actual reliance and have the burden to prove the existence of the relationship, whereas those in formal fiduciary relationships do not need to prove reliance and fiduciaries
will have the burden to show their transactions were fair--but these differences are not terribly important for my purposes here.
Part II, in the July 2006 issue, will illustrate some tax consequences of foreign and domestic trusts that fiduciaries
and tax advisers need to understand to report trust transactions properly under local law and in accordance with the trust instrument.
Using this meaning, many persons are considered fiduciaries
If the current process is insufficient, the fiduciaries
can modify it and the frequency with which the plan performs the review to help meet the growing risks.
must buy three different types of coverages in order to be protected, gaps can occur, causing confusion and possibly liability.
Nothing can be more important than educating fiduciaries
in their critical responsibility in the protection of employee benefit plans," said AICPA President and CEO Barry Melancon.
Even if no pension reform legislation is passed, the sponsors and fiduciaries
of employee benefit plans face significant exposure under the current law.
must discharge their duties solely in the interest of the benefit plan's participants and beneficiaries and for the exclusive purpose of providing benefits to those parties, while defraying the reasonable expenses of administering the plan.
Second, the courtappointed fiduciaries
agreed to comply with the Federal Reserve's order of March 4, which requires BCCI to divest its interest in CCAH, First American Bankshares' parent holding company.
Fiduciary Plan Governance, LLC, headquartered in Newburyport, Massachusetts, provides benchmarking, fiduciary assessment, and plan management and investment review services to plan sponsor fiduciaries
Flannigan is right that fiduciary relationships place fiduciaries
in a position of power and as such generate a risk of abuse.
court case, in which the handbooks were referred to as "the great book" for investment fiduciaries
com)-- Helen Sipsas, MBA, CFP[R], a Managing Principal of Peak Wealth Advisors in San Luis Obispo, CA and Pasadena, CA has been awarded the Accredited Investment Fiduciary[R] (AIF[R]) designation from Fiduciary360 (fi360), an organization offering training, tools and resources to promote a culture of fiduciary responsibility and improve the decision making processes of fiduciaries
However, by having to wait for the IRS to issue a Compliance Statement, the process of fully protecting the plan and the fiduciaries
can take an extended period of time.
are required to perform professional or other services with all of the expertise, loyalty and due care that they possess.