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January 22, 2025

Partner Eve Fugiel on Trusts and Accounting

Eve Fugiel, a partner at Weiss & Company LLP in the accounting, advisory and tax departments, has been with the firm for more than 25 years. She started as a staff accountant in 1996 and steadily rose, acquiring new responsibilities every few years. She became a partner in January 2021.

Eve enjoys the work she does. Most of her clients are high net worth individuals, family offices or owners of companies who have spent a lifetime building a business. She is also a good listener. Clients confide in Eve. She hears stories, hopes, dreams, and disappointments. They share with her what they want to accomplish through their resources. Eve helps her clients accomplish their goals through careful planning and taking advantage of tax saving options such as trusts.

Many Reasons for a Trust
Eve explained that there are many reasons to set up a trust. Trusts can be used to avoid probate, to reduce taxes, to keep wealth within a family or to protect someone who is unable to support themselves. A trust is a great tool for parents who have a disabled child and want to ensure that child will have the means to be taken care of after the parents pass away.

A trust is a legal arrangement in which the Benefactor or Grantor (the one funding the trust) gives another party (the Trustee) the right to hold title to property or assets for the benefit of a third party (the Beneficiary).

When Eve works with a client to set up a trust, she often works with the client’s team of financial advisors. That team may include attorneys, investment advisors or a personal banker. The goal of most trusts is to keep building on and accruing assets, so the trust continues to be source of income for the beneficiary. The principle of the trust is typically an array of stocks, cash, bonds, and real estate. Income from the trust comes from dividends, rent, interest and royalties.

Anyone can set up a trust. High net worth individuals who have children and grandchildren and who want to keep their fortune within the family often set up trusts for their descendants. Sometimes there are stipulations in the legal documents about when the money in the trust becomes available to the children.

Some Guidelines About Trusts
Eve explained that a trustee is legally responsible for managing the trust, investing the trust’s assets, and protecting those assets.

The trustee of a trust must be a person or organization who is beyond reproach. The work of the trustee is often paid, and the trust typically specifies if the trustee will be paid on a fixed fee or percentage basis. If a trust benefits multiple beneficiaries, the trustee is obligated to be impartial.

Eve works with her clients to set up a trust that will meet their objectives and goals. All trusts are either revocable or irrevocable. She will make recommendations and suggestions based on what clients have shared with her, but ultimately, it’s the client’s decision how to proceed. She is there to file the trust’s tax returns and prepare reporting documents for the benefactor and beneficiaries.

The Tax Cuts of 2017 are set to expire at the end of 2025. It doubled the estate and gift tax exemption for individuals from $5.5 million in 2017 to $13.6 in 2024. For certain high-income clients, whether this tax cut will be extended could have significant implications for tax strategy and planning. As of this writing, a decision has not been made by Congress, but with a new administration set to begin in January, anything is possible.

Eve said, “I love making a difference in people’s lives. Money is a very sensitive subject for people and it’s often hard to talk about. I am grateful I have a chance to help them take advantage of laws that let them take care of their families in ways they never imagined.”

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