News & Resources

The Wall Street Journal "Setting Up a Trust? Think Location" Features an Interview with Michael J. Puzo

The Wall Street Journal


The Wall Street Journal article "Setting Up a Trust? Think Location" features Michael J. Puzo, chair of the Private Client Group at Hemenway & Barnes in Boston and managing director at Hemenway Trust Company in Salem, NH. The article discusses how a trust’s location is as important as its structure. The state where a trust is established affects how much income and estate tax it will incur. Location also plays a big role in how much control its owners, trustees, and even beneficiaries have over it. State laws govern trusts, and they vary widely around the country.

A lot of wealthy individuals, who wouldn’t dream of buying a home or setting up a business without serious consideration of where best to do so, tend to think locally when it comes to setting up a trust, Mr. Puzo said. That can come back to haunt them.

To read the full article, please click here.


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