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He advocates a simpler approach of using an independent trustee you know.
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But people familiar with Mr. Romney's investments said his I.R.A., which is managed by an independent trustee and is estimated to be worth between $21 million and $102 million, used offshore blockers to avoid the tax.
Last week, another group of retired partners asked the judge to appoint an independent trustee to liquidate the firm.
Last week, an independent trustee appointed by the federal bankruptcy court in San Francisco filed a lawsuit charging that Citi "knowingly aided and abetted" Mr. Viola's activities.
To keep the lawyer's cost low, consider in advance whom you should name as an independent trustee and a backup trustee.
If, however, you're aiming to protect a beneficiary from his own spending habits or from creditors, then you're likely to need an independent trustee.
President Jimmy Carter had an independent trustee manage his peanut farm during his four years in Washington.
During his single term in office, President Jimmy Carter placed stewardship of his peanut farm in the hands of an independent trustee.
Warner spokeswoman Rachel Cohen said the senator's investments are managed by an independent trustee and have been since before he became governor of Virginia in 2002.
An independent trustee, Northern Trust, protects them from claims against Andersen.
Perhaps the moral of the story is to always use a "trustee-to-trustee" transfer and to avoid the issue altogether.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com