David Biscoe Bingham and Ashley Gill, of Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C., have made available for download their article, “Out with the Old, in with the Updated – Arkansas Adopts the Uniform Fiduciary Income and Principal Act”, published in JDSupra. The abstract is as follows:
Is it principal or it is income? This question has plagued trust beneficiaries, trustees, accountants, and attorneys since trusts have been used. The answer to the question is important, because the answer generally controls how much money a beneficiary will receive from the trust. It may also be the difference between whether or not a disgruntled beneficiary brings suit against a trustee.
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.