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OCTOBER 4, 2004
Edited by Toddi Gutner TRUSTS Private Guidance Sure, you can't take it with you. But if you've established a trust fund for your heirs, you can have some influence over how the money is spent, even after you're gone. You won't have to fill your trust with instructions -- a move that could open a can of worms, since beneficiaries generally can get access to the trust papers. The trick is to write a side-letter to the trustee. Such a letter, while nonbinding, is an effective way to guide a trustee in how to make distributions. For example, if an heir has a substance abuse problem, you might ask the trustee to attach strings to the money. Likewise, you might want the trust to favor a disabled child. "There's a better chance of keeping your wishes private this way than by putting them into the trust," says James Ellis, managing director at J.P. Morgan Private Bank. One caveat: Although the trustee doesn't have to disclose the existence of a side-letter, it could become public if the heirs file suit and request all relevant documents. To make sure no one misinterprets the side-letter as an amendment to the trust -- which could create confusion, if not a lawsuit -- get an estate lawyer to O.K. it. By Anne Tergesen APPAREL Gloves For Every Purpose Under Heaven A slew of specialty gloves has come along to protect all the delicate hands and expensive manicures out there. Nylon nonstick Regency Kneading Gloves let you work with bread and pizza dough without getting those sticky little pieces under your fingernails ($3.99, thekitchenstore.com). Bionic Gardening Gloves protect against dirt and scrapes. Developed by a hand surgeon who also designs batting gloves for baseball players, these sheepskin gloves offer snug support and full dexterity ($40, gardenscapetools.com). To take care of your mitts while in the yoga studio, Yoga-Paws give your palms extra cushion in inverted positions such as downward dog ($30, yogasyz.com). They are made from a nonslip material and perforated, similar to a yoga mat. By Kate Murphy   TIME OFF ABA Exhibit On Lawyer-Presidents Richard Nixon pulled mostly As and Bs in law school, but eked out Cs in trusts and family law. Rutherford Hayes pioneered the insanity plea in defending a killer. And while Woodrow Wilson was "most terribly bored" studying law, Gerald Ford attended two other laws schools before graduating from Yale's. Such tidbits grace the American Bar Assn.'s exhibit on the 25 lawyer-presidents. Some did better out of office: William Taft became a Supreme Court Chief Justice. Abraham Lincoln, an overachiever his whole life, handled 5,100 cases over 25 years. The exhibit, which opened on Sept. 20 at the ABA's Chicago headquarters, is free (abanews.org). By Joseph Weber SURVEYS Still Time To Vote If you haven't filled out our airline survey at BusinessWeek Online (businessweek.com/go/airsurvey/), you haven't missed out -- yet. Answer by Oct. 3 a few short questions about your carrier preferences and priorities for choosing an airline, and you'll be eligible to win a two-night stay at select properties of Starwood Hotels & Resorts. Results will appear in a special Personal Business report on business travel in mid-October.
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