Make Sure This Provision is NOT in Your Trust; Otherwise Asset Protection Disappears

April 19, 2017

Mr. Reynolds encountered debt problems at a very inconvenient time. He had inherited a trust with multiple millions of dollars in it from his parents when they died. The very thought of such new found wealth going to pay multiple creditors can leave a bad taste in one’s mouth. Mr. Reynolds was hopeful that he could file for Chapter 7 bankruptcy relief from his debts while still being able to receive sizable distributions from the trust his parents had created for him. (more…)

Do It Now: Name a Guardian for Your Minor Child(ren)

April 13, 2017

We know it’s hard. Thinking about someone else raising your children stops us all in our tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you – your child’s guardian could be a relative you despise or even a stranger you’ve never met. (more…)

Asset Protection Strategies Put to the Test: Exemption from Creditors on Real Estate Owned as Tenants by the Entirety—Are You Protected?

March 29, 2017

As another example for our Asset Protection Strategies Put to the Test series, here is an example of a plan that does not work. A taxpayer named Gary in Arkansas created a trust that he believed would avoid any need to pay any taxes on the income from the assets he placed into the trust.   He eventually discovered that the trust did not provide the tax shield the he desired. He found himself owing the IRS over $160,000. (more…)

Top-Rate Asset Protection Law for Trusts in Belize

March 22, 2017

Belize law compared to other offshore trust asset protection laws has some interesting aspects. Most offshore laws allow a creditor a certain period (typically 2 or more years) to bring a case in court to show that the assets that were transferred into the trust were fraudulent transfers. (more…)

Trusts Now Offer More Compelling Reasons to Exist

February 24, 2017:   Trusts have been viewed in the past mostly as vehicles that avoid or minimize estate taxes. However, now with married couples having close to an $11 million exemption from such taxes, let alone the new Washington DC administration’s likelihood of repealing the federal estate tax, trusts that offer other advantages take the spotlight. (more…)

Impacts of the Trump Presidency on Estate Planning: Your Quick Guide

It’s official — the Electoral College voted on December 19, 2016, essentially completing the 2016 presidential election cycle. With that bit of uncertainty behind us and a fresh year starting out, here’s what you need to know about planning your estate under the incoming Trump administration and Republican-controlled Congress. (more…)

New Legislation Could Mean the End of Estate and GSTT Taxes

March 16, 2017:  What This Means for You and Your Family

On January 24, 2017, the Death Tax Repeal Act of 2017, or H.R. 631, was introduced to the U.S. House of Representatives by South Dakota congresswoman Kristi Noem. If passed, H.R. 631 would completely repeal the federal estate tax. A separate companion bill put before the Senate by South Dakota senator John Thune, S. 205, would also repeal the generation-skipping transfer tax (GSTT). (more…)

Got Stuff? George Carlin Says You Need An Estate Plan!

March 2, 2017 :  George Carlin would have been a great pitchman for estate planning. You may remember his stand-up routine on “stuff.” We all have stuff, and we’re pretty particular about our stuff. We move it around with us, it’s hard for some of us to get rid of it, and some of us don’t like our stuff mixed up with other people’s stuff. (more…)

The Real Life Perils of Online and Do-It-Yourself (DIY) Estate Planning

With the number of online and do-it-yourself (DIY) legal providers continuing to grow and advertise heavily, you may be wondering if you could do your estate planning with the help of these forms. The advertising is seductive. Ads say, “attorneys use similar forms,” “the cost is significantly less than hiring an attorney,” and “many of these websites and kits are created by attorneys.” (more…)

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