Advice columnist Ann Landers once observed that “love is friendship that has caught fire.” If that’s true, there are thousands of ways for that blaze to unfold. For many Americans, such devotion and passion do not need to be neatly formalized as marriage. Continue reading
Year: 2016
Yet Another State Joins in Passing Asset Protection Trust Law
Effective in early 2017, Michigan will be the 17th state to enact self-settled spendthrift trust legislation. This new law will allow for the creation of trusts in Michigan under which the settlor (trust-creator/ grantor/trustmaker) can name himself or herself, along with one or more other beneficiaries, as a discretionary beneficiary of the trust, and as such, be eligible to receive distributions from the trust. Continue reading
Knowing the Rules, and Knowing They Won’t Change, Can be Helpful
The sixteen states that have passed asset protection trust law often compete with one another for business, each trying to woo individuals to use a trust company in that state to protect assets. An often-touted advantage of using one state over the others is that the “superior” state has the shorter statute of limitations Continue reading
Transfers to Cook Islands Trust Not Voidable
In a previous blog, we discussed the “Bellinger” case and how the court concluded that the debtor’s actions were defensible. To briefly recap the facts, this was the matter in which Mr. Bellinger had made transfers of about $1.7 million to a Cook Islands trust after he knew the primary obligors (on a promissory note that he had personally guaranteed) were defaulting. Continue reading
Contempt of Court Issue Raised in Asset Protection Trust Case
A case in the Southern District of Florida involved an individual who had guaranteed to a bank the repayment of about $5 million in debt obligations. The guarantor learned that the primary obligors on the debt were defaulting on the loan. Afterwards, the guarantor created, and transferred about $1.7 million in various securities and cash assets to, a Cook Islands trust. Continue reading
Did you include your grandkids in your will? 5 Tips to Avoid Common Problems
As we build wealth, we naturally desire to pass that financial stability to our offspring. With the grandkids, especially, we often share a special bond that makes us want to provide well for their future. However, that bond can actually turn into a weakness Continue reading
5 Mistakes Made by Successor Trustees (and How to Prevent Them)
When establishing a trust in Denver, you need to give serious thought to choosing your successor trustee—the person who will administer your trust once you’re no longer able to do so. Continue reading
Stress Test Your Estate Plan
So you’ve done the hard work of establishing an estate plan. However, you still have serious work to do to ensure that the strategy you’ve selected will maximize your peace of mind and protect your legacy. Continue reading
Proposed Treasury Regulations Will Limit Discounting
Bottom Line: If you like jumping right to the punchline, this post serves as an alert that in order to save gift and/or estate taxes to which you may otherwise become subject, making some gifts over the next four months would be highly recommended. For details, please read on….. Continue reading
The Tragic Loss of Star Trek’s Anton Yelchin: Lessons for Estate and Legacy Planning
On June 19, 2016, when successful actor Anton Yelchin (Chekov in the recent Star Trek movies) failed to show for rehearsal, his friends became worried and drove to his house. Sadly, they found Yelchin pinned between his security fence, brick mailbox, and Jeep Grand Cherokee. Continue reading