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. Continue reading