A payable-on-death account, also called a POD account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through...
There are many tools that can be used when putting together your estate plan. One such tool is a trust.A trust is a fiduciary arrangement, established by a grantor or trustmaker, which gives a third party (known as a trustee) the authority to manage assets on behalf...
August 24, 2017 There have been a couple of recent cases that have concluded that there is no asset protection strategy to stop a formidable creditor, who has secured a federal judgment, from attaching a beneficiary’s interest in a trust created by, for example, Mom...
August 2, 2017 The IRS recently issued Private Letter Ruling 201729009 where the IRS again blessed certain tax aspects of a trust (known as an “ING” trust, which stands for an “incomplete non-grantor” trust) that protects against both creditors and state income taxes....
July 26, 2017 Irrevocable trusts that were set up a few years ago (as well as many trusts that are still being set up today) which have provisions that are “etched in stone,” may later, due to changing laws or family circumstances, operate in a way that was completely...