Domestic and Foreign Trust Differences

A brief look at the history of the Trust and Trustee. The differences of a domestic onshore trust and the foreign trust. Tax consequences vested with tax jurisdiction under which trust is created. Factors of trusts including role of Grantor, Trust, Trustee, Beneficiaries, provision of successor Trustee, compensation of Trustee services, exclude Beneficiaries, incompetent Beneficiaries and power to merge other Trusts.

Don’t Let Poor Estate Planning Tear Your Family Apart

Even if your kids are grown up with families of their own, you can probably remember scenes of intense sibling rivalry when they were younger. In some families, that competition continues into adulthood- for others, it recedes as children age and mature. But it can all come flooding back while trying to divide up your estate after your death as your kids argue over who gets what.

Estate - How To Legally Avoid Taxes On Gifts And Inheritances - Part 2

Last week I explained in theory how you can legally avoid paying taxes on gifts and inheritances. Avoiding taxes on gifts and inheritances is based on cost-basis. To help you apply this to your situation, I want to share some real-life examples of how my clients use these principles to legally avoid paying taxes on gifts and inheritances.

Estate - Will You Lose Your Home To Medicaid?

The largest financial risk that seniors face today is the potential of assisted living and nursing home costs to devour the nest egg that has taken a lifetime to build. Many will end up relying on Medicaid to pay these costs. If that's the case for you, chances are that Medicaid will come after your home when you die.

Estate - Do You Owe Taxes On That Gift?

This article discusses gifts and if you will owe income taxes on them.

Trustee of a Trust

What is the trustee of a trust? What is the accountability of a trustee and the fiduciary relationship to the beneficiaries? How does the trustee relate to an irrevocable trust? What's a trust protector?

What Is Good Asset Protection? Part 2

Part 2: Steps to good asset protection and wealth preservation. Know these facts of asset protection. Discusses what assets to protect and consider, domestic asset protection and foreign or offshore asset protection strategies and platforms. From Grantor Trust and Non-Grantor Trust to Foreign Asset Protection Trust (FAPT) and International Business Company (IBC). How to avoid fraudulent conveyance?

Debunking Estate Planning Misconceptions

Estate planning conjures up a lot of emotions. And not all of those emotions are positive - after all, planning for your own demise is tough! However, consider this: Planning your estate will not shorten or lengthen your life by a single moment. So why not think about it and do it?

Asset Protection-Joint Tenancy and Intentionally Defective Irrevocable Grantor Type Trust

Why Joint Tenancy is bad advice from lawyers? Why Joint Tenancy has no Asset Protection? The alternative is Intentionally Defective Irrevocable Grantor Type Trust.

What is Values-Based Wealth Planning?

No one over age 18 today will live to see the end of the 21st Century. The legacy you leave your children will be reflected in the values they learn about the role of money and property. Here are ways to plan that give your heirs a perspective that extends far beyond the dollar value of what you pass on to them by way of a financial inheritance.

How the Rich Hide Their Assets

How rich hide their assets. The Rich diversify assets. Hide assets w/ independent trustees, irrevocable trusts, foreign LLC, International Business Company, Corporations Chapter C or Subchapter S Corporations.

The Inheritor's Trust

The Inheritor's Trust is a way for a child with a substantial estate to save estate taxes and obtain some protection against creditors, lawsuits, etc. This article discusses this new concept.

Setting Up a Special Needs Trust for a Disabled Relative

Many of us have a family member or close relative with a disability. We'd like to leave a portion of our estate to help this family member but are unsure how best to do this. Should we just make an outright gift? What about a trust? This article takes a look at some of the options.

Children, Guardianships and Wills: Estate Planning for Young Families

Consider this scenario: Both you and your spouse are young with two small children. You don't make much; in fact, you might be just scraping by. Even then, you need a will.

Asset Protection In Relation To Medicaid And Bankruptcy

Advocating the proper asset protection measure is of crucial importance.