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Estate Plan Trusts
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Financial Directive Powers - Real Property, Business, Medicaid, Taxes, Personal Property
How does the financial directive differs in powers from a power of attorney? Collection powers to forgive, request and sue for money. Real property and personal property powers to bargain- banking powers- file and prepare tax returns- family maintenance for customary standard of living- conduct business interests for principal- social security benefits like Medicaid or Medicare.
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Heirloom Antiques for the Comfort of Being Home
When you purchase a hand made or antique item today you are buying character and quality that adds to the beauty, comfort and gives you the feeling of being grounded, provides a conversation starter, and sense of being home. Leaving this item to your heirs becomes part of your legacy and intersects their history with yours, and provides a deeper connectedness and sense of home. Some advice on purchasing quality antique or art items that will add to your legacy.
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Family Limited Partnership-Abusive Tax-Free Wealth Transfer
General Partners in family limited partnerships cause red flags for abusive tax-free wealth transfers. Describe how family limited partnerships work. Gifting to the younger generation as a tax deferral strategy can use two discount estate tax valuations of underlying assets up to 70%. Disadvantages of family limited partnerships do not receive stepped-up basis as bequeathed property. There are capital gains tax liability issues. General partners have no asset protection. Briefly discuss family succession estate planning for asset protection, wealth preservation, avoiding probate, defer capital gains, eliminate estate taxes, reduce income taxes- dispute resolution and control of family business matters.
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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.
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Trust Protector - The Powers and Responsibilities of a Trust Protector
What is a trust protector? What are the duties and powers of a trust protector? Change trust's situs, veto distribution to beneficiaries, replace trustee, control disbursements of trust or terminate trust if costs of administration is greater than available funds. Mentions asset protector in Foreign Asset Protection Trusts (FAPT). Trust Protector is someone close to family, CPA, accountant or lawyer.
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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?
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Nevis LLC (Foreign LLC) Protects Assets and Avoids Fraudulent Conveyance
How the Nevis Limited Liability Company, a Foreign LLC, can protect one's assets and still avoid fraudulent conveyance if the member's interest remains proportionate to the contributed capital. Creditor can issue charge order against the Nevis LLC. Mentions how Foreign Limited Liability Company and International Business Company (IBC) are used for asset protection and tax haven by Michael Jackson. Defines bearer shares.
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Estate Planning and the Enduring Power Of Attorney - Changes Imminent
It can be hard to imagine that you may not be able to look after yourself at some point in the future. As most of us are only too aware though, the chances of this situation arising is likely. But who will look after your financial affairs? And how will it all work, especially if your situation deteriorates quickly? Let's look at the options available to you-
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Asset protection with Joint Tenancy, Tenancy in Common, Tenancy in Entirety & Community Property
Protecting assets by Joint Tenancy, Tenants in Common, Tenancy in Entirety or Community Property have many disadvantages. Loss of step-up in basis upon the death of the first Tenant; loss of estate tax protection; possible exposure of the assets; Joint Tenancy disinherits all other heirs; possibility of a gift tax consequence; Joint Tenancy supersedes any trust with the loss of all trust benefits.
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Medicaid Nursing Home Spend-Down Program: 5-Year Look Back
The Medicaid nursing home spend-down program mandated by the government has 5-year look back provisions placing financial devastation on senior elderly couples and the next generation baby boomers. What are the government's Medicaid long-term care plans? Is reverse mortgaging an option? Pros and cons of a reverse mortgage. Plan ahead with solid Medicaid estate planning and protection.
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Anna Nicole Smith Dies Without a Will - What's a Will? What's a Trust?
Anna Nicole Smith dies without a will. Without a will and a trust Anna Nicole Smith leaves behind many unsettled legal issues including paternal rights to her baby daughter, unsettled case against her late Husband's estate Howard Marshall II. What's a Will? Why is a Will not enough? What are Trusts? What happens at the death of someone with only a Will?
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What is Unclaimed Inheritance? Am I Owed Any?
Are you aware there is over 35 BILLION dollars in unclaimed money in the United States and some of it is unclaimed inheritance? This money sits in the state or federal unclaimed money pools until the rightful owner claims it. The problem is the account owners of unclaimed inheritance accounts usually don't know the money even exists so the money just sits and sits and sits-
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