Living Revocable Trust

What are the differences of a revocable trust (living trust or revocable living trust) and irrevocable trusts? Explains what's a trust, grantor, beneficiary, fiduciary responsibility of a trustee, accountability of the trustee and additional safeguards of assets.

Medicaid Estate Planning: Maximize Your Results

Medicaid Estate Planning: The 5-year look-back provisions where seniors must sell all assets 5 years before entering a nursing home. What can be gifted for Medicaid asset protection.

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-

ATO Gunning For SMSF Non-Compliance

We all know the only certainties in life are death and taxes... however, it seems that some SMSF trustees have forgotten this golden rule, when they got a tap on the shoulder from the ATO. It seems that they have let the SMSF become uncompliant since the changes in law of 1 July 2005, and the ATO has been getting gradually stricter on their policing of this matter. Christopher Balmford from Cleardocs Australia gives us an overview of the situation, along with a friendly warning to all fund holders to keep on top of things, or else...

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.

What Is Good Asset Protection? Part 1

Part 1: 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?

Grantor Trust - What is It?

How the grantor trust relates to the trust contract. What is a grantor in a trust? The living revocable trust by the grantor does not provide asset protection nor avoid estate taxes. The grantor benefits when setting up an irrevocable trust.

Estate - Do You Owe Taxes On That Gift?

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

Estate - How Do You Like These Odds?

Are you a gambler? Do you like to play the odds? Here are some real-life odds for you to consider: 90% of people become incompetent before they die! Of course, your spouse might not think you're of sound mind right now, but that's beside the point! If you don't take action, you could needlessly cost your spouse thousands of dollars and countless headaches in order for them to make decisions on your behalf.

Preparing for the Inevitable

Preparing for the Inevitable

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.

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.

Estate - Protect Your Beneficiary's Inheritance

An inheritance is the precious fruit of years of labor. It is an expression of love. Nowadays, more than ever, an inheritance is something that should be protected. All too often, inheritances are squandered or lost because of a lack of planning by those giving it. Read on to discover how to easily change that.

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.

Will Contest - What Is It? How Can You Protect A Will?

What is a Will Contest? Anna Nicole Smith, James Brown example in Will Contest. Valid objections to pursuing a Will Contest- testator never signed Will- Will did not meet statutory requirements- testator was under the influence when drafting Willl- testator lacked mental capacity. How to protect your Will? Attorney uses language to minimize ambiguity. Attorney used Non-contest Provision or Forfeiture Clause to Will which means beneficiary who chooses to contest Will loses any right to inheritance.