The Shock of Sudden Death and Probate

The sudden death of a loved one is a terrible shock. As this author discovered, the shock increases if you have to go through Probate. Her advice may help you with estate planning and to expedite Probate if you must go through it.

Estate Planning Made Easy....Easier

A major intergenerational transfer of wealth is underway, like nothing before seen in this country-or the world, for that matter. Estimates from the Federal Reserve Board have the richest 5% of U.S. households likely to pass along nearly 60% of the nation’s wealth within the next 50 years.

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.

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.

The Three Main Causes Of Conflict In An Estate Settlement And What To Do About Them

Most attorneys believe that the majority of problems related to dividing an estate should be solved outside of the courtroom – in other words, prevented.

Estate - Clearing Up Estate Document Confusion

Few topics confuse investors more than figuring out what estate-related documents they need. Living Wills, Living Trusts, and Powers of Attorney are just a few of the terms that most find hard to define, let alone understand.

ILIT's Offer Exceptional Estate Tax Planning Benefits

ILIT's are invaluable estate planning tools that may provide exceptional tax saving benefits. These life insurance trusts must be established and operated correctly to ensure that their objectives are attained.

How to Invest When You Have No Money

A quick discussion of three easy ways to invest from $25 to $250 dollars.

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.

Your Estate Planning Attorney Is Ripping You Off - By Doing His Job!

How your estate planning attorney is accidentally ripping you off! How to save a lot of money on attorney consultations fees.

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.

Why Offshore Asset Protection (Aka Foreign Asset Protection) Is Good?

Discusses why offshore asset protection (aka Foreign Asset Protection) is a legitimate business necessity. 1040 income tax return, schedule B line 7a: did you have authority over financial account in a foreign country. 1040 form, schedule B, question 8 regarding Foreign Asset Protection Trust. Other articles describe more opportunities for offshore asset protection strategies.

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?

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...

Estate Planning and Trusts

What are estate planning and trusts? What are the differences between federal death (estate) taxes and state probate and death taxes? Explains the relationships of property, insurance, pensions and IRAs and estate taxes.