I find that people are mystified by trusts. The mention of the word seems to raise mental blocks and other barriers to understanding. It gets even worse when you mention the word “funding” in the same breath as “trust.” Let’s see if I can clarify. A Trust is Like a Corporation–sort of For our purposes, […]
Those who inherit fortunes are frequently more of a problem than those who made them. Congolese Proverb
Ok, so in my first post on the Empty Chamber Indicator, I referred rather cryptically to the television production Behind the Scenes, indicating I might report back later. Well, it’s later. Yesterday I returned to my office to find a phone message from a man asking me to call Michael Alexander, the producer of Behind the Scenes, […]
For reasons I may disclose later, I was checking out the website of the TV program Behind the Scenes. I looked at some of the program’s past episodes and guests and quickly realized that Behind the Scenes keeps some good company. I was on site, however, to see what kind of journalism the program practiced. I […]
Failure to address the new issues raised by Rule 41F will expose owners of firearms trusts to the risk of committing a new kind of accidental felony, i.e. related to a failure to document an RP [responsible person]. Firearms trusts must be reviewed–and likely revised–to clarify the roles of the parties involved and whether or […]
I’ve just finished reading the Estate of Purdue case, a tax court case decided in December. The case is interesting as an introduction to sophisticated tax planning strategies–FLLC, trusts, and all that. However, the real lesson from this case–and others like it–is that facts matter to courts. In this case, the IRS was contending that […]
That happened in the Estate of Purdue case decided on December 28, 2015–less than three months ago. And you can read a brief summary of why in the instructively titled article Attention to How Your Farm Business is Organized Pays Off for the Heirs at Tax Time. Bottom line, a family limited liability company formed with […]
If your goal is to ensure your retirement plan is able to provide income, tax-deferred growth, and long term security for your family, a Trusteed IRA may be a good option for you. It may give you peace of mind, knowing that your hard earned money will not be blown or diverted to spouses, creditors, or anyone else outside of […]
Wyoming Statutes Section 6-8-104 starts off on a serious note intended to get your attention–fast: A person who wears or carries a concealed deadly weapon is guilty of a misdemeanor punishable by a fine of not more than seven hundred fifty dollars ($ 750.00), imprisonment in the county jail for not more than six (6) […]
Farm and ranch estate planning and business planning involve countless choices and numerous wrenching decisions but none that ranks with pursuing fairness between and among the heirs.10 In almost every situation where it is planned for the farm or ranch business to continue into the next generation, and it appears that there will be both on farm heirs and off-farm heirs, the issue of fairness is […]