Asset Protection, Wills, Trusts, Estate & Business Planning
What is decanting and how does it relate to trusts? The term “decanting” sounds mysterious, but in reality, decanting is simply a form of trust modification initiated by a trustee. The trustee accomplishes the modification by moving assets from one trust to a new trust with different terms. Estate planning attorneys draft trusts designed to […]
I cribbed this from Tyler Cowen’s blog, Marginal Revolution, who found in this study. To wit: We identify a number of background characteristics (e.g., undergraduate GPA) as well as screening measures (e.g., applicant performance on a mock teaching lesson) that strongly predict teacher effectiveness. Interestingly, we find that these measures are only weakly, if at […]
On becoming a trustee one enters a relationship which is governed by rules and bounded by limits. A trustee who thinks of himself or herself as controlling the relationship is far more likely to encounter serious trouble than a trustee who recognizes that the more practical characterization is that of a faithful partner with […]
I recently became affiliated with DocuBank, a firm that allows my clients and me to store my and my clients to safely and securely store our estate planning documents, including our living wills, health care directives, and HIPAA authorizations. In turn, your and my doctor or the hospital in whose beds we might by lying […]
Regarding one of the drawbacks to joint trusts in a non-community or separate property state: Loss of Creditor Protection All of the assets of both spouses may become subject to the claims of creditors of just one spouse. In addition, all of the assets of both spouses may become subject to the environmental liabilities of […]
Here’s a disconcerting claim at Frontline: A new working paper by professors from the University of Chicago and the University of Minnesota suggests cause for concern. According to the study, 7 percent of advisors have been disciplined for a fraud dispute or some form of misconduct. That can include anything from putting a client […]
“Revocable living trusts are useful vehicles for many people. Establishing a trust is certainly an act of love for one’s heirs – the streamlined transfer of assets upon one’s death being the main benefit of a revocable trust.” Susan Bondy National Financial Expert and Columnist September 23, 2001
Well, last we talked, Utah House Bill 251 had passed the House of Representatives and had just been assigned to the Senate Business and Labor Committee. It’s purpose was protect employees from overly onerous non-compete agreements. To that end, it allowed such agreements if (1) they protected only “trade secrets,” “proprietary information or processe[s],” or the […]
“Income tax returns are the most imaginative fiction being written today.” Herman Wouk
The University of Wyoming Extension office provides some good estate planning advice for farmers and ranchers in its online offering, Passing It On: An Estate Planning Resource Guide for Wyoming’s Farmers and Ranchers. Check it out. By the way, my use of their logo doesn’t imply their endorsement, nor does it imply my endorsement of […]