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 […]
Asset protection for you In a nutshell, here’s what you need to know about trusts as they relate to asset protection: the less access you have to assets in a trust, the less likely your creditors will have access to those same assets to satisfy any claims they may have against you. Of course, the […]
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 […]