Actually the trusts are Crummey trusts named after one D. Clifford Crummey who won a decision in the Ninth Circuit in 1968, when I was just a high school lad. Israel and Erna Mikel were just in Tax Court showing how powerful the Crummey power can be as they used…
An IRA Trust can be a beneficial estate planning tool for families under certain conditions. However, many investors are unaware of the IRA Trust and the benefits that it may provide. Trusts are only for the super wealthy, right? Wrong! The Kokomo Perspective recently posted an article titled “Are You…
Legislation allowing Mississippians to place their assets in a trust for up to 360 years passed the state House and is now pending before Gov. Phil Bryant. How long should a trust really last? According to the Northeast Mississippi Daily Journal, Mississippi’s House Judiciary Chair Mark Barker said many states…
Wouldn’t knowing someone will step in if you become incapacitated create a little peace of mind? Wouldn’t knowing that your family is taken care of create even more peace of mind? Wouldn’t knowing there is a plan in place – a plan you developed – if something happens to you…
“Why do we care about these perpetual trusts?” Mr. Sitkoff said. “Because there’s a lot of money in them. Billions of dollars is pouring into these jurisdictions.” Perpetual trusts: good or bad? The principle of this tool is up for debate. Perpetual trusts allow trust creators to maintain some control…
By keeping even modest sums of money protected, trusts can ensure that your wishes for your money will be honored into the future. A recent article by the Motley Fool,titled "5 Things You Didn't Know — but Should! — About Trusts," sheds some light on common misperceptions of trusts. Here…
By putting ownership in trust and designating a knowledgeable person to oversee an individual’s firearms, the chance of such issues arising is minimized. Plus, paperwork requirements for transferring guns are streamlined and the trust prevents information about a valuable collection that might be of interest to thieves from being made…
“Income-tax rates are going up so it becomes more expensive for a grantor to maintain the grantor trust status of a trust they’ve set up,” says Lynn Halpern Lederman, managing director and senior fiduciary counsel – Northeast Region at Bessemer Trust, a New York firm that oversees $97.5 billion. A…
A revocable living trust is similar to a will in that it indicates how you would like your assets to be distributed after your death and can be amended anytime. While you should always have a will, a living trust—which is simply a trust set up during your lifetime as…
They can be incredibly useful tools, and thanks to the publicity, more people may consider using them, but many people misunderstand how trusts work. Let's take a look at — and dispel — three common myths about them. Are trusts too much work? Are they only for the rich and…