“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…
These three questions merely scratch the surface of other factors that may need to be considered. Keep in mind that your estate at age 45 is likely very different from the one you’ll have at age 65 and 85 — your accounts change, you spend/inherit assets, and you gain/lose family…
Through a series of legal maneuvers and Iowa's then-blind eye toward financial elder abuse, his caregiver betrayed the World War II Navy veteran's trust and drained his savings over a number of years, according to friends and court documents. According to an article reported in The Des Moines Register, titled…
Irrevocable trusts, which are virtually unchangeable once established, have decreased in use, but revocable trusts, over which the grantor retains control, still flourish. A recent Cincinnati.com article, titled “Trusts remain useful tool in estate planning,” addressed some confusion over the use of trusts in light of recent changes in the…
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…
"During their careers, their 'acquiring wealth years,' many people live in places that have lots of jobs – and the higher cost of living that goes along with that," Friedman says. "In retirement, many of them want to move to a state where they can enjoy the same or an…
Recently, I attended the American Association Attorney-Certified Public Accountants (AAA-CPA) symposium at the United States Tax Court in Washington, D.C. I heard U.S. Tax Court Chief Judge Michael B. Thornton discuss court operations in the context of assisting taxpayers "get their day in court." Chief Judge Thornton stressed that the…
This case has drawn plenty of attention due to its legal and financial implications. Essentially, the case has escalated to the point of a federal judge warning state regulators that she would consider issuing an order to drop Ohio from Medicaid enrollment altogether, leaving the Buckeye State without federal funds to provide medical care for…
Managing an estate can be complicated and overwhelming, but libraries can often be sources of hidden value, and thus should not be ignored. There's always a chance that tucked away in that library are a few rare first editions or hard-to-find antique items. But if you're facing hundreds of volumes…
“Regardless of how much wealth you have,” says Gregory Popera, a private wealth adviser with Bank of America Merrill Lynch, “having some type of estate plan and financial power of attorney are sort of the financial building blocks to make sure your assets go where you want them to go.” Making…