For anyone who did any asset protection planning in 2010 — If you made a gift of more than $13,000 to anyone other than your spouse, you are required to file a federal gift tax return to report the gift(s). The filing is made on IRS Form 709. A gift tax return for gifts
February 2011
Revocable versus Irrevocable Trusts
By Ken Laino on
Following up on my posts of January 26, 2011 and July 21, 2010 — I want to emphasize again that not all trusts provide asset protection.
A so-called revocable "living trust" (often designed for probate avoidance) can protect beneficiaries of that trust from claims of creditors. For example, you can protect assets that you place…
Asset Protection Advantages of a Roth IRA
By Ken Laino on
Posted in Asset Protection Strategies/Alternatives
Does a Roth IRA provide better creditor protection than a traditional IRA? The answer is yes. This is because with a traditional IRA, you have to begin taking mandatory required distributions (MRD’s) starting in the year you reach age 70 1/2. These distributions can become a potential target for creditors. You are not required to…