A “dynasty trust” is a trust that is structured to preserve assets for multiple generations. Assets continue to be held in trust (rather than being distributed directly to beneficiaries). This is not a vehicle to protect your assets from your own personal creditors; but it protects the assets once they pass to a beneficiary.
For
It is highly advisable to focus on asset protection and estate planning at the same time. Keep in mind, however, that you will likely need separate documents for each type of planning.
Most people who set up an asset protection trust (“APT”) — either domestic or foreign — usually want to (i) retain some sort of control
Much of my work is centered on helping clients protect their assets during their lifetimes. But most people also want to make sure that their assets are protected after their deaths.
A recent article in the New York Times describes a very public fight among relatives of actor/comedian Robin Williams. His widow and his
An amazing article on the front page of today’s New York Times reports that nursing homes in New York are increasingly seeking guardianship over certain residents simply to gain control of their finances. The author, Nina Bernstein, acknowledges that in some instances, a nursing home might seek guardianship because there is no relative capable of
A fascinating article by Julie Satow in the April 28, Sunday New York Times describes a New Yorker whose entire $40 million estate will likely go to the government because he died without a will. This case is somewhat unique because Roman Blum, age 97, apparently died with absolutely no living relatives. But Mr. Blum could have
As of January 1, 2013, the annual federal gift tax exclusion has changed to $14,000 per donee. This means that during 2013 you can give up to $14,000 per donee without filing a federal gift tax return. So, for example, if you have three children – – you can give each of them $14,000 without
The so called “fiscal cliff” bill passed by the House of Representatives on January 1 sets the federal estate and gift tax exemption amount at $5 million for 2013 and thereafter. If Congress had not taken any action, the exemption amount would have fallen to about $1 million. The exemption will be adjusted for inflation
As I noted in a post about a month ago we are facing potentially dramatic year-end changes to the federal estate and gift tax. The “exemption amount” could drop from $5 million to $1 million. In any event, it seems like the exemption will ultimately be less than it is now.
This means that for
Ohio does not currently allow you to set up a Domestic Asset Protection Trust to protect your own assets. But you can set up a trust that protects assets that you leave to a beneficiary other than yourself. This kind of trust is commonly referred to as a “spendthrift trust”. Many trusts that are
As of January 1, 2013, the federal estate and gift tax “exemption amount” will go from $5 million to $1 million. The tax rate will increase from 35% to 55% (in some cases higher than 55%). While Congress may change this before year-end (or make retroactive changes early next year), there is no assurance that
