Estate planning often gets pushed to the back-burner because of the persistent myth that it is only a concern for the uber-rich and that most average people do not need it. Read more.
The preservation and resources needed to properly maintain collectibles pose distinctively different challenges and liabilities compared to real property, mutual funds, and assets outside of the art world.
Alaska first enacted statutes for DAPTs in 1997. Other states have passed similar legislation since then. One fact has remained constant: No creditor has collected a judgment or settlement against a debtor.
An executor pressured by surviving family to distribute an estate early might be tempted to comply with these requests with the best of intentions. However, the executor might be required to personally pay estate debts if they distribute assets too soon. The personal risk of early distribution is often too great for an executor to oblige.
Few asset protection options remain once a lawsuit or judgment is filed. While some jurisdictions and/or circumstances may allow for some efforts to shield assets in the early stages of a suit, oftentimes actions made after being served are illegal and/or void.
Trustees are held to fiduciary standards. One of the fiduciary standards that trustees are held to is the Prudent Investor Rule.
Domestic Asset Protection Trust statutes have been enacted in numerous jurisdictions over the past decade. Understanding the flexibility and restrictions pertaining to DAPTs within each state can help individuals select an ideal jurisdiction for their asset management needs
The DOL proposed to amend regulations governing the actions of fiduciaries. The new fiduciary rule takes effect this year. The fiduciary rule may affect IRA trustees and custodians of IRA trusts.
Last month our gun trust law firm provided details about the proposed North Carolina Constitutional Carry Act. Another version of the proposed legislation was recently filed with the House. The latest bill includes alternative language and proposed amendments, while still ultimately proposing to remove the requirement for concealed carry handgun permits.
The United States Tax Court filed a memorandum shortly after the New Year pertaining to an estate tax case. The case highlights three important tax matters that executors might misinterpret or otherwise overlook during estate administration.