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Category Archives: Asset Protection
Tax Planning For Divorce
Posted in Divorce, Divorce, Tax Planning For
Tagged equitable distribution new york, estate tax divorce, gift tax divorce, irc section 1041, irc section 151, IRC section 71, property transfers in divorce, recapture of alimont, section 121 exclusion divorce, tax planning for divorce, taxation of alimony, taxation of child support
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Taxation of Grantor Trusts
Posted in Delaware Asset Protection Trusts, Grantor Trust Treatise, Grantor Trusts, Grantor Trusts, News, Treatises, Trusts
Tagged administrative powers, adverse party, asset protection trusts, beneficial enjoyment, beneficial owner, compliance issues grantor trusts, Delaware Asset Protection Trust, estate planning, fiduciary accounting income, fiduciary income, grantor trusts, IRC 671, irc 672, irc 673, IRC 674, irc 675, irc 676, IRC 677, irc 678, mallinckrodt trusts, nevada asset protection trust, nonadverse party, nongrantor trusts, plr 200131002, power to control beneficial interest, reporting grantor trust income, substitution powers, table income of trust
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Peering Through the Legal Prism: When Asset Protection Becomes Fraudulent
VIEW IN PDF: Tax News & Comment — August 2011 I. Introduction English law addressing fraudulent conveyances dates back to the early Middle Ages. The first comprehensive attempt to prohibit such transfers appeared in the Fraudulent Conveyances Act of 1571, … Continue reading
Tax Planning For Divorce
I. Introduction. In an action for divorce, property is subject to “equitable distribution” pursuant to Domestic Relations Law (DRL) §236. New York distinguishes between “marital” property, which is subject to equitable distribution, and “separate” property, which is not. The … Continue reading
Posted in Asset Protection, Divorce, Exclusion of Gain From Sale of Residence, Tax Planning
Tagged appreciated marital assets, asset protection, DRL 236, IRAs in divorce, IRC 1015, IRC 1041(b), IRC 1041(c), IRC 215, IRC 2516, IRC 2523, IRC 71, ny equitable distribution, ny marital property, ny separate property, o'brien v. o'brien, prenuptial agreement, price v. price, property transfer between divorcing spouses, QDRO, retirement plans in divorce, tax planning for divorce, transfers incident to divorce, Treas. Reg. 1.1041-1T
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IRS Ruling Provides Basis for Asset Protection Trust in Nevada
I. Tax & Asset Protection Benefits of PLR 201310002. New York imposes among the highest level of income tax of all states. New York City residents pay even more tax for the privilege of residing there. Income is taxed to … Continue reading
Posted in Asset Protection, Asset Protection Trusts, Delaware Asset Protection Trusts, Estate Planning, Trusts
Tagged asset protection trust, delaware trust, DING Trusts, grantor trust, IRC 674, IRC 677, irs, nevada trust, new york resident trust PLR 201310002, NING Trusts, Tax Law 605(b)(3)(D)(i)
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Elder Law Planning: Deciphering the Puzzle
View in PDF: Tax News & Comment — February 2013 Elder Law Planning: Deciphering the Puzzle I. Social Security The Social Security program, begun during the Great Depression under President Roosevelt, is the forerunner of Medicare and Medicaid. The … Continue reading
Posted in Asset Protection, Trusts
Tagged Elder Law, EPTL 7-1.12, estate attorney, Medicaid, Medicaid Eligibility, Medicaid Exempt Assets, Medicaid Surtax, Medicaid Trusts, Medicare, Medicare Part A, Medicare Part B, Medicare Part C, Medicare Part D, Medigap, National Health Care, Recovery from Estate, Social Security, Special Needs Trusts, tax attorney, tax lawyer, Third Party Special Needs Trusts
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Peering Through the Legal Prism: When Asset Protection Becomes Fraudulent
VIEW IN PDF: Tax News & Comment — August 2011 I. Introduction English law addressing fraudulent conveyances dates back to the early Middle Ages. The first comprehensive attempt to prohibit such transfers appeared in the Fraudulent Conveyances Act of 1571, … Continue reading
Posted in Asset Protection
Tagged asset protection, asset protection trusts, bankruptcy, bankruptcy exempt, bequests, decedent's will, Delaware Asset Protection Trust, devises, elective share, estate planning, estate tax, fraudulent conveyance, gross estate, holographic will, insolvency, intestacy, intestate, last will and testament, marital deduction, New York Surrogates Court, probate, tax planning, will, will formalitiers
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Peering Through the Legal Prism: When Asset Protection Becomes Fraudulent
VIEW IN PDF: Tax News & Comment — August 2011 I. Introduction English law addressing fraudulent conveyances dates back to the early Middle Ages. The first comprehensive attempt to prohibit such transfers appeared in the Fraudulent Conveyances Act of 1571, … Continue reading
Prenuptial Agreements
Prenuptial agreements can provide for property, support, inheritance, and custodial rights in the event of divorce or death. Many persons, especially those remarrying, will insist upon such an agreement. Continue reading
DELAWARE ASSET PROTECTION TRUSTS ECLIPSE OFFSHORE ENTITIES
EPTL § 7-1.3 provides in stark language that “[a] disposition in trust for the use of the creator is void as against the existing or subsequent creditors of the creator.” This prohibition against self settled spendthrift trusts has led some New York residents to create asset protection trusts in exotic places such as the Cayman or Cook Islands, or in less exotic ones, such as Bermuda or Switzerland. Continue reading
Asset Protection Seminar: July 27, 2010 in Lake Success, NY
Download Seminar Invitation: Asset Protection Seminar Invitation I would like to register for the July 27, 2010 Asset Protection Seminar:
Asset Protection for Professionals
Asset protection is best implemented before a creditor — judgment or otherwise — appears, since a transfer made with the intent to hinder, delay or defraud a creditor may be deemed a “fraudulent conveyance” subject to rescission. Asset protection may consist of simply gifting or consuming the asset. Continue reading
Trust May Compliment Prenuptial Agreement
The prenuptial agreement effec tively protects against the vagaries of marital dissolution. However, even a well-drafted prenuptial agreement will not always succeed in fully accomplishing this objective. For ex ample , the agreement will likely not prevent separate property from becoming marital property if as sets are commingled. Continue reading
Tax News & Comment — May 2013