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Most Popular
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- September 17 CPE Breakfast Lecture in Old Westbury, New York -- "IRC Sec. 199A: Wasn't the Code to be Simplified?"
- Gain, Loss and Depreciation Issues in Like Kind Exchange
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Category Archives: Delaware Asset Protection Trusts
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
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
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
Importance of Trusts in Estate Planning & Asset Protection
A trust beneficiary possesses an equitable interest, but not legal ownership, in trust property. Creditors of a trust beneficiary therefore cannot generally assert claims at law against the beneficiary’s equitable interest in trust assets. However, under common law, a settlor … Continue reading
Delaware Dynasty Trusts
Traditionally, trusts were viewed primarily as a means to protect immature or dysfunctional beneficiaries from themselves. Traditional trusts typically terminated when a minor child attained a certain age. Dynasty Trusts, on the other hand, seek to maximize all of the benefits of the trust arrangement, which include asset protection and tax savings, as well as the traditional objective of protecting immature or spendthrift persons. In fact, the Dynasty Trust can serve as the centerpiece of an estate plan. Continue reading
Tax News & Comment — May 2013