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Florida has evolved into a U.S. tax and creditor protection haven, seducing wealthy individuals to migrate south. One of the biggest draws is that Florida imposes no income tax on individuals and trusts.1 As of Jan 1, 2006, there's also no...
The Katrina Emergency Tax Relief Act that President Bush signed Sept. 23 included some substantial changes to the legislation initially proposed. What survived the chopping block, what crept in the back door, and what does it all mean for...
We read with great interest GRATs: On a Roll by Julie K. Kwon and Daniel J. Loewy in the June issue. Their article concluded that short-term rolling GRATs can, depending on the circumstances, meet wealth transfer objectives better than a single...
Although trusts are, according to many theories, hundreds of years old, their provisions have changed more in the past 30 years than in the previous 300 years. The catalysts are not only increasingly complex laws, but also the fact that trusts are...
Many practitioners believe asset protection planning and estate planning are mutually exclusive. To some extent, this may be true; on rare occasions, clients may present issues so narrow that they can rightfully be classified as one sort of...
Offshore trusts are popular estate-planning tools for a various reasons, especially legal impunity. Some offshore jurisdictions don't recognize foreign judgments, and creditors have limited time to make claims on trusts established there.1 No...
Some helpful rulings for retirement benefits planning were announced in 2005. One court ruling defines higher education expenses, a revenue ruling clarifies disclaimers and a series of private letter rulings authorizes numerous trustee-to-trustee...
So what exactly are fraud, fraudulent conveyance, deceit and fraudulent transfer and when are attorneys accountable? Being a trustee entails risk of personal liability. Being one of a number of trustees can increase the risk. In the legendary...