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Domestic asset protection trusts (“DAPTs”) are trusts that you set up (you’re the settlor) but you are a beneficiary of, called “self-settled” trusts.
Although there have been a number of court cases suggesting that self-settled trusts might not work, the facts on all of those cases have been pretty ugly.
Might a disgruntled beneficiary argue that merely administering the trust you have, without addressing the potential for modifying that trust, isn’t sufficient? ■ Aging: Alzheimer's affects 47 percent of those over 85. Addressing the issues of an aging are critical for many.
How will the cost and complexity of trust administration change if you as a trustee cannot assume that the governing instrument can be relied upon as the governing instrument? Taxes, while unquestionably an exciting cocktail party topic, are just not as important for many folks as more complex fuzzy personal topics.
The Practical Planner is a bi-monthly electronic (or if you prefer, paper) sophisticated planning newsletter that provides practical and creative ideas to address estate, tax, business, personal, financial, and asset protection planning.
Articles address current developments, new planning ideas, and topics the media may not have addressed.
Most folks seem to feel that once the documents are signed their good to go. If you meet your wealth manager semi-annually, at least one of those meetings should have your CPA and attorney in attendance.
Few plans will have much chance of success without periodic professional involvement.
What you need to keep the young ones smiling is some good estate planning chatter.
This might well help whittle your estate down over the years to below the inflation adjusted federal exemption. Maximizing basis and minimizing estate tax can all be accomplished but you have to weigh the cost, complexity and economic risks of any technique you consider.
■ DAPTs: With the general demise of the estate tax for most wealthy clients asset protection planning has assumed a more important role in planning.
Hopefully the following estate planning tidbits will make you the hit at the next campfire.
■ FLP discounts: – The IRS is continuing its onslaught against partnership discounts.
The latest salvo will be regulations negating discounts on FLPs/LLCs (perhaps only on those not operating an active business) what should you be doing? If discounts are nixed and your estate is under the federal exemption amount, you might do a happy jig! Because the IRS will have done most wealthy, but not ultra-wealthy, taxpayers a favor.