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Do I Need a Living Trust – Part 2

In last week’s blog we discussed what a living trust and addressed some of the most common claims made about living trusts.  This week we will take a closer look at some other issues that should be considered in deciding whether a living trust is right for you. 1.  Creditor Protection A Living Trust Can Protect Trust Read More

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What is a Living Trust and Do I Need One?

What is a living trust? A living trust, sometimes called a “revocable trust” or “revocable living trust,” is a trust created while you are alive and is operative while you are alive as well as after your death.  During your lifetime you retain the right to revoke the trust, change its terms, or regain possession Read More

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What is a Living Trust and Do I Need One?

What is a living trust? A living trust, sometimes called a “revocable trust” or “revocable living trust,” is a trust created while you are alive and is operative while you are alive as well as after your death.  During your lifetime you retain the right to revoke the trust, change its terms, or regain possession Read More

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Do I Really Need An Estate Plan?

In a word,  ABSOLUTELY.  Here are ten reasons why everyone needs an estate plan.  You can name the guardians for your minor children. If both parents of minor children (under 18) die without wills naming guardians, the court will appoint a guardian to care for the child and make all legal decisions for the child. Providing for Read More

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Do I Really Need An Estate Plan?

In a word,  ABSOLUTELY.  Here are ten reasons why everyone needs an estate plan.  You can name the guardians for your minor children. If both parents of minor children (under 18) die without wills naming guardians, the court will appoint a guardian to care for the child and make all legal decisions for the child. Providing for Read More

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In re Brandon Clark: Inherited IRA Exempt from Creditors

In In re Brandon C. Clark, Case No. 3:11-cv-00482-bbc, the United States District Court for the Western District of Wisconsin reversed the Bankruptcy Court and held that an IRA a debtor inherited from her mother was exempt from the debtor’s creditors. In August 2000 the debtor’s mother established an Individual Retirement Account and named her daughter Read More

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In re Brandon Clark: Inherited IRA Exempt from Creditors

In In re Brandon C. Clark, Case No. 3:11-cv-00482-bbc, the United States District Court for the Western District of Wisconsin reversed the Bankruptcy Court and held that an IRA a debtor inherited from her mother was exempt from the debtor’s creditors. In August 2000 the debtor’s mother established an Individual Retirement Account and named her daughter Read More

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In re Bowen: Bankruptcy Trustee Cannot Reach Cash Value of Private ROP Disability Policy

In the Illinois bankruptcy case In re Bowen, No. 11-71289 (C. D. Illinois)(Order entered September 23, 2011) the bankruptcy court held that the cash value of a private disability policy owned by a debtor was exempt from the claims of the debtor’s creditors, not as life insurance, but under the provision of Illinois law exempting the Read More

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In re Bowen: Bankruptcy Trustee Cannot Reach Cash Value of Private ROP Disability Policy

In the Illinois bankruptcy case In re Bowen, No. 11-71289 (C. D. Illinois)(Order entered September 23, 2011) the bankruptcy court held that the cash value of a private disability policy owned by a debtor was exempt from the claims of the debtor’s creditors, not as life insurance, but under the provision of Illinois law exempting the Read More

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Feder and Fujishima: When It Comes to Life Insurance and Taxes, Dot Your I’s and Cross Your T’s

Two recent Tax Court decisions illustrate the danger (and cost) of not paying attention to the details when it comes to life insurance policies and taxes. In each case the taxpayer failed to dot their i’s and cross their t’s, which created adverse estate tax consequences in one case and adverse income tax consequences in Read More

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