Posts Tagged ‘estate planning’

Headed for divorce? Here are some tax tips.

  • November 17th, 2021
  • David Greene
  • Comments Off on Headed for divorce? Here are some tax tips.

There are several things I recommend you do if you think you might find yourself going through a divorce, both for future tax audit sake and to make sure all assets are revealed.  First, copy all of your financial records…

What is a Grantor Trust?

  • November 9th, 2021
  • David Greene
  • Comments Off on What is a Grantor Trust?

To be a grantor trust, the trust must meet specific rules set out in the Internal Revenue Code. There are several but the one that is used most frequently is that the grantor retains the right to remove assets from…

How can one avoid a will contest?

  • November 2nd, 2021
  • David Greene
  • Comments Off on How can one avoid a will contest?

It is very hard to be successful in a will or trust contest.  However, many disappointed heirs file such contests every year.  Here are some planning tips to hopefully avoid that headache and heartache for your heirs.  (1) If you…

How can one protect assets held in trust from creditors?

  • October 27th, 2021
  • David Greene
  • Comments Off on How can one protect assets held in trust from creditors?

In my last blog I stated that a revocable trust will not protect against creditors.  However, there is a solution: the Irrevocable Trust.  In this trust, the maker of the trust generally cannot be the trustee, so a great deal…

Does a trust protect one’s assets against judgment?

  • October 20th, 2021
  • David Greene
  • Comments Off on Does a trust protect one’s assets against judgment?

Whether or not assets in a trust are protected from judgment creditors depends on the kind of trust.  The most popular trust is the Revocable Living Trust.  Usually, the maker of the trust is also the trustee, so he retains…

Who has to pay gift tax – donor or recipient?

  • September 16th, 2021
  • David Greene
  • Comments Off on Who has to pay gift tax – donor or recipient?

That is a good question, with an easy answer. The receiver of the gift does not pay the gift tax.  The donor pays the tax.  However, anyone can give an individual a gift of money, property or any other asset…

How Are Taxes Handled In Probate?

  • September 9th, 2021
  • David Greene
  • Comments Off on How Are Taxes Handled In Probate?

Two kinds of taxes can arise during probate. One is the estate tax which does not come into play unless the estate is worth more than $11 million. These taxes, which can be at a rate of 50% or more,…

Should an IRA or 401k be transferred into a trust?

  • August 25th, 2021
  • David Greene
  • Comments Off on Should an IRA or 401k be transferred into a trust?

It is definitely not a good idea!  If you put your IRA or other qualified retirement account into your Living Trust, the IRS will consider it as a distribution and you will be taxed on the entire amount immediately.  There…

What bequests should not be put in a will?

  • August 23rd, 2021
  • David Greene
  • Comments Off on What bequests should not be put in a will?

Thank you for your question.  There are several items you do not want to put in your will.  Here are some: (1) Any real estate in which title is held in joint tenancy with right of survivorship, (2) bank acccounts…

What happens to a trust after the trust maker dies?

  • June 10th, 2021
  • David Greene
  • Comments Off on What happens to a trust after the trust maker dies?

What happens after the trust maker dies depends on the language in the trust.  Most trusts are Family Trusts with husband and wife as co-trustees.  When the first spouse dies, the trust continues with the surviving spouse as trustee.   When…

Page 1of 5: 1 2 3 ... 5

Office Location

11 McGee Street
Greenville, SC 29601

Phone: (864) 271-7940
Fax: (864) 370-3413
Toll Free: 1-800-216-1116