Does a trust protect one’s assets against judgment?
- October 20th, 2021
- David Greene
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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
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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…
What are the advantages of having a trust?
- June 2nd, 2021
- David Greene
- Comments Off on What are the advantages of having a trust?
First, one of the main advantages of having a trust is the avoidnace of probate. There are certainly other advantages as well. It can help insure passing of assets to children in the aftermath of a divorce, for instance when…
In light of COVID, does one going off to college need any estate planning documents?
- May 18th, 2021
- David Greene
- Comments Off on In light of COVID, does one going off to college need any estate planning documents?
As more colleges return to having full time students, many fear that COVID cases will greatly increase among the young. In light of that you are wise to prepare your child as much as possible. There are two primary documents…
HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?
- January 13th, 2021
- David Greene
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Well, Christmas is over and we have rung in the New Year. During this past week many people made New Year resolutions. Did you make any? Most of these deal with either working on a healthier and better body or…
New Year Thoughts
- December 29th, 2020
- David Greene
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As most of you know, the majority of my practice is dealing with IRS problems and Estate Planning. Today I want to pass along some thoughts about both of those areas. Even as the COVID-19 pandemic rages on, our problems…