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Why Joint Tenancy is bad advice from lawyers? Why Joint Tenancy has no Asset Protection? The alternative is Intentionally Defective Irrevocable Grantor Type Trust. Many estate planning attorneys unwittingly recommend the common ways to title property and have no idea that they are a disaster from an Asset Protection standpoint. We will look at a three common ways clients typically own their property, and why they are...
Beneficiary defective inheritor’s trust (BDIT) is an asset protection trust implemented by someone else. About self-settled trust. This is another rung on the ladder of estate planning and trusts. Keep in mind that one misstep could send you down to the bottom of the board again – Similar to the children’s game of Chutes and Ladders. If properly planned, the DAPT can turn into something called a...
Discuss different types of asset protection and trusts in estate planning. Simple trusts, gift-tax exclusion; generation skipping transfer-tax exemptions; transfer-tax system; supercharging trusts with no estate tax & gift tax; grantor trust. Asset Protection as well as estate planning and trusts, in general, can be viewed similar to a poker match. In some cases, you need a simple hand and sometimes only a full house will win. This...