IRS Tax Man
Recent Posts
The Hidden Sting in Many Trusts
Many Revocable Living Trusts contain what is called a Credit Shelter Trust. This was very common when the unified credit amount was low ($675,000 in 2000 and 2001 and $1 Million in 2002 and 2003). The problem with this is that these Credit Shelter Trusts force a Trustee on the…
What is a Last Will and Testament?
A Will, also known as a Last Will and Testament, is a legal document that lets people know how you want your assets distributed after you die. It is also the only document you can use to name who you want to have legal guardianship of any minor children you have…
What is a Revocable Living Trust?
A trust is a separate legal entity for holding and investing property. The most common type of trust is a revocable living trust. One or more persons (the “trustee”) holds property, usually real estate or investments, for the benefit of another or several other people (the “beneficiary”). The person who…
Trial & Heirs: Top 10 Celebrity Estate Planning Mistakes
Top 10 Celebrity Estate Planning Mistakes 1. Choosing an untrustworthy executor or trustee. Number 1 on the list of Top 10 Celebrity Estate Planning Mistakes is Tobacco and energy heiress Doris Duke (renowned for her gardens) chose an unsavory trustee – her butler – to manager her $1 billion foundation….