Wills, Trusts, Estate and Asset Protection Planning
Generally, the rule is that when you create a trust, and keep the right to receive assets from that trust, the trust can be reached in a lawsuit against you and will be taxed in your estate.
In recent years, several states, including Delaware, Nevada and Alaska have passed statutes purporting to allow you do get both tax and creditor protection without having to move assets off shore.
And, while these trusts have a number of restrictions, and downsides, the IRS has now issues a PLR – private letter ruling on these important issues related to an Alaska trust.
For more information on the IRS and asset protection trusts, prepared by David Frees click here.
For an appointment ranging from a simple will review and update to the more complex issues of trusts and estate planning, call David Frees’ office at 610-933-8069.
Mention this code (DavidFrees2010) if you are a Pennsylvania resident and receive a free initial consultation by phone or in person.