How to arrange a client's property for asset protection

Article Abstract:

Attorneys engaged in estate planning practices should limit liability for asset protection by identifying in the fee agreement that asset protection issues are not being considered or by making sure that clients are apprised of all protection options. In assessing asset protection options, estate planners will need to consider tax issues, community property effects and fraudulent transfer laws. Protection strategies can include family limited partnerships, children's trusts, limited liability companies, qualified terminable interest trusts, irrevocable life insurance trusts and fractionalized interests.

Methods, Protection and preservation, Assets (Accounting)

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Final regs. approve certain changes in grandfathered GST trusts

Article Abstract:

The authors discuss modifications to grandfathered generation-skipping trusts that can be made under the Economic Growth and Tax Relief Reconciliation Act of 2001 without causing such trusts to lose their tax-exempt status. Topics include safe harbors and the three types of trusts having grandfathered GST tax exempt status.

Safe harbor (Taxation), Generation-skipping trusts

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Impact of bankruptcy reform legislation on asset protection

Article Abstract:

The author discusses the impact of the Bankruptcy Reform Act of 2001 on estate planning for asset protection, especially in regards to bankruptcy discharge and the protection of retirement income.

Influence, Bankruptcy law, Bankruptcy discharge

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