All articles tagged with #trusts
Joyce Gifford's experience highlights the complexities and potential pitfalls of placing a home into a trust, as she discovered her ownership was transferred without clear understanding, leading to stress and legal battles after the firm McClure went bust. The case raises concerns about the effectiveness and regulation of asset protection trusts, with others sharing similar stories of financial loss and confusion.
Liechtenstein is tightening control over Russian-linked trusts abandoned due to US sanctions, exposing the country's deep financial ties to Russia and prompting a government crisis as hundreds of trusts are frozen, affecting its economy and international relations.
The death of Senator Dianne Feinstein has brought attention to the ongoing legal battle over the assets left by her late husband, Richard C. Blum. The dispute involves trusts created before Blum's death and centers around a Stinson Beach property and a marital trust intended for Feinstein's benefit. Feinstein's daughter, Katherine Feinstein Mariano, has accused the trustees of purposefully withholding payments and has filed a lawsuit alleging financial elder abuse. The trustees argue that the estate lacked liquidity and that Feinstein's own assets were sufficient to cover her expenses. The case is set to be resolved through private mediation. The conflict highlights the challenges faced by blended families in estate planning and serves as a reminder to plan meticulously, set expectations early, and prioritize communication to avoid similar disputes.
Handling a second parent's estate can be more complex and time-consuming than expected, even with advance planning. The process of wrapping up financial affairs after both parents have passed away involves dealing with wills, banking, tax returns, and other outstanding financial issues. It is important to have estate planning documents prepared by a lawyer, gather necessary paperwork while parents are still alive, and set realistic expectations for the timeline of finalizing bills and taxes.
A father wants to give his adult children a portion of their future inheritance to help them buy property, but he wants to ensure that the money is protected in the event of divorce. He considers co-purchasing property with his children and setting up trusts to keep the money out of reach of their partners. However, he is advised to be cautious about giving away all the money and to consider the potential impact of changing estate tax exemptions. Ultimately, he is reminded that there is only so much control he can have over his children and the money he gives them.
Nearly 75% of home purchases in Atherton, California, one of the wealthiest areas in the US, were completed through trusts or LLCs, according to data from real estate website Redfin. The trend of using trusts or LLCs to buy homes is becoming increasingly popular among America's wealthiest homebuyers, as it simplifies the inheritance process and provides extra privacy. Using trusts or LLCs can also provide other protections when buying a home you intend to live in yourself and keep within your family.
Atherton, California, one of the wealthiest areas in the US, has seen a growing trend of wealthy Americans using trusts or LLCs to buy homes. About 72% of home purchases in the 94027 ZIP code, which encompasses most of Atherton, were completed last year through trusts or LLCs. Using trusts or LLCs can provide extra privacy and simplify the inheritance process. On one block in Atherton, just two of the 12 homes are actually owned by individual people, with the rest owned by trusts, LLCs, or other kinds of corporations.
Creating an estate plan is important for everyone, regardless of wealth, as it spells out who will make decisions and inherit assets. A will may not cover all bases, as beneficiaries listed on accounts will receive the money regardless of what the will says. Careful consideration should be given to picking an executor and assigning powers of attorney. Assets such as stocks, bonds, and real estate may get a "step-up in basis" upon death, making it more beneficial to wait before gifting them. Setting up a trust can be a good option for those who want to control how and when their beneficiaries receive money. Estate plans should be reviewed and updated after major life changes.