In the field of estate planning, there are different types of trusts utilized. The optimal choice will depend upon the circumstances and the underlying objectives.There are trusts that you can revoke or rescind, and there are also irrevocable trusts. When you establish a revocable living trust, you can act as the trustee and the beneficiary while you are living.As the name would imply, you can also revoke the trust at any time, and it would no longer exist. The assets that were contained … [Read more...] about Are Assets in a Trust Protected From Lawsuits?
We have a gift tax to prevent people from exploiting a loophole. If you were allowed to give tax-free gifts, you could give away your assets while you are living to avoid the federal estate tax. The estate tax was enacted in 1916, and there was no accompanying gift tax initially. Many wealthy people simply gave away assets while they were living at that time. Before long, the powers that be reacted through the implementation of a federal gift tax.Topics covered in this report … [Read more...] about Free Report: What Is the Annual Gift Tax Exclusion in New York