There are good reasons and bad reasons for setting up a funded revocable living trust (RLT) – here is one of the better reasons: FDIC insurance has been increased and now covers each beneficiary’s interest in an RLT up to $250,000 each.
See the FDIC website explanation here.
The legislation authorizing the increase in
"It’s an ill wind that blows nobody good "
–old proverb
The current low valuation levels in the financial markets present some unique opportunities for estate tax and income tax planning. Low values give the opportunity for transferring assets on very advantageous terms, freezing low values, and recognizing losses for income tax planning.
Here is a list
"Hell hath no fury like a white knight spurned."
– Jonathan D. Glater writing for the Wall Street Journal.
Wachovia had a "silent run" losing scads of big depositors. Citigroup came to the rescue – loaning them cash. With FDIC guidance, Citigroup stepped in to prevent Wachovia from collapsing on Monday September
The Toronto Sun reports that Heath Ledger’s 2-year-old daughter, Matilda, will inherit his entire estate. Apparently, the family "gave" all the money to Matilda. Heath’s estate is estimated at $16.3 million.
See the my earlier post, The Joker, describing the issues in Ledger’s estate. His will, executed two years before the birth of his daughter
William F. Buckley, the conservative columnist who died in February 27, 2008, had one son, Christopher Buckley. Christopher has two children, Caitlin and William, with his now-estranged wife, Lucy. Christopher had an affair with book publicist Irina Woelfle and together they had a son, Jonathan, now age 8.
William F. Buckley’s will contained this provision: "I intentionally
I love this post from Gerry Beyers’ Wills, Trust and Estates Prof Blog:
Testamentary gift conditioned on method of body disposition.
It reminds me of the Jewish Halachic Will which utilizes exactly the same methodology: the testator getting his way by using his will to impose a legally enforceable severe financial penalty for not following
High-profile Allentown PA defense attorney John P. Karoly Jr., was indicted September 25, 2008 by a federal grand jury on charges he and two others conspired to defraud his brother’s and sister-in-law’s estates of millions using fake wills.
John J. Shane, a doctor Karoly often used as an expert witness and Karoly’s son, John P. Karoly
Neil Hendershot has a terrific post on his blog called "Liquid Trust" or "Living Trustworthiness"? With tongue in cheek, he talks of buying trust in a bottle (like Love Potion No. 9) to solve the nation’s financial crsis.
"Liquid Trust is the world’s first Trust Enhancing Body Spray, specially formulated to increase
Did you know you can turn in tax cheats for bounty?
Section 7623 of the Internal Revenue Code authorizes payments for detecting underpayment of tax and detecting and bringing to trial and punishment persons guilty of violating the internal revenue laws or "conniving" (love that word) at the same.
As pointed out by Timothy
Reserve Primary Fund (Ticker RFIXX), a money market fund with $62 billion in net assets, today wrote off $785 million of debt issued by the now bankrupt Lehman Brothers, reports Christopher Condon for Bloomberg.com.
The Board of Trustees of The Reserve Primary Fund issued a news release today (September 16, 2008). In the release they stated