I spend a lot of time designing estate plans for people to avoid probate. What is probate and why do we want to avoid it? What is Probate? First of all, probate isn’t necessarily a dirty word. It’s exists to protect you in a way. Probate is the court supervised process to appoint an executor, […]
A UDAPT is an irrevocable trust blessed by the Utah legislature which pretty much lets you have your cake and eat it too. “Own nothing and control everything” as Nelson Rockefeller famously said. UDAPT stands for Utah Domestic Asset Protection Trust. Utah is one of a minority of States that allow asset protection for a […]
NING stands for Nevada Incomplete-gift Non-Grantor Trust. An ING Trust is an irrevocable trust designed to be treated a certain way for tax purposes. Incomplete-gift means that transfers to the trust do not require filing of a gift tax return (Form 709) and the trust assets remain part of your estate for estate tax purposes. […]