Robin Klomparens
IRREVOCABLE TRUSTS Functions. An irrevocable trust can shift property value and income to: Build an educational fund for a child; Provide current income for an adult child; Provide current income for an aged parent; or Provide asset protection for others. If the beneficiaries do not have immediate access to trust funds, those funds are unavailable […]
READ MOREAB 205, as amended by AB 2580, the Domestic Partner Rights and Responsibilities Act (“Act”), was a complicated but landmark piece of legislation. This California state law, which took effect on January 1, 2005, expanded domestic partner rights to include most, but not all, rights of married couples. The legislation provided rights but also imposed […]
READ MOREThis article explains what asset protection planning is–structuring financial affairs to minimize the burden of future unforeseen liabilities–and best practices for implementing such plans. Click here to download a PDF copy of this article.
READ MORERecent Cases Dealing with Administrative Expenses Turner v. U.S., 306 F.Supp.2d 668 (January 30, 2004), Deductions for Interest Paid on Delayed Pecuniary Bequest The will of Sally Jackson will left $10 million to a charity, the Juliette Fowler Homes, Inc., provided that the charity was an organization described in IRC §2055(a). The decedent’s independent administratrix […]
READ MOREOn February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 (“ARRA”) into law. ARRA contained $787 billion of tax incentives and spending provisions intended to revitalize the economy. The provisions ranged from significant relief for businesses that restructure their debt to those that encourage individuals to make investments in houses […]
READ MOREAB 205, as amended by AB 2580, the Domestic Partner Rights and Responsibilities Act (“Act”), was a complicated but landmark piece of legislation. This California state law, which took effect on January 1, 2005, expanded domestic partner rights to include most, but not all, rights of opposite sex married couples. The legislation provided rights but […]
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