This article reprint was published in the November 2020 issue of the BNA Tax Management Estates, Gifts and Trusts Journal and provides an overview of the Cameron Trust Case, which clarifies the creditor protection that is available through third-party and self-settled trusts.Please see important disclosures at the end of the article.
November 3, 2020, GEM 25 — A common mistake some people make is once they create a trust, they forget about it. They don’t see that ongoing evaluation of the trust and its tax basis can potentially yield income tax benefits down the road. Director of Income Tax Planning Tom Kelley discusses how you can potentially reduce your income tax liability by proactively managing the assets in your family’s trusts.
July 14—With today’s historically high gift and estate tax exemptions, and historically low interest rates, the use of personal trusts can be particularly beneficial in this favorable wealth planning environment.