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Continue reading → The post How to Protect Trust Assets From a Beneficiary's Divorce appeared first on SmartAsset Blog. Trusts can be a useful estate planning tool for passing on wealth to heirs ...
In trust law, an asset-protection trust is any form of trust which provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts are therefore frequently proscribed or limited in their effects by governments and ...
Michigan Divorce Laws: What You Need to Know In Michigan, marital property is anything that was earned or acquired by either spouse during the marriage. This can include things like money, homes ...
Similarly, transfer of the borrower's home to a spouse as part of a divorce or dissolution of marriage generally does not trigger a due-on-sale clause. There are other exemptions in the law as well. Use trusts also facilitates transfers of property to heirs and minors .
As the Florida appellate court pointed out, "[w]e cannot rewrite Florida probate law to accommodate a Michigan attorney more familiar with the Uniform Probate Code." [ 4 ] The Uniform Law Commission does not list Florida as one of the states that has adopted the Uniform Probate Code.
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
Some marital deduction laws even apply to transfers made postmortem. The right to receive property conveys ownership for tax Purposes. A decree of divorce transfers the right to that property by reason of the marriage and is also a transfer within a marriage.
Do Irrevocable Trusts Qualify for the $250,000 Exemption? One of the major benefits of home ownership is the ability to avoid the first $250,000 in capital gains profit when selling your home. For ...