Special needs trusts are set up to benefit persons who are minors, mentally/physically disabled, or suffer from long-term illnesses that render them unable to carry on fiduciary activities.
These trusts provide a way to protect assets and can be seen as “asset reservoirs.” The disabled person may receive an inheritance or an accident benefit settlement, or contributions from well-wishers.
Government programs are designed for people whose income is too low to support their needs. Hence, a person with a disability who has an income above the specified limit will not be eligible to receive these benefits.
The differences between a Limited Liability Partnership and a Limited Partnership
There are a multitude of offshore products and jurisdiction all offering a dizzying array of possibilities and locations with a wide range of products and characteristics.
While many company formation vehicles often appear similar each have their own unique attributes that can support the proper growth and protection of a business depending upon its specific needs and circumstances.
Within Europe, the United Kingdom (UK), remains the most sought after jurisdiction due to its location, opportunity and reputation.
Not all Limited Partnerships (LPs) are created equal
A Limited Partnership (LP) is a hybrid structure that enjoys many benefits due to its flexibility to be used in many forms and for virtually any purpose, that become popular over the last thirty years due to its tax transparency, separate legal personality, and its ability in taking on limited partners.
The NZLP is a relatively new structure taking form in 2008 through the New Zealand (NZ) Limited Partnership Act; though it is often viewed as having more restrictions and requirements than many ‘traditional’ offshore structures it makes up for it in its respectability and reputation
Have you been walking around with a feeling of dread because you owe the IRS money? You may be tempted to go into hiding until the IRS forgets about you. Unfortunately, that isn’t going to work – ignoring your tax debt leads to serious consequences like liens, levies, asset seizures, and wage garnishments.
Here is some good news: The IRS wants to work with you to help you pay off your outstanding debt. Let's talk about what to do if you owe the IRS money – and how to get back on sound footing with them.
When it comes to working out your trust and estate administration with your estate planning attorney, the earlier you do so, the better. Taking care of such affairs first can give you a sense of freedom and relief even if there is no urgent reason to do so yet.
Since you are likely to think more clearly when not under pressure, planning presents several benefits for you and your beneficiaries. Regardless of the assets involved, estate planning is a gracious and loving legacy to leave your surviving family members. No matter if you have plenty of cash in the bank, a huge house or a large business is immaterial.