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The Crummey trust: Still relevant after all these years
Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to give up to $15,000 per year ($30,000 for married couples) to any number of recipients. Now that the gift and estate tax exemption has reached an inflation-adjusted $11.4 ...

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“The whole world is a court case…and we’re all…defendants” ~ Emma Chase Heidi Clark inherited an IRA from her mother.  She then ran into financial difficulties and filed for bankruptcy protection claiming that the IRA was protected under applicable bankruptcy laws as “retirement account.”  The bankruptcy trustee challenged this characterization – and won, which was ...

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REVOCABLE TRUST NO LONGER NECESSARY TO HIDE ASSET VALUES IN LOUISIANA (“Sealed” Inventory Now Required Upon Request)
Mrs. Ethel Merman received an invitation to a free educational seminar about estate planning. At the seminar, the promoter suggested that the probate process in Louisiana is: (1) expensive, (2) protracted / burdensome, (3) often litigious, and (4) a complete invasion of privacy due to the required filing of a public inventory of assets and ...

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What Is a Trust?
Trusts are separate legal entities, like corporations. Trusts hold assets for you or for the benefit of others. Assets inside a trust are managed by a trustee who has legal responsibility for managing and overseeing trust proceeds in accordance with your wishes. The trust stipulates how your assets should be managed, and how, when and ...

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THE COST OF A REVOCABLE TRUST IN LOUISIANA (Does It Measure Out?)
Mrs. Gladys Holsum received an invitation to a free educational seminar about estate planning. At the seminar, after a long parade of horribles, Gladys was told she needed a revocable trust to avoid an impending calamity. She was told that a revocable trust would: (1) save her money by avoiding an expensive probate; (2) save ...

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