by Joel Roettger | May 23, 2017 | Asset Protection, Estate Planning, Trusts
A previous post discusses who can legally be the trustee of Tennessee Investment Services Trust (TIST). A better question might be: who should be the trustee of a TIST? Choosing the wrong trustee could expose a TIST to creditors. One argument in favor of piercing a...
by Joel Roettger | May 15, 2017 | Asset Protection, Estate Planning, Trusts
Ownership by the Other Spouse–It is not uncommon for a spouse with high liability exposure to transfer assets to his or her spouse with a lower risk profile. Tenancy by the Entirety (TBE)–TBE refers to assets titled in the name of husband and wife. A...
by Joel Roettger | May 5, 2017 | Asset Protection, Estate Planning, Retirement Assets, Tax
The IRS has announced the maximum amount an individual can contribute to a Health Savings Account (HSA) in 2018. For individuals with self-only coverage, the HSA limit will be $3,450. For individuals with with family coverage, the limit will be $6,900. In order to...
by Joel Roettger | Apr 14, 2017 | Asset Protection, Estate Planning, Trusts
Should the grantor of an irrevocable trust be treated as the alter ego of the trustee? The IRS and creditors would prefer the answer to be yes, but the Tennessee Trust Code generally says otherwise: Absent clear and convincing evidence, no settlor of an irrevocable...
by Joel Roettger | Apr 11, 2017 | Asset Protection, Estate Planning, Trusts, Uncategorized
Some easy to overlook statutes in the Tennessee Trust Code can save a poorly drafted trust with an interested trustee from inadvertent taxation and creditor exposure. An interested trustee is a trustee who is also a beneficiary of the trust. If the trust instrument...
by Joel Roettger | Apr 4, 2017 | Asset Protection, Estate Planning
Normally, if you establish a Tennessee trust for your own benefit and fund it with your own assets, the trust assets are not shielded from creditors. Instead, creditors can reach the maximum amount that can be distributed to you or for your benefit. This is true...
