Tag Archives: Trust Fundamentals

Asset protection Part 2

Especially Treacherous Liabilities

Liabilities generally not cancelable in bankruptcy include the following:

  • Government student loans
  • Trust fund tax liability
  • Hazardous waste liability
  • Breach of fiduciary duty liabilities
  • Child support and alimony
  • Medicare, Medicaid, and sometimes private pay refund liabilities of physicians: Carriers have been suing doctors for not following referral laws for significant refunds

Liabilities generally not covered by insurance include the following:

  • Civil rights violations committed by employees or others
  • Environmental liabilities, including sick building syndrome and lead paint issues
  • Criminal acts
  • Charitable and religious board activities
  • Jet skis normally cannot be insured for over $250,000 per occurrence
  • Acts of terrorism: Most casualty insurance clauses exempt acts of terrorism. The industry has been paying claims on goodwill up until now
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Asset Protection Part 1

While the world and even the United States has been through much tougher times, the present cash crunch, financial devastations, and social disorder that businesses and self-employed individuals find themselves in today is unprecedented in our generation and poses a significant challenge t advisors who care about clients and businesses and want to do what we can help save them

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Why Every Estate Planner Needs to Urge All Clients to Use Their Wealth Transfer Exemptions Now

This presentation will explore various planning strategies that practitioners may employ to help clients capitalize on the estate tax environment created by the 2017 tax act, with consideration of these newer developments and trends.

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Asset Protection for Physicians and their Practices Part 2

Second part of a program presented for educational purposes about asset protection for physicians and their practices. In the video, we tackled topics as determining how to best allocate assets as between a married couple, the marital asset preservation system, where do trusts fit in logistically, and more.

Asset Protection for Physicians and their Practice Part 1

First part of a program presented for educational purposes about asset protection for physicians and their practices. In the video, we tackled topics as important needs for the successful physician family, making the most of your initial opportunities, primary causes of liability, and more.

Decanting an Irrevocable Trust: A “Do-Over Trust”

When it comes to irrevocable trusts, many people believe you cannot make changes after it is established. However, that is not the case. You have the option to decant an irrevocable trust, which will allow you to make changes or amends to the original trust. If you’ve never heard of this process before, you probably have many questions. Learn more about decanting irrevocable trusts in the video linked below. Topics discussed include:

– Are trusts Irrevocable?
– Decanting Trusts
– New trust or pre-existing trust?
– Common Law
– Differences from State to State
– Nevada Decanting Statute
– Common Reasons to Decant

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If you have questions about decanting irrevocable trusts, contact Peak Trust Company. Our team of trust experts can help answer any questions you may have.

Gun Trusts

All gun owners, whether a collector, enthusiast, or one just getting started with heavy ordinance, should consider a Gun Trust. A “Gun Trust” is a type of trust created by a weapon owner(a “grantor”) to deal with the issues of owning, possessing, using, shipping, transporting, receiving, delivering, transferring, or otherwise disposing of firearms, especially Title II firearms.