Operation of Joint Tenancy Defeats Creditor’s Claim
Most people understand the concept of joint tenancy ownership. But the operation of joint tenancy in specific facts may be counterintuitive. Last week we read an Illinois case that pointed out that joint tenancy is not just joint ownership of property. The life of a joint tenant Victor Barcroft lived in Lake County, Illinois, where […]
Inherited IRA Not Protected From Creditors — How To Plan
JUNE 16, 2014 VOLUME 21 NUMBER 22 It’s not very often that the U.S. Supreme Court involves itself in legal issues related to estate planning and elder issues. Last week, though, the Court did just that — by ruling that an inherited IRA is not exempt from the beneficiary/owner’s creditors, at least in a bankruptcy […]
Different Types of Trusts for Different Purposes
JANUARY 17, 2011 VOLUME 18 NUMBER 2 We frequently are asked to explain the differences between different types of trusts, or to analyze a trust with no more information than its type. Confusion about the differences is widespread, and we hope to provide a little clarity to consideration of trust types. Before we embark, we […]
“Spendthrift” Trust Protects Against Beneficiary’s Creditors
MAY 17, 2010 VOLUME 17, NUMBER 16 What makes a trust a “spendthrift” trust, and what does it mean? A recent Florida Court of Appeal case gives a good snapshot of the significance and the effect of the categorization. Elizabeth Miller wanted to leave her property to her two sons, but wanted to protect against […]