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Trusts are a basically financial entities utilized in the legal, private, and financial sectors to package assets for protection and future distribution. Many types of trusts exists, for examples REITs, Family Trusts, Blind Trusts, Grantor Trusts, Revocable Trusts, Irrevocable Trusts, Children's Trusts and CRUTs.
The release of 2012 Republican Presidential candidate Mitt Romney's income tax return It's been widely publicized that the return reports over $21 million of income and that he paid tax at an effective rate of less than 14%. The return reveals his extensive use of trusts as part of his estate planning strategy.
Lizbeth Potts, PA is our go-to Attorney and no stranger to Debt Free Wealth Radio. Join us as she will discuss the issue of Trusts with us, and how setting up a Trust may help protect assets from lawsuits, reduce death taxes, its limitations and more.