On January 1, 2013 a new tax law takes effect. Section 1411 of the Internal Revenue Code imposes a tax on the net investment income of certain individuals, trusts and estates. There is a great deal of misinformation circulating about this tax. A frequent assertion is that it is a sales tax. One widely circulated … Continue reading How Does the New 3.8% Investment Income Tax Work?
In the past, self-created trusts in the United States did not offer protection from creditors if the person who created the trust was allowed to receive funds from the trust. In order to get this asset protection feature, trusts had to be created in foreign countries such as the Cayman Islands, the Channel Islands, Belize … Continue reading Asset Protection Trusts