Irrevocable Safe Harbor Or Not?
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My father, in his late 80s, is considering marrying a lady who is not in the best physical health. I own property with him together, what implications are there when you place property into a safe harbor trust?
It depends how you go about doing it. There are two ways. If you make it irrevocable right off the bat, placing it out of both your and your dad’s estate, the trust will have its own tax life, which will generally be very expensive. As long as your dad is living, you may want to have it be under your or your father’s estate, whoever is in the lower tax bracket, to bounce the taxes off to.
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Hi, I am 59 and my wife is 60. I have a home that is completely paid off.
What is the best way to protect my assets from any hostile action?