In a recent article I pointed out some common uses of revocable trusts, including: to avoid ancillary administration, to receive life insurance and retirement plan benefits, and to provide for the control of a business. I now want to address some misconceptions about revocable trusts. None of the following statements is completely true, but there [...]
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It is not uncommon for new clients to tell me that they want a trust. The common reasons: to save taxes; or, so creditors can’t take the property; or, “I don’t know, but I do need one, don’t I?” It’s not surprising that trusts are not well understood. They come in a number of shapes and [...]
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I spent the summer of 1992 at U.S. Army officer training school at Ft. Bragg in North Carolina. At one point I was tasked as the platoon leader for our “Platoon in the Offense” exercise. As platoon leader I was required to lead 40 soldiers across the post – first by helicopter and then by [...]
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By Kevin Alerding, Partner, Ice Miller LLP John Taggart was a good farmer, and he was a planner. With the help of his team of advisors he developed a well-conceived plan to pass ownership and control of his farming operation to his youngest son, Tim. Tim was well-suited for the task. He [...]
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How to keep the family farm in the family was the subject of a HAT sponsored free seminar on Tuesday at the Indiana/Illinois Farm Equipment Show. Kevin Alerding with Ice Miller LLP told the farmers in attendance recent changes in tax laws are impacting how farmers are able to keep the family farm, in the [...]
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