Mario Manningham Catch of Estate Planning

Mario Manningham Catch of Estate Planning

By by Martin M. Shenkman, CPA, MBA, JD

Super Bowl 46 Mario Manningham Catch -- Was that Amazing Or What! No one will ever forget the amazing Manningham catch that was critical to the Giant’s Super Bowl victory, if a catch like that doesn’t get you juiced, you better check your pulse! Well in the estate planning equivalent is to set up a domestic asset protection trust (DAPT) now, before year end. It’s a set up to win the tax game before the clock runs out on the current tax rules. Set up a trust in Alaska, you, your spouse or partner, and any kids and future descendants can all be beneficiaries. The assets in the trust grow outside your estate, outside the reach of the federal and estate tax man, protected from future claimants and creditors. Here’s what you do:

  • Have a lawyer prepare the trust document.
  • Get a Tax ID number.
  • Fill out the bank forms to open the trust account.
  • If you’re transferring under $5,120,000 you just make the gift.
  • Name a trust company or bank as trustee but you can reserve the right to fire and replace them anytime.
Maybe it doesn’t have the visual or scream appeal as that Mannignham catch.

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