11/15 Quick: Beware of Pure or Constitutional Trusts

Have you heard of Pure or Constitutional Trusts? If a financial or insurance professional or a lawyer solicits this type of trust as an option to your estate plan, remember this blog. One of these trusts are advertised to the taxpayer on the notion that you can absolve paying income taxes, this is simply not true. The taxpayer actually may end up paying 3 times the tax bill. If such a person approaches you with this "strategy" please feel free to contact me. I will, along with my estate planning team, explain to you details and why they won't work...maybe even resulting in penalties and/or fines.