Legal Question in Wills and Trusts in Arizona
Pure Trusts-Law Origens, Source Info?
Where to learn of Pure Trust laws? Would these obviate governmental involvement in each contract? Any recent case law establishing viability, or lack of for these instruments?
2 Answers from Attorneys
Re: Pure Trusts-Law Origens, Source Info?
There is no recent law that supports the existence or use of "pure trusts". The IRS classifies these as abusive tax shelters and has in place a task force that investigates them. There is an amnesty program for those unfortunate enough to purchase these "forms" from the scam artists that sell them. You are advised to avoid these arrangements and to obtain expert legal advice before attempting to create or use one.
Bernard Greenberg
B.H. GREENBERG & ASSOCIATES
2305 E. Arapahoe Road, Suite 234
Re: Pure Trusts-Legal, Effective?
An experienced trust attorney should read the proposed trust BEFORE you sign it. I have never seen one that's effective, and I cannot imagine how one could be. So, you may sign something that's ineffective, and then have to spend a lot of time and money trying to undo it.
Not only that, but the IRS is paying special attention to these trusts, and again, "pure trusts" do not actually have the tax advantages they purport to have.
Chris Johnson
Christopher B. Johnson, Attorney at Law
614 East Colorado Boulevard, Pasadena, CA
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
