A self-settled trust is a trust in which the person who transfers assets remains a beneficiary. Some jurisdictions permit these trusts, but their treatment depends on the governing law, the debtor’s circumstances, and the timing and purpose of each transfer. No trust should be described as “foolproof” or as guaranteeing protection from creditors. What 11…
Section 280A(g) of the Internal Revenue Code contains a limited rule for a dwelling unit that the taxpayer uses as a residence. If the home is rented for fewer than 15 days during the tax year, the rent generally is not included in income under this rule. The IRS also says that rental expenses from…