Basically, if you did not file a tax return, the IRS will estimate how much money you would have owed. Being they are a federal agency, naturally, they can and do make egregious assessments based on unrealistic statistics. And, therefore, when they do place a federal tax lien, you may be facing a much larger bill than what is reasonable for your financial situation.
We were pretty unsure which type of trust to establish as we still have a business that we intend to keep running for as long as we can, We have a few properties, and other assets such as some pretty stable blue chip stocks, an art collection that we have established over the years, and some expensive items of jewellry. We decided to lump these together in an irrevocable living trust fund in the children's names. At the same time, we established a revocable fund for the more volatile assets that we have, that may change in value or we may even dispose of when we finally retire. Our business being a prime example.
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