Advance Payment Bond

by Joshua Malone

An advance payment bond provides an estate’s executor or administrator an early release of funds for a specific purpose. The bond guarantees the return of an advance payment if the court later finds the executor or administrator wrongly took the money. The court reviews the estate upon approval of the estate’s final accounting. Most executors […]

More About Qualified Domestic Trusts (QDOTs)

by Joshua Malone

In a previous blog post, I discussed the requirements and characteristics of a Qualified Domestic Trust (QDOT) bond. This post supplements the previous one by including more helpful information. Alternatives to QDOT bonds include irrevocable letters of credit or having a bank as the US trustee. A surety bond is the best option for an […]

Qualified Domestic Trust (QDOT) Bond

by Joshua Malone

A Qualified Domestic Trust (QDOT) bond is in favor of the Internal Revenue Service (IRS) to guarantee the payment of taxes due on such a qualified domestic trust. A QDOT is a very specific type of trust. A wealthy American citizen sets up this type of trust, prior to his or her death, to defer […]