Coming Sunday
An elderly White Bird, Idaho, couple have filed for bankruptcy and contend they have little with which to pay their more than $4 million in debts to the Internal Revenue Service and other creditors — despite the fact that they live in an $800,000 home on a 270-acre ranch.
The couple’s assets, however, are held in a series of trusts. The IRS, in court documents, calls those trusts a “sham.” Such abusive trust schemes are a growing problem nationwide, the agency says, costing the federal government millions every year.
Read more about the issue in Sunday Business.