by Dave Duringer | Feb 26, 2017 | Asset Protection, Death Tax, Estate Planning, Family Protection, Tax Planning, Trust Admin
Valid point, especially now that the estate tax beast so rarely bites and may soon be destroyed. The article points out a few reasons for having life insurance, but omits some important ones such as estate creation for young families. Thus, the biggest lie in life...
by Dave Duringer | Feb 26, 2017 | Archived, Death Tax, Estate Planning, Tax Planning
The arguments set forth in this Bloomberg article for keeping the death tax are weak (compare this other recent Bloomberg article pointing out the role inheritance plays in keeping whites richer than blacks), but the article comes close to making an important point so...
by Dave Duringer | Feb 25, 2017 | Death Tax, Estate Planning, Tax Planning
The name is Wiener, of course. SACRAMENTO, Calif. (CN) – Warding against the possibility of Congress nixing a lucrative federal estate tax, a California lawmaker on Tuesday announced a measure to ask voters to approve a mirroring state version. Source: Calif....
by Dave Duringer | Feb 25, 2017 | Death Tax, Estate Planning, Gift Tax, Income Tax, Tax Planning
In Private Letter Ruling 201707008 (released Feb. 17, 2017), the Internal Revenue Service ruled that a wife wouldn’t recognize gain or loss from her husband’s transfer of property to a trust for her benefit under a proposed divorce settlement agreement. Moreover,...
by Dave Duringer | Feb 25, 2017 | Asset Protection, Death Tax, Estate Planning, Income Tax, Tax Planning
Utility indeed, especially with added flexibility of the Clayton election and other precautionary provisions. Many of our married clients have structured their estate plans to apply the federal estate tax exclusion amount to create a trust for the benefit of their...
by Dave Duringer | Feb 10, 2017 | Asset Protection, Business Succession, Career Preparation, Death Tax, Estate Planning, Family Maintenance, Family Protection, Income Tax, Tax Planning, Venture Protection
This article raises important points — plan for the long-term and don’t let taxes direct the planning over more important goals — plus it’s a good review of the many benefits of life insurance. But as I’ve previously noted, the estate...
by Dave Duringer | Feb 9, 2017 | Asset Protection, Death Tax, Estate Planning, Gift Tax, Income Tax, Tax Planning
Article authored by my friend Brian Dooley, a top international tax expert: Before leaving the United States or any of its possessions permanently or for an extended amount of time, all U.S. resident aliens and nonresident aliens (with certain exceptions) must prove...
by Dave Duringer | Feb 8, 2017 | Asset Protection, Death Tax, Estate Planning, Income Tax, Tax Planning
In fact, some attorneys see repeal as potentially being a boon for their businesses, especially if the tax is replaced with a capital gains tax such as the one proposed by President Donald Trump on the 2016 campaign trail. Source: Wealth Planners Are Not Afraid of...
by Dave Duringer | Jan 29, 2017 | Asset Protection, Death Tax, Estate Admin, Probate Admin, Tax Planning
Prince’s estate has until Saturday to file an estate tax payment for the late rock superstar, and the taxes are expected to ultimately swallow nearly half the estate’s estimated $200 million value, meaning a likely windfall of roughly $100 million for the...
by Dave Duringer | Jan 28, 2017 | Archived, Death Tax, Tax Planning
While it is true that there is uncertainty in tax planning now (there always is) and there is a distinct possibility that the estate tax will be repealed and we should of course urge our clients to update after such a major change, it is not true that we cannot plan...
by Dave Duringer | Jan 28, 2017 | Archived, Asset Protection, Death Tax, Estate Planning, Income Tax, Tax Planning
Think I’m noticing a trend here. A few months ago, IRS finally came out in support of using Clayton election for portability planning, after years of silence led to suspicion otherwise, and now years after repeal of 1022, the IRS decides to issue regs formally...
by Dave Duringer | Jan 27, 2017 | Archived, Asset Protection, Death Tax, Estate Planning, Income Tax, Tax Planning
“Estate freeze” is a term that’s so commonly tossed around in the estate planning community that it’s actually become fairly useless shorthand, as it can be used to describe such a wide variety of techniques. However, as discussed by Jeffrey N. Pennell in his...
by Dave Duringer | Jan 23, 2017 | Archived, Asset Protection, Death Tax, Estate Planning, Income Tax, Tax Planning
Most agreed the new Republican regime in Washington may get rid of the long-loathed estate tax (this year levied at a top rate of 40 percent on assets above the exemption of just under $11 million for a married couple). Yet, it will almost certainly be replaced with...
by Dave Duringer | Jan 15, 2017 | Archived, Asset Protection, Death Tax, Estate Admin, Estate Planning, Gift Tax, Income Tax, Probate Admin, Tax Planning, Trust Admin
Good advice in this article, but much of the uncertainty can be removed with thorough, comprehensive planning with an eye toward flexibility. For example, in our planning (http://Protect.LIFE), we offer not only the current flexibility of the Clayton election, but...
by Dave Duringer | Jan 13, 2017 | Asset Protection, Business Succession, Career Maintenance, Career Preparation, Creditors & Predators, Death Tax, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Gift Tax, Income Tax, Retirement Planning, Tax Planning, Venture Protection
Among the chief goals of succession planning is providing continuity of management and minimizing the tax costs of transferring property interests to new generations. Source: Six Things Family-Owned Firms Should Know About Succession...
by Dave Duringer | Jan 6, 2017 | Archived, Asset Protection, Death Tax, Estate Planning, Gift Tax, Income Tax, Tax Planning
Practitioners should review options with clients that might include: Outright bequest to surviving spouse, with contingent disclaimer trust, subject to the problems that this approach creates Clayton QTIP approach, subject to the complexity it creates Continuing a...
by Dave Duringer | Jan 2, 2017 | Asset Protection, Charity, Death Tax, Estate Planning, Family Protection, Income Tax, Tax Planning
Wealthy families can now transfer wealth to children and grandchildren at a transfer tax discount of up to 50 percent, while receiving up to a 50 percent current charitable income tax deduction—all while avoiding tax on the subsequent sale of appreciated assets For...
by Dave Duringer | Dec 13, 2016 | Archived, Asset Protection, Death Tax, Estate Planning, Tax Planning
It will be awhile before we know how all this may affect estate tax repeal: President-elect Donald Trump’s race to enact the biggest tax cuts since the 1980s went under a caution flag Monday as Senate Majority Leader Mitch McConnell warned he considers current levels...
by Dave Duringer | Dec 12, 2016 | Archived, Asset Protection, Death Tax, Estate Planning, Tax Planning
I hope it happens, as there is plenty for families to plan for besides taxes. If it does happen, my clients with the latest planning are prepared. Currently, individuals can inherit estates worth up to $5.45 million without being taxed. Estates valued over that...
by Dave Duringer | Dec 3, 2016 | Asset Protection, Death Tax, Estate Planning, Gift Tax, Income Tax, Tax Planning
For many client situations, I continue to be a big proponent of using the Clayton election for flexibility in this age of estate tax uncertainty. The Clayton election continues to be the smart way, for many families, to avoid the “AB Trap” of capital gains...
