by Dave Duringer - Protective Law Corp | Dec 4, 2024 | Asset Protection, Blended Families, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Career Maintenance, Career Preparation, Charity, Creditors & Predators, Defensive Gun Use, Entity Formation, Estate Admin, Estate Planning, Estate Tax, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Firearm Training, Fortune, Gift Tax, GST Tax, GunLaw.Pro, Health Planning, Honor, Incapacity Planning, Income Tax, Life, Limitation of Liability, News & Commentary, Operation & Governance, Pet Protection, Probate Admin, Property Tax, Punishment, Regulatory Compliance, Religious Faith, Retirement Planning, Spendthrift Children, Tax Planning, Trust Admin, Venture Protection, WorldExaminer.com
by Dave Duringer - Protective Law Corp | Dec 4, 2024 | Asset Protection, Blog, Estate Planning, Fortune, Operation & Governance, Regulatory Compliance, Venture Protection
A Texas federal court has just saved a zillion businesses (and family trusts and mere holding companies) the effort of complying with the onerous filing burden under the draconian, oppressive, vague and unconstitutional Corporate Transparency Act (and zillions more...
by Dave Duringer - Protective Law Corp | Oct 31, 2024 | Blog, Family Protection, Health Planning, Honor, Life, News & Commentary
Health care planning is one of the most important concerns of comprehensive estate planning, often overlooked or given short shrift by simpler estate plans. There has been a great deal of attention given to former New York Gov. Andrew Cuomo’s ordering elderly...
by Dave Duringer - Protective Law Corp | Oct 30, 2024 | Asset Protection, Blog, Creditors & Predators, Estate Admin, Estate Planning, Estate Tax, Family Protection, Fortune, Gift Tax, GST Tax, Income Tax, News & Commentary, Spendthrift Children, Tax Planning, Trust Admin
The IRS has released Revenue Procedure 2024-40, which specifies annual inflation adjustments for tax year 2025. Some highlights: Gift, estate and generation-skipping transfer tax exemption amounts: $13.99 million (up from $13.61 million) Annual gift tax exclusion (IRC...
by Dave Duringer - Protective Law Corp | Oct 30, 2024 | Asset Protection, Blog, Charity, Creditors & Predators, Estate Admin, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Income Tax, Spendthrift Children, Tax Planning, Trust Admin
Charitable Remainder Trust (CRT) planning can be quite complex, and the expenses involved usually are justified only with a very large gift to charity, well north of a million. Practically speaking most of this planning is tax-driven and must be to make it feasible,...
by Dave Duringer - Protective Law Corp | Oct 27, 2024 | Asset Protection, Blog, Bloodline Protection, Creditors & Predators, Estate Admin, Estate Planning, Estate Tax, Family Protection, Fortune, Gift Tax, GST Tax, Income Tax, Retirement Planning, Spendthrift Children, Tax Planning, Trust Admin
There seems to be a misconception among some California estate planning attorneys that BDOT planning (BDOT stands for Beneficiary Deemed Owner Trust; also called a 678 trust, named after IRC §678) is inconsistent with, and should never be used with, a trust designed...
by Dave Duringer - Protective Law Corp | Oct 20, 2024 | Asset Protection, Blog, Bloodline Protection, Creditors & Predators, Dying Embarrassed, Estate Admin, Estate Planning, Estate Tax, Family Maintenance, Family Protection, Firearm Legacy, Firearm Training, Fortune, Gift Tax, GST Tax, GunLaw.Pro, Honor, Income Tax, Life, Spendthrift Children, Tax Planning, Trust Admin
At the beginning of this year, the California Uniform Directed Trust Act (CUDTA) went into effect, codified in Probate Code §§ 16600-16632. It was a long time coming, having been first proposed back in 2010 by our state bar’s trust and estate section. When it...
by Dave Duringer - Protective Law Corp | Oct 17, 2024 | Asset Protection, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Estate Planning, Estate Tax, Family Maintenance, Family Protection, Firearm Legacy, Firearm Training, Fortune, Gift Tax, GST Tax, GunLaw.Pro, Honor, Income Tax, Life, Limitation of Liability, Operation & Governance, Regulatory Compliance, Spendthrift Children, Tax Planning, Trust Admin, Venture Protection
Six years ago I posted this article proposing use of an advanced planning technique known as the Health and Education Exclusion Trust (HEET) to leave a dynastic legacy of firearm training. Such a trust might be called a Gun HEET. The Fall of the Republic and...
by Dave Duringer - Protective Law Corp | Oct 10, 2024 | Asset Protection, Blended Families, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Career Maintenance, Career Preparation, Charity, Creditors & Predators, Entity Formation, Estate Admin, Estate Planning, Estate Tax, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Firearm Training, Fortune, Gift Tax, GST Tax, GunLaw.Pro, Health Planning, Honor, Incapacity Planning, Income Tax, Life, Limitation of Liability, Operation & Governance, Pet Protection, Property Tax, Punishment, Regulatory Compliance, Religious Faith, Retirement Planning, Spendthrift Children, Tax Planning, Trust Admin, Venture Protection
[Central Coast residents: You can safely ignore this article because we are here to help you with comprehensive planning.] Most of our local clients prefer to have the first meeting in person at our office in Morro Bay. After that initial meeting, many of these local...
by Dave Duringer - Protective Law Corp | Sep 30, 2024 | Asset Protection, Blog, Entity Formation, Estate Admin, Estate Planning, Fortune, Income Tax, Regulatory Compliance, Tax Planning, Trust Admin, Venture Protection
Under Private Letter Ruling 202428003, the IRS has allowed late filing of a Qualified Subchapter S Trust (QSST) election, to obtain relief from termination of S corporation status. The corporation represented that the termination was inadvertent and not for tax...
by Dave Duringer - Protective Law Corp | Sep 29, 2024 | Asset Protection, Blog, Estate Planning, Family Protection, News & Commentary, Pet Protection
To you, your pet may be “Fluffy”. To someone else, your pet may be dinner. How big is the threat posed by Asian or Haitian cuisine? Probably not huge, depending where you live. But inflation is a huge threat, affecting everyone to some degree, including...
by Dave Duringer - Protective Law Corp | Sep 29, 2024 | Asset Protection, Blog, Dying Embarrassed, Entity Formation, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Income Tax, Tax Planning
Estate reduction surgery may be more urgent than you think. Understandably, a lot of folks are sitting on the sidelines, waiting to see what happens in November — not only in the presidential race, but in the congressional races that will determine the balance...
by Dave Duringer - Protective Law Corp | Sep 26, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Income Tax, Limitation of Liability, Operation & Governance, Property Tax, Tax Planning, Venture Protection
Buying a business and purchasing real estate are two very different investments. Business ownership typically requires some management skills and knowledge about market conditions, consumer trends, staffing, and finances. Ownership of real estate, on the other hand,...
by Dave Duringer - Protective Law Corp | Sep 24, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Career Maintenance, Career Preparation, Entity Formation, Estate Planning, Family Protection, Financial Mentorship, Fortune, Honor, Income Tax, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
The decision to hire family members for your business is a delicate balancing act that involves both personal and professional considerations. Working with loved ones can create a sense of trust and unity within the workplace and has been shown to increase business...
by Dave Duringer - Protective Law Corp | Sep 23, 2024 | Asset Protection, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Estate Planning, Family Protection, Financial Mentorship, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of business owners have no exit strategy.[1] After...
by Dave Duringer - Protective Law Corp | Sep 20, 2024 | Asset Protection, Blog, Estate Planning, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Remote work has become the new norm for many employees, creating opportunities as well as challenges for employers. One of those challenges is verifying the identity and eligibility of remote workers for employment in the United States. Form I-9,[1] a document all...
by Dave Duringer - Protective Law Corp | Sep 18, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Estate Planning, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Limited liability is an important advantage provided by corporations and limited liability companies (LLCs). The personal asset protection that corporations and LLCs provide for their owners, however, is not absolute. To maintain the liability shield, owners must...
by Dave Duringer - Protective Law Corp | Sep 16, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Estate Planning, Fortune, Income Tax, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
There is no law that limits the number of LLCs an entrepreneur can own. Forming multiple LLCs may make sense under certain circumstances: for example, companies that have several rental properties, separate businesses with common ownership, or when one business makes...
by Dave Duringer - Protective Law Corp | Sep 13, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Estate Planning, Fortune, Income Tax, Limitation of Liability, Operation & Governance, Tax Planning, Venture Protection
Increasing costs and rising interest rates have impacted many businesses. If your business is in crisis, there are steps you can take that could improve your business’s financial condition and help it successfully move forward. Entrepreneurs are competent, but they...
by Dave Duringer - Protective Law Corp | Sep 12, 2024 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Estate Planning, Fortune, Limitation of Liability, Operation & Governance, Tax Planning, Venture Protection
Equipment leasing is an alternative to purchasing new equipment. Amid volatile interest rates and inflated equipment costs, more businesses are turning to leases as they look for ways to preserve cash while acquiring the equipment they need to operate. Equipment...
by Dave Duringer - Protective Law Corp | Sep 11, 2024 | Blog, Fortune, Limitation of Liability, Operation & Governance, Tax Planning, Venture Protection
Written contracts are the backbone of business relationships. They outline the rights, obligations, and expectations between parties and provide a legal framework that ensures parties keep their promises. Absent written contracts, business relationships are less...
by Dave Duringer - Protective Law Corp | Sep 10, 2024 | Asset Protection, Blog, Business Succession, Creditors & Predators, Estate Admin, Estate Planning, Fortune, Income Tax, Operation & Governance, Tax Planning, Trust Admin, Venture Protection
A distribution from a limited liability company (LLC) is a payment of cash or property made by an LLC to the LLC’s owners, also known as members. Although state law sets forth certain default rules, LLC members can specify in the LLC’s operating agreement when and how...
by Dave Duringer - Protective Law Corp | Sep 9, 2024 | Asset Protection, Blog, Business Succession, Creditors & Predators, Entity Formation, Estate Planning, Income Tax, Limitation of Liability, Tax Planning, Venture Protection
When you are first starting a business, operating it as a sole proprietorship may make a lot of sense. Sole proprietorships are simple and inexpensive to set up and maintain: they are operated by a single taxpayer and are the most common form of business organization....
by Dave Duringer - Protective Law Corp | Sep 7, 2024 | Blog, Defensive Gun Use, Dying Embarrassed, Estate Planning, Family Protection, Firearm Legacy, Firearm Training, GunLaw.Pro, Health Planning, Honor, Life
The Ninth Circuit panel in the May and Carralero (“May v Bonta”) sensitive places cases yesterday issued its opinion, written by Judge Graber (i promise to refrain from adding another b to her name), which, if not soon corrected by en banc ruling (either...
by Dave Duringer - Protective Law Corp | Sep 1, 2024 | Asset Protection, Blog, Bloodline Protection, Creditors & Predators, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Fortune, Honor, Life, News & Commentary, Punishment, Religious Faith, Spendthrift Children
I’ve written several times lately on disinheritance and more benign alternatives to disinheritance. There is definitely a trend afoot toward greater disinheritance. I’ve noticed this trend in comments from colleagues on our estate planning attorney online...
by Dave Duringer - Protective Law Corp | Sep 1, 2024 | Asset Protection, Blog, Career Maintenance, Career Preparation, Creditors & Predators, Estate Admin, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Fortune, Honor, Life, News & Commentary, Spendthrift Children, Tax Planning, Trust Admin
There is a wonderful recent story about a Minnesota family that has baptized 27 babies over three generations with a baptismal gown made from the World War II parachute that saved grandpa’s life! I’m always coming up with analogies for trusts and often use...
by Dave Duringer - Protective Law Corp | Sep 1, 2024 | Blog, Estate Planning, Family Protection, Fortune, Health Planning, Honor, Incapacity Planning, Life, News & Commentary, Religious Faith
The brother of Terri Schiavo, famous in the estate planning world for issues surrounding her diagnosis of Persistent Vegetative State (PVS), is warning of a possible weakening in Catholic teaching in favor of providing basic care for the incapacitated. The brother,...
by Dave Duringer - Protective Law Corp | Sep 1, 2024 | Asset Protection, Blog, Business Succession, Dying Embarrassed, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Income Tax, News & Commentary, Tax Planning, Venture Protection
The American Housing and Economic Mobility Act of 2024 (AHEMA) is a giant $5 trillion tax increase now before both houses of Congress which has the potential, if Democrats end up with enough control after elections this year, to radically change estate planning. These...
by Dave Duringer - Protective Law Corp | Jul 31, 2024 | Asset Protection, Blog, Estate Planning, Family Protection, Financial Mentorship, Fortune, Honor, Life, Venture Protection
Unfortunately, you really do not know exactly how well your estate plan will work until after you are gone. No way around that, but you can improve chances with thorough comprehensive planning and a good maintenance plan. But there is something else you can do: You...
by Dave Duringer - Protective Law Corp | Jul 29, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Income Tax, Tax Planning, Venture Protection
The Tax Cuts and Jobs Act (TCJA) of 2017 made several significant changes to the tax code that affect small businesses and business owners. It introduced the qualified business interest deduction, added a bonus depreciation deduction for qualifying property, and...
by Dave Duringer - Protective Law Corp | Jul 28, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Estate Planning, Fortune, Income Tax, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
The rise of home-based businesses represents a fundamental shift in the way Americans work. Home businesses offer their owners a convenient and flexible way to earn income without commuting to a traditional office. They may also qualify for tax breaks in the form of...
by Dave Duringer - Protective Law Corp | Jun 26, 2024 | Asset Protection, Blog, Estate Admin, Estate Planning, Venture Protection
Intellectual property (IP) is the driving force behind many of the world’s most innovative and successful businesses. IP rights—including patents, copyrights, and trademarks—protect intangible assets and help companies and individuals profit from the fruits of their...
by Dave Duringer - Protective Law Corp | Jun 20, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Dying Embarrassed, Estate Admin, Estate Planning, Estate Tax, News & Commentary, Operation & Governance, Probate Admin, Tax Planning, Trust Admin, Venture Protection
In a major unanimous decision (Connelly v US) sure to cause revision of many business succession plans, the US Supreme Court earlier this month on June 6, 2024, rejected use of a corporate redemption obligation as an estate deduction. While the Court pointed out in a...
by Dave Duringer - Protective Law Corp | Jun 19, 2024 | Asset Protection, Blended Families, Blog, Bloodline Protection, Estate Planning, Family Maintenance, Family Protection, Fortune, Honor, Life, News & Commentary, Religious Faith
A new Pew poll finds that Trump voters are FAR more likely (59%) than Biden voters (19%) to say that society should prioritize marriage and having children. That the rate is higher among Trump voters should not surprise anyone. I’ve definitely noticed a...
by Dave Duringer - Protective Law Corp | May 5, 2024 | Blog, Bloodline Protection, Estate Planning, Family Maintenance, Family Protection, Health Planning, Honor, Life, News & Commentary, Religious Faith
Increasingly, young adults are choosing permanent sterilization. Your estate plan can punish them for doing so. (Or reward them, whatever.) Not talking about transgender surgery. Big sterilization issue there obviously, but that was the subject of another recent post....
by Dave Duringer - Protective Law Corp | May 4, 2024 | Blog, Bloodline Protection, Estate Planning, Family Maintenance, Family Protection, Health Planning, Honor, Life, News & Commentary, Punishment, Religious Faith
California men who undergo transgender surgery (removing male genitals and replacing with something else) double their risk of suicide. How long will we continue to allow this demonic, macabre nonsense? Most children confused about what sex they are, grow out of that...
by Dave Duringer - Protective Law Corp | Mar 28, 2024 | Blog, Estate Admin, Estate Planning, Estate Tax, Financial Mentorship, Fortune, Gift Tax, GST Tax, Income Tax, News & Commentary, Property Tax, Tax Planning
My daughter, Ayn, will be heading for law school this Fall! She was offered a very nice package covering most expenses of attending the Levin College of Law at the University of Florida in Gainesville. Most estate planning attorneys like me, especially those of us...
by Dave Duringer - Protective Law Corp | Mar 4, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, News & Commentary, Operation & Governance, Regulatory Compliance, Venture Protection
National Small Bus. United v. Yellen, No. 5:22-cv-1448-LCB (N.D. Ala. Mar. 1, 2024) On Friday, March 1, 2024, in National Small Bus. United v. Yellen, Judge Liles C. Burke of the United States District Court for the Northern District of Alabama ruled via memorandum...
by Dave Duringer - Protective Law Corp | Feb 23, 2024 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
Platforms such as Airbnb and VRBO have disrupted an industry once dominated by hotels and resorts, allowing individuals to open their homes and residential properties to travelers. The boom in short-term rentals has created new opportunities for investors who want to...
by Dave Duringer - Protective Law Corp | Feb 20, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Over time, your business can undergo significant changes. What may have started as a humble, one-person operation can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your...
by Dave Duringer - Protective Law Corp | Feb 19, 2024 | Asset Protection, Blog, Buying or Selling a Closely Held Business, Creditors & Predators, Fortune, Limitation of Liability, Regulatory Compliance, Venture Protection
Due diligence is the process of obtaining and verifying information about a company or person in preparation for a business transaction, such as an acquisition, merger, or potential new business partner. Generally, due diligence provides information about the company...
by Dave Duringer - Protective Law Corp | Feb 9, 2024 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
All registered corporations are required by law to hold an annual meeting. Limited liability companies (LLCs), although not subject to the same statutory requirement, may hold regular meetings in accordance with their governing documents. What Is the Purpose of a...
by Dave Duringer - Protective Law Corp | Feb 8, 2024 | Blog, Fortune, Income Tax, Operation & Governance, Tax Planning, Venture Protection
As the holiday season approaches, gift-giving is on the minds of many business owners. But there are reasons why a business owner may want to give gifts to workers and clients throughout the year and not just during the holidays. Whether to recognize a job well done,...
by Dave Duringer - Protective Law Corp | Feb 4, 2024 | Blog, Regulatory Compliance, Retirement Planning, Venture Protection
America is in the midst of a retirement savings crisis. Many people are not saving enough to replace their income in retirement, and some have no money saved for retirement. Employer-sponsored retirement plans enable people to save for retirement, but many...
by Dave Duringer - Protective Law Corp | Nov 12, 2023 | Blog, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Tax Planning
Suppose earlier this year you read somewhere (this site, for example) that estate, gift, and generation-skipping transfer (GST) tax exemptions will drop in half in 2026, and that there is generally no clawback for gifts made before then which exceed the 2026 exemption...
by Dave Duringer - Protective Law Corp | Nov 12, 2023 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Estate Admin, Estate Planning, Fortune, Operation & Governance, Regulatory Compliance, Tax Planning, Trust Admin, Venture Protection
Did you ever put off studying for a final, until the night before the final? That’s pretty much how the planning community is feeling about the Corporate Transparency Act (CTA), which will go into effect January 1, 2024. Congress passed the devilish law several...
by Dave Duringer - Protective Law Corp | Oct 22, 2023 | Asset Protection, Blog, Bloodline Protection, Creditors & Predators, Estate Admin, Estate Planning, Fortune, Income Tax, Retirement Planning, Tax Planning, Trust Admin
On December 29, 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0 Act). The previous SECURE Act in 2020 made several changes to retirement planning: It increased the required beginning date (RBD) for required...
by Dave Duringer - Protective Law Corp | Oct 11, 2023 | Blog, Bloodline Protection, Family Protection, Firearm Legacy, Firearm Training, Honor, Life, Religious Faith, WorldExaminer.com
[UPDATE: Gun sales and license applications are now surging in Israel. Imagine that. Almost like LA, the day after a riot. Does the same thing happen with fire extinguishers?] Israel gun ownership is only 2%. By contrast, over half of Americans own guns. It is not a...
by Dave Duringer - Protective Law Corp | Nov 24, 2022 | Asset Protection, Blog, Estate Planning, Family Protection, Venture Protection
Although it is tempting to add the Fourth of July, the best time of year for regular family discussion of estate planning is really the holiday season spanning from Thanksgiving through Christmas, of course including Hanukkah. The window may be expanded to New...
by Dave Duringer - Protective Law Corp | Sep 6, 2022 | Blog, Operation & Governance, Tax Planning
Giving money to charity might seem counterintuitive to those running a for-profit company. However, it is important to keep in mind that charitable giving can not only make a big difference to the recipients of your generosity, but it can also provide a net gain to...