by Dave Duringer - Protective Law Corp | Aug 9, 2022 | Asset Protection, Blog, Creditors & Predators, Estate Planning, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
Small business owners are no strangers to risk management. Owning and operating a small business entails a certain level of unpredictability. Despite your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unexpected...
by Dave Duringer - Protective Law Corp | Aug 8, 2022 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Estate Planning, Family Maintenance, Financial Mentorship, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business...
by Dave Duringer - Protective Law Corp | Jun 16, 2022 | Asset Protection, Blended Families, Blog, Creditors & Predators, Estate Planning, Estate Tax, Fortune, Income Tax, Tax Planning
The Basis Optimized Trust (BOT) is an advanced option for planning that may yield better results than the more common types of irrevocable trusts, such as credit shelter (bypass) trusts, or qualified terminable interest property (QTIP) trusts, which have been the...
by Dave Duringer - Protective Law Corp | May 26, 2022 | Asset Protection, Blog, Bloodline Protection, Career Maintenance, Career Preparation, Creditors & Predators, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Fortune, Honor, Life, Religious Faith, Spendthrift Children
I stole the title of this post from a great Babylon Bee article that just came out. For those who don’t know, Babylon Bee is satire. Strangely, their satirical articles often do come true. And this particular title hews closely enough to family settings often...
by Dave Duringer - Protective Law Corp | Apr 7, 2022 | Asset Protection, Blog, Creditors & Predators, Estate Planning, Operation & Governance, Venture Protection
When setting up your business, one of the most significant decisions you will make is which type of entity to form. If you have settled on forming a limited liability company (LLC), you must also choose the type of management structure it will have. LLCs can be...
by Dave Duringer - Protective Law Corp | Mar 31, 2022 | Asset Protection, Blog, Bloodline Protection, Creditors & Predators, Estate Planning, Estate Tax, Fortune, Income Tax, Spendthrift Children, Tax Planning
The Beneficiary Deemed Owner Trust (BDOT) is one of several options to consider for “trusted beneficiaries” (pun intended) to whom you are open to giving some access to trust income and/or principal. (Another option might be the Beneficiary Controlled...
by Dave Duringer - Protective Law Corp | Dec 30, 2019 | Asset Protection, Bloodline Protection, Creditors & Predators, Estate Planning, Income Tax, Retirement Planning, Spendthrift Children, Tax Planning
Dear Clients and Students, On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020. The Act is the most impactful legislation affecting...
by Dave Duringer - Protective Law Corp | Apr 6, 2019 | Asset Protection, Creditors & Predators, Estate Planning, Tax Planning
Outright distributions, even if staged at various ages, signify outdated planning. The Beneficiary Controlled Trust, pioneered by my friend Steve Oshins and his father, fills the gap between outright distribution and extreme asset protection — very...
by Dave Duringer - Protective Law Corp | Oct 24, 2018 | Creditors & Predators, Estate Planning, Income Tax, Tax Planning
This Virginia attorney writes a very good article summarizing some of the problems of transferring real estate to a child as an alternative to actual estate planning. Capital gains tax due to loss of basis step-up, medicaid lookback (California’s medi-cal...
by Dave Duringer - Protective Law Corp | Oct 19, 2018 | Asset Protection, Bloodline Protection, Creditors & Predators, Estate Planning, Income Tax, Spendthrift Children, Tax Planning
California recently (9/14/18) joined a few other states that have enacted the Uniform Trust Decanting Act. A lot of states have decanting statutes, several dozen in fact, but they vary greatly and this uniform act is more restrictive than those in some of the more...
by Dave Duringer - Protective Law Corp | Jan 14, 2018 | Archived, Asset Protection, Creditors & Predators, Estate Planning, Spendthrift Children
You’ve heard a lot about asset protection in recent years — why so much talk about asset protection? We’ll focus on this topic at our Family Protection Clinic (aka estate planning seminar) lunch meeting on Tuesday, January 30, 2018. (Our weekly seminar...
by Dave Duringer - Protective Law Corp | Jan 13, 2018 | Archived, Asset Protection, Creditors & Predators, Estate Planning, Income Tax, Retirement Planning, Spendthrift Children, Tax Planning
For many families, a large portion of the estate rests in a retirement plan which, on its own and without further planning, is essentially a separate estate plan with assets left completely unprotected. How do you protect and preserve the inheritance of retirement...
by Dave Duringer - Protective Law Corp | Dec 4, 2017 | Asset Protection, Creditors & Predators
UVTA is an attempt by trial lawyers and pointy-headed liberal law professors to resolve conflict of laws in favor of the state from which transfers are made, effectively ending asset protection as we know it. This is obviously not supported by our legal...
by Dave Duringer - Protective Law Corp | Nov 25, 2017 | Asset Protection, Business Succession, Creditors & Predators, Estate Planning, Family Protection, Tax Planning, Venture Protection
Some of the reasons listed here: Despite the proposed high estate, GST and gift tax exemptions and whether there’s repeal, trusts will remain extremely popular for many non-tax reasons, including: family governance/succession/education; ability to override the...
by Dave Duringer - Protective Law Corp | Nov 23, 2017 | Asset Protection, Creditors & Predators, Spendthrift Children
A huge sea change in California asset protection law is sending assets to sanctuary states, like Nevada, more willing to protect those assets than creditor-friendly California. That other states better protect funds in self-settled trusts is old news. Many states,...
by Dave Duringer - Protective Law Corp | Jul 22, 2017 | Asset Protection, Creditors & Predators, Estate Planning, Spendthrift Children
SCOCA has ruled that a creditor/predator can reach up to the entire amount of trust sums due and payable to a beneficiary, plus up to 25% of specified future payments, underscoring the crucial value of having trustees with full discretion over distributions....
by Dave Duringer - Protective Law Corp | Jul 22, 2017 | Asset Protection, Creditors & Predators, Estate Planning
He concluded, “The court did the right thing. They said, listen, our legislature determined what the public policy was in our state and they specifically included it. It’s a clear statute.” That’s settled in Nevada now, providing protection to Nevada...
by Dave Duringer - Protective Law Corp | May 17, 2017 | Asset Protection, Creditors & Predators, Estate Planning, Family Protection, Financial Mentorship, Spendthrift Children
“Great wealth transfer” has joined “silver tsunami” in the lexicon of aging America. It refers to the wave of wealth, estimated to be in the trillions, which will flow from the oldest generation in the coming decades. Yet evidence suggests that many Americans...
by Dave Duringer - Protective Law Corp | May 15, 2017 | Asset Protection, Creditors & Predators, Estate Planning, Income Tax, Spendthrift Children, Tax Planning
Just so we’re clear — I don’t sell IRA’s, I draft trusts, including the type that will make your IRA’s actually work as intended. Read the article, but keep in mind that although “trusteed IRAs” are an improvement over the...
by Dave Duringer - Protective Law Corp | Apr 23, 2017 | Asset Protection, Career Preparation, Creditors & Predators, Estate Planning, Family Maintenance, Family Protection, Spendthrift Children
Are 72 virgins really enough? What if they turn out to be 72 Virginians? If you are bound and determined to blow yourself into smithereens or commit some other irrevocable act of terror, at least buy some life insurance so your (surviving) descendants can live like...