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Outright distributions, even if staged at various ages, signify outdated planning.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...
by Dave Duringer - Protective Law Corp | Apr 11, 2017 | Asset Protection, Career Preparation, Creditors & Predators, Family Maintenance, Family Protection, Spendthrift Children
Regardless of the tax implications, there are several nontax reasons to set up a dynasty trust. First, you can designate the beneficiaries of the trust assets spanning multiple generations. Typically, you might provide for the assets to follow a line of...
by Dave Duringer - Protective Law Corp | Apr 2, 2017 | Asset Protection, Creditors & Predators
Trustophobic claptrap: In Australia, Canada and the US, the current anti-money laundering framework shows a tendency to rely on financial institutions to conduct the necessary background checks on real estate transactions… there are no checks on cash...
by Dave Duringer - Protective Law Corp | Mar 23, 2017 | Asset Protection, Creditors & Predators, Estate Planning
Even if you expect your children to be over age eighteen by the time you and your spouse die, you may want to consider keeping assets in a trust for your children to “protect them from themselves” until they reach a certain age when you think they will be...
by Dave Duringer - Protective Law Corp | Mar 18, 2017 | Asset Protection, Creditors & Predators, Estate Planning
In self-defense, if you train to draw your gun with an explosive Count 1, you will have more time and more options during counts 2 through 5. It’s the same with asset protection. Take the initial steps now so you have more options later. And there are...
by Dave Duringer - Protective Law Corp | Mar 11, 2017 | Asset Protection, Creditors & Predators, Family Protection
Credit card fraud appears to be most prevalent. 51 percent of respondents said that at least one of their clients was a victim of credit card fraud in the past year. Tax returns getting hijacked is another recent yet unsuspecting trend. In addition to credit...
by Dave Duringer - Protective Law Corp | Feb 26, 2017 | Asset Protection, Creditors & Predators, Estate Planning
Article’s tone is rosy, but there are a lot of concerns here. In addition to the seasoning requirement in the asset protection trust statute of the trust situs, there is a ten year seasoning under US bankruptcy law, plus this is CA realty owned by a CA...
