by Dave Duringer | Dec 23, 2017 | Asset Protection, Death Tax, Estate Planning, Gift Tax, Income Tax, Tax Planning
The Tax Cuts and Jobs Act((In both the House and Senate versions, the bill was called the “Tax Cuts and Jobs Act.” Due to a last-minute change in response to a procedural issue, the official title was changed to “To provide for reconciliation pursuant to titles...
by Dave Duringer | Dec 21, 2017 | Death Tax, Estate Planning, Firearm Training, Tax Planning
The expected new Tax Cut and Jobs Act (not the official title anymore, but i’m sticking with it) doubles the applicable exclusion amount for estate tax but reverts to current law on January 1, 2026. That sunset provision reminds me of this funny old video...
by Dave Duringer | Dec 8, 2017 | Asset Protection
America is more British than modern day Britain. British lords seized power from King John in 1215, forced him to sign the Magna Carta allowing a right to bear arms and the militia ethic was borne in the English-speaking world. But the Brits killed their own militia...
by Dave Duringer | 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 | Dec 3, 2017 | Asset Protection
This should be an interesting case to watch, depending on the timing of the transfer to trust and his solvency at that time. Not sure, but i believe Massachusetts has yet to pass the Uniform Voidable Transactions Act, a variant of which California passed...
by Dave Duringer | Nov 25, 2017 | Estate Planning, Tax Planning
Don’t just sit there, plan but plan flexibly! Article here: Your clients may think that their best course of action is to hold tight until the political landscape becomes clear. This is an attitude that could cost them. Now is not the time to wait for...
by Dave Duringer | 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 | 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 | Nov 4, 2017 | Death Tax, Tax Planning
So far, the House GOP’s proposed tax plan avoids the carryover basis regime that would have been necessary if it would have imposed a capital gains tax at death to replace the estate and generation skipping transfer taxes, as the Trump campaign seemed to favor....
by Dave Duringer | Oct 2, 2017 | Asset Protection
Story here reminds us that OJ Simpson is suspected of squirreling away millions in offshore accounts. (One of OJ Simpson’s pals seems to have spilled the beans in a recording seconds after Simpson’s ill-fated robbery in Vegas. Cook believes it is possible...
by Dave Duringer | Aug 27, 2017 | Health Planning
My suggestion, for anyone wishing to go as far as DNA testing to be sure of the identity of remains, is to avoid cremating those remains. The couple has since received a new box that the crematory said is their daughter ashes, but they hope a DNA test can...
by Dave Duringer | Jul 23, 2017 | Asset Protection, Estate Planning, Family Maintenance, Family Protection
Fewer young men in the US want to get married than ever, while the desire for marriage is rising among young women, according to the Pew Research Center. Pew recently found that the number of women 18-34 saying that having a successful marriage is one of the most...
by Dave Duringer | Jul 22, 2017 | Asset Protection, Estate Planning
People who collect for the long term may get more for their money by adapting the strategies of value investing. That means forgetting contemporary and postwar works and looking for unfashionable or neglected pieces with intrinsic value. “We need people to...
by Dave Duringer | 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 | Jul 22, 2017 | Estate Planning, Property Tax, Tax Planning
The California Supreme Court, in a 6-1 decision, has held that a city or county may impose documentary transfer tax on the transfer of the ownership interests in a legal entity that owns real property located in the locality. In 926 North Ardmore Avenue, LLC v....
by Dave Duringer | 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 | Jul 22, 2017 | Estate Planning, Retirement Planning
Baby boomers, or those born between 1946 and 1964, expect they’ll need $658,000 in their defined contribution plans by the time they retire, but the average in those employer-sponsored plans is $263,000, according to a survey of 900 investors by financial...
by Dave Duringer | Jul 22, 2017 | Death Tax, Estate Admin, Estate Planning, Income Tax, Probate Admin, Tax Planning, Trust Admin
Rev. Proc. 2017-34 SECTION 1. PURPOSE This revenue procedure provides a simplified method for certain taxpayers to obtain an extension of time under § 301.9100-3 of the Procedure and Administration Regulations to make a “portability” election under §...
by Dave Duringer | Jul 22, 2017 | Archived, Asset Protection, Estate Planning, Tax Planning
Despite facing a $400 million budget hole, Delaware is the latest state to repeal its estate tax—as of Jan. 1, 2018. Democratic Governor John Carney Jr. signed a stand-alone estate tax repeal bill today, just two days after signing the 2018 state budget, which...
by Dave Duringer | Jul 22, 2017 | Asset Protection, Estate Planning, Family Protection
Most people think of dynasty trusts as something only the highest net worth families should even consider. In reality, they are something that is a great solution for many families. Although they require the help of a skilled estate-planning attorney, who can...
