Uniform Voidable Transactions Act may DOOM Asset Protection as we know it
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...Looks Like Aaron Hernandez Set Up Asset Protection Trust for 5 Yr Old Daughter
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...Strategic Estate Planning in Uncertain Times
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...Rumors of Trust Demise Greatly Exaggerated
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...Asset Protection: Greenbacks Flee California to Sanctuary States
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,...House GOP Tax Plan Avoids Carryover Basis Regime
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....OJ Simpson Suspected of Having Offshore Accounts
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...Mother discovers daughter’s cremains are actually dog remains
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...Young men giving up on marriage: ‘Women aren’t women anymore’
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...How To Invest In Art
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...Carmack v. Reynolds: California Supreme Court Rules on Asset Protection Trusts
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....California Supreme Court Holds Localities Can Apply Documentary Transfer Tax to Transfers of Interests in Property-Holding Entities
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....How Nevada Became America’s Safest State for Wealth Protection
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...Where did baby boomers go wrong? This generation isn’t financially prepared for retirement
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...Rev Proc 2017-34 simplifies getting extension for portability election
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 §...Latest State To Repeal Estate Tax: Delaware
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...Demystifying Dynasty Trusts
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...Steve Oshins’ State Rankings Charts Fight Big State Gov Attacks on Trusts
Pick the best state for your dynasty trust, while you fight state income tax drag, protect assets from creditors, and decant to your heart’s content with Steve Oshins’ state rankings charts: Steve Oshins | State Rankings Charts Steve is a nice guy...Fifteen Minute Course: “Do I need to update my estate plan?” (Reward for Completing)
Because you are busy, but want the peace of mind that comes from knowing your family is protected, we’ve created a SHORT 15-minute online course for you to take and get an idea whether it is time to update your estate plan. Access the “Do I need to update...One in three Americans who get an inheritance blow it – MarketWatch
“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...70% of Rich Families Lose Their Wealth by the Second Generation
“Looking at the numbers, 78% feel the next generation is not financially responsible enough to handle inheritance,” says Chris Heilmann, U.S. Trust’s chief fiduciary executive.And 64% admit they have disclosed little to nothing about their...5 Ways Trusteed IRAs Can Keep A Good Thing Going
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...Eleventh Circuit Limits Valuation Discounts
The U.S. Court of Appeals for the Eleventh Circuit recently affirmed a Tax Court’s ruling regarding a discount for lack of control and lack of marketability.1 The Tax Court had rejected an estate’s expert’s 31.7 percent discount conclusion and agreed with the...Trump’s Tax Plan Raises Questions for Estate Planners
The tenuousness of the President’s plan raises a whole host of additional questions. These include: (1) whether the President’s plan would be coupled with a step-up in basis at death versus carryover basis (carryover basis would effectively increase total taxes...Six Times A Financial Advisor Should Call An Estate Planner
If advisors don’t understand estate planning as well as they think they do (and tell their clients they do) then why do we as estate planning attorneys ingratiate ourselves to them by perpetuating the myth that “they are the quarterbacks” who...Ten Estate Planning Strategies While Waiting for Tax Reform
The election of Donald J. Trump to the presidency and Republican control of both houses of Congress make estate tax reform extremely probable in the next two years. However, given the new administration’s other proclaimed priorities, including the repeal of...SLATs Provide Flexible Plans for Many Clients
In the current environment of uncertainty, many married clients should consider implementing non-reciprocal spousal lifetime access trusts (SLATs). This strategy can provide a flexible framework for a wide range of clients. The technique can be adapted for more...Professionals Could Have Lower Tax Rates Than Their Employees
The way things ought to be! Under the Trump plan, the top income tax rate of 35 percent would be reduced to 15 percent for pass-throughs. The pass-through rate under the W&M plan would be 20 percent (instead of a top rate of 35 percent). Source:...Managing Online Accounts During Disability and After Death
From social media and email to online banking and investment accounts, most of us manage our most sensitive personal and financial information digitally. But unlike real estate or personal property, these digital assets are not easily accessible to third parties in...$61 million winning lottery ticket sold at Laguna Hills 7-Eleven – Orange County Register
What a coincidence — I am an estate planning attorney in Laguna Hills, with expertise in high net worth planning! (But why would a Nellie Gail resident need an extra $61 million?) The unidentified lone jackpot winner can claim their prize starting Monday,...Tips From The Pros: The Most Difficult Decision of My Career
Hmmm…why wasn’t she allowed to stay in her home with live-in help? Sounds like she had the ability to pay for that, and repairs, too! Lots of history there and it’s all she knew. Rule 1.14 of the Model Rules of Professional Conduct1 addresses...Is It Never or Now?
And for those with qualified retirement plans, it may be time to seriously consider charitable remainder unitrust (CRUT) planning. In the case of qualified long-term appreciated property, outright gifts can be used to offset other taxable income, while bypassing the...Introducing the IT-LIT: Irrevocable Terror Life Insurance Trust
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...A Quarter of Millennials Who Live at Home Don’t Work — or Study – Bloomberg
Among 25- to 34-year-olds living at home, one in four is neither enrolled in school nor working Source: A Quarter of Millennials Who Live at Home Don’t Work — or Study – BloombergOffshore Considerations For Non-UK Domiciliaries
On April 6, comprehensive tax changes went into effect in the United Kingdom (U.K.) that impact wealth planning considerations for certain individuals who spend a significant amount of time in the U.K., but who are domiciled outside of the country. Source:...Power of Attorney Just for Old People?
When children turn 18, they legally become adults. If there was a catastrophic life event which rendered them unable to make their own life decisions, their parents no longer have any legal rights. If the young adult becomes seriously ill or disabled, it may...Financial advisors less chickenshit
More advisors willing to speak up — that’s great! But since they have avoided the arena so long, they lack even the knowledge base of the typical low-information voter and most of them are on the wrong side. How could anyone have thought it was a good idea...Is the Passive Indexing Craze the New Tulip Bulb Mania?
Naturally, passive products look good as markets move higher. They’re designed to replicate an index and, therefore, have a symmetrical return profile. Unfortunately, the same symmetry that investors like so much on the way up is what causes the most financial...Six Steps to Help Parents Prioritize Their Paychecks
Parents of young children usually have more places that their money needs to go than they have funds to cover every current and future obligation. You can help them sort out where to put each and every dollar each month so that short-term concerns are...President Trump Signs Financial Services Executive Orders – YouTube
Just ONE Diet Coke or Pepsi Max a day can ‘TRIPLE the risk of a deadly stroke’ and dementia, researchers claim
The US study found those who drank a can of artificially-sweetened pop — such as Diet Coke or Pepsi Max — daily were at three times the risk of suffering the most common form of stroke compared to non-drinkers. They were also 2.9 times more likely to develop...QDOT-ting I’s and Crossing T’s: Estate Tax Planning for Non-United States Citizen Spouses
Good examples in this article on QDOT planning: The examples above illustrate the general rules applicable to gratuitous lifetime transfers of property, or gifts. The following examples illustrate the general rules applicable to transfers at death: Source:...What Is Community Property, and What Are Community Property Trusts?
Community property is treated preferentially by the tax code — it gets a full step-up in basis at death, instead of only stepping up the decedent’s half as in joint tenancy. (Could also step down if the market timing is unlucky, but that is rare.)...Protect multiple generations with a dynasty trust
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...Tax Havens Can Be Surprisingly Close to Home
Nations lose hundreds of billions of dollars every year through tax evasion and avoidance facilitated by havens. Gabriel Zucman, an economist at the University of California, Berkeley, has estimated that as of 2013, about 10 percent of the world’s...Where Are The Best And Worst States To Retire?
To rank the states according to what people say they want in retirement, we pull together data on these eight criteria:Cost of livingHealthcare qualityCrimeCultural vitalityWeatherTaxesSenior citizens’ overall well-beingThe prevalence of other seniorsTwo of our...New Commodity ETFs Structured to Avoid Need for K-1 Filing
ETF Securities Group, a U.K.-based asset manager, launched three ETFs on the NYSE Arca exchange that track the Bloomberg Commodity Indices, on March 31. The funds are among thousands traded on the exchange but stand out because they are broad-based and...The flexibility of stretch IRAs: Learn how your IRA can benefit your spouse and other beneficiaries
IRA stretch is great in theory, but your beneficiary can withdraw the principal at any time and there is no asset protection. As an estate planning attorney, I can make the stretch real by using an asset-protected standalone IRA Beneficiary Trust, separate from...States With the Highest (and Lowest) Taxes for Retirees
In general, the most tax-friendly states for retirees are, in order, Alaska, Delaware, Georgia, Nevada, and Wyoming, according to the J.P. Morgan report. The least tax-friendly states, in order, are New Jersey, Connecticut, New York, Maine, and Vermont. Property taxes...
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