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...High-Net-Worth Investors Look to Suburban Office Buildings and Transition Assets to Get Yield
HNWI are starting to look hard at suburban office markets again, which we haven’t seen this investor group pursue in quite some time. Industrial space has been very competitive the last several years, so unlikely the HNWIs will go after industrial assets this...Should you use your retirement savings to pay for kids’ college? – MarketWatch
The kids can work their way through college like we did. ‘Should I dip into my retirement account to pay for college?’People do it, but most financial professionals advise against it. At the very least, experts say, you should limit such withdrawals, so as not...The IRS has been quietly confiscating millions from small business owners
And it’s not just that the IRS occasionally seizes the assets of innocent business owners by mistake and is unaware of the problems with its methodology: According to the TIGTA report, the IRS almost always misses the mark. The watchdog randomly selected 278...IRS Recognizes Retroactive Validity of GRAT Based Upon Court Reformation
In this matter, the draftsman failed to include language prohibiting the trustee from issuing a note, other debt instrument, option or other similar financial arrangement in satisfaction of the annuity obligation as required by § 25.2702-3(d)(6) of the Gift Tax...To Defer or Not To Defer—How About Both?
“If you look at the conventional advice that’s given, there doesn’t seem to be much acknowledgment of this idea of tax uncertainty,” he notes. “That advice is often based on this idea of ‘compare your income today to your expected income in retirement,’ and our...Estate Planning Pitfall: You reside in a state with high estate tax
Sacramento is at this moment plotting to bring back the estate tax here. Also, you might own property, or plan to retire, in one of these states. Do you have a flexible estate plan? Reforms being debated by Congress could repeal the federal estate tax with...How to Help Clients Spot Warning Signs of Real Estate Investments
For many years I was an attorney for landlords and my wife and I are both real estate brokers and between us have decades of experience in a number of real estate fields. If you need a broker, we can find the right one for you, or for your client. To avoid the...Buying a Home Will Be Harder Than Ever This Spring | Fox Business
If you need help, my wife and I are both licensed brokers and we know many agents in Orange County. We can help you find the right one for the area or type of housing you desire. Economists had predicted the inventory crunch would ease this year, as several...Australia Has The World’s Worst Money-Laundering Property Market | Zero Hedge
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...Residual liability in the trust context of excluded fiduciaries
Some states by statute have introduced into their trust jurisprudence the concept of the excluded fiduciary: In the case of a trust the terms of which allocate fiduciary functions between the trustee and, say, a trust protector, the trustee is an excluded...The Biggest Challenge for RIAs? They All Look Alike
“Competition is the challenge of the future for independent advisors, and as there’s more of them, differentiation is critical,” agreed Jon Beatty, senior vice president, sales and relationship management, Schwab Advisor Services.Asset allocation, rebalancing...Will Republicans Fund Tax Cuts by Tapping Retirement Piggy Bank?
To understand why, it is important first to understand this term: “Tax expenditure.”This is Washington budget-speak for tax revenue foregone due to special tax treatment. The phrase refers to billions of dollars in tax code exemptions, deductions or credits....L.A. To Worsen Housing Shortage With New Rent Controls
Currently, partial rent control is already in place in Los Angeles and landlords there are limited in how much they can raise rents on current residents. However, according to LA Weekly, landlords are free to raise rents to market levels for a unit once that...Conflicted Art Appraisals Lead to $1.77 Million Estate Tax Deficiency
Recently, in Estate of Kollsman v. Commissioner (T.C. Memo. 2017-40), the U.S. Tax Court held that an art collector’s estate significantly underreported the value of two artworks for estate tax purposes. The problem: the estate relied on appraisals by an...Make GRAT Payments to Avoid Subjecting Assets to Gift Tax
A GRAT must be drafted to comply with the requirements set forth in the applicable Treasury Regulations under Section 2702. Unfortunately, the regulations don’t resolve all issues, such as whether there’s a minimum or maximum term for a GRAT, or whether a GRAT...ONE-SENTENCE bill filed to repeal Obamacare effective 12.31.2017
[bctt tweet=”Brevity is the soul of twit: ONE-SENTENCE BILL REPEALS OBAMACARE #tcot #ccot #MAGA” username=”guntrust”] “This Act may be cited as the ‘Obamacare Repeal Act,'” the bill states. And the bill uses just one sentence...Bill Criminalizes Pronoun Usage in Nursing Homes
It’s alive! (Well, for the moment anyway.) Sacramento, CA–The latest battleground over gender theory is coming to nursing homes—and failure to conform to State orthodoxy could be a crime. The mandates on long-term care facilities, their employees...Do You Still Need An Estate Plan If There Is No Estate Tax?
In other words, a repeal of the estate tax would really only impact those clients with a net worth north of $11 million. That’s why Natanya told me that most of her moderately wealthy clients have already rounded the corner from thinking about taxes to focusing...Dynastic Gamesmanship: Did David Rockefeller’s Crafty Trust Work Leave the IRS Holding the Bag?
The trust rules have evolved over the last eight decades. For one thing, depending on the state, a trust created now for David’s own grandchildren and beyond may never need to terminate.It could theoretically run forever, eternally beyond IRS reach if run...Alzheimer’s Legal and Financial Planning Tips
Fraser Trebilcock Elder Law attorney Melisa Mysliwiec says that proper planning helps to ensure that the person with the diagnosis is able to contribute to important decisions about health care and long-term care, finances and property, and deciding who will...Lower Returns Will Require Higher Savings Going Forward
Market returns are coming down this year, and investors should expect a lower return environment for the next decade, according to J.P. Morgan Asset Management. That means investors will have to save a lot more to meet their retirement goals. Source: Lower...Term Life Insurance and Pre Liquidity Planning
From a planning perspective, illiquid shares provide a challenging dilemma. Restricted shares can generate a high balance sheet net worth and high estate value, but oftentimes without the corresponding liquidity to fund the shareholder’s estate tax liability....FATCA Repeal On Agenda Of U.S. Republicans
“FATCA has wrecked [sic] havoc on the global financial system, turned 8 million Americans overseas into financial pariahs, violates other countries’ sovereignty, and is damaging for American jobs and therefore the American and global economies,” he said....New Alzheimer’s test can predict age when disease will appear
The latest study takes a new approach, showing that, aside from ApoE, there are thousands of background genetic variations that each have a tiny influence on Alzheimer’s risk, but whose cumulative influence is substantial. The researchers first identified nearly 2,000...Should You Create Trusts for Your Kids?
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...Tax Reform Bill On the Front Burner
In short, the ground has been laid for quick action in the House of Representatives the moment the health care debate concludes. Source: Tax Reform Bill On the Front BurnerCharitable Divorce Planning?
Charitable planning coordinated with dissolution planning merits serious examination. The work involved is well worth the effort to assure divorcing parties have maximized the use of all marital assets in a tax-efficient manner. The four techniques are...Human trials of age-reversing pill to start in six months
Taxes, schmaxes — pendulum keeps swinging. But THIS could kill demand for estate planning overnight, at least among mice: The cells of the old mice were indistinguishable from the young mice after just one week of treatment,’ said lead author...Tax Law Update: April 2017
The loss of income tax revenue would be the product of income tax saving strategies that would become viable in the wake of gift tax elimination. For example, without a gift tax, the use of a “straw taxpayer” would likely become a prevalent income tax planning...Avoid Taxable Gifts in 2017
Even though in our current environment, paying gift taxes could save estate taxes, and is therefore a rational strategy, our clients won’t view it this way if, this year or next, the estate tax is repealed. And this is so, even if the estate tax is repealed...Will GOP Tax Plan Hurt 401(k) Savers?
Republican talking points around tax reform centers on the need to lower them, yet there isn’t consensus between the Trump administration and Congress on what that looks like. Trump wants tax cuts without regard to the impact on the deficit; Paul Ryan, speaker...How to Spot Switzerland’s Truly Rich: An Insider’s Guide – Bloomberg
A license plate part of a family’s heritage?? Looks like it’s all up to us to carry on the firearm legacy. Switzerland is toast. “After the two license plates LU 100 were stolen from my son’s car — despite being more securely bolted-on than...HSAs over 401(k)s for Retirement Readiness?
Additionally, under the Republican plan, unused health insurance credits can be contributed to an HSA. The idea that we could have “tax credits that can be deposited into a tax-advantaged account has never happened before in American tax history,” said Kevin...3 Personal Asset Protection Tools for Physicians | MD Magazine
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...How Do Your Clients Really Feel About Money?
What is the source of your money? How was it earned? How was it accumulated? What is your relationship to the person who earned the money? How would you characterize the nature of that relationship? (Close or distant? Loving or cold?) What messages about...92-year-old takes wild ride into Huntington Beach lake
What is the likelihood of someone driving into a lake in Southern California? What is the likelihood of your elderly spouse being in a car accident, hurting or killing someone or a whole family or bus full of kids, and losing everything you left her? If you die...
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