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...Are Collapsing Pensions “About To Bring Hell To America”?
Along with the student loan debt bubble and other major financial factors, the looming pensions crisis is bound to be the death of us all.Because it’s based on a future promise to pay, it has long been a benefit dangled to solve strikes and union disputes –...How to protect your family-owned business from your child’s spouse
There are many ways to prevent a child’s spouse from becoming a “creditor” of a family-owned business. Below are three common ways to protect the family-owned business: Source: How to protect your family-owned business from your child’s spouse | Thompson Coburn...Is online college about to skyrocket?
Higher education is in a bubble, and bubbles burst. Will it be as bad as the housing meltdown and financial collapse 2008-09? That’s hard to say. Mega-banks aren’t bundling and selling worthless college degrees; those losses are left to fall on individual...Eight Things Clients Need to Know About Athletic Scholarships
Just 2 percent of high school athletes snag sports scholarships at NCAA schools. Here’s how to guide parents convinced their child will get one. Source: Eight Things Clients Need to Know About Athletic ScholarshipsFiduciary Access To Digital Assets
The Uniform Fiduciary Access to Digital Assets Act, enacted by several states, provides that fiduciaries may manage web domains and virtual currency, but unless the user has explicitly consented to the fiduciary’s access to E-mail, text messages, and social...President Trump Grades Out Well in the Eyes of Financial Advisors – TheStreet
President Trump has been in the office for a little over a month, and love him or hate him, financial industry specialists seem fairly bullish on his performance from an economic point of view. That’s the takeaway from a single question posted to a...Re-examining Your Client’s Trust-Owned Life Insurance Policy
Unfortunately, many wealth management professionals fail to view the underlying asset inside the trust—the life insurance policy itself—the same way they would consider other assets (e.g., stocks, bonds and real estate) and rarely re-examine the life insurance...Protecting your assets from your spouse on Remarriage
Good discussion in this article, though written for Michigan. To learn more about blended family planning in California (and Thor/Bambi remarriage planning), take my free online course or attend the free seminar at my office focusing on this subject. Well,...Two New ETFs for Biblically Responsible Investors Make Their Debut
The model these ETF’s are based on is located here. As you can see from the parameters, it is solidly Christian and there is nothing in there that is anti-gun (closest thing to that is aiding oppressive regimes). This is a relief for me because a few...McConnell: Tax reform unlikely by August
Senate Majority Leader Mitch McConnell (R-Ky.) on Thursday poured cold water on the Trump administration’s goal of completing tax reform by the August recess. Source: McConnell: Tax reform unlikely by August | TheHillTwelve Steps to Ease Clients into a Happier Retirement
Keith couldn’t wait to retire. He planned to volunteer, golf every day, and travel with his wife. He teased friends who were still “chained to a desk” as he flaunted his coming freedom. Yet, two months after retirement, Keith found it hard to get out of bed or...Security Risks For Wealthy Families Are On The Rise
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...The 10 Most Valuable Comic Books Sold at Auction
Don’t throw out those comic books! Though still not considered “art” by many, comics are starting to reach the rarified auction air normally reserved for more traditional art investments. Source: The 10 Most Valuable Comic Books Sold at...Top 20 Wealth Centers Worldwide
Real Estate firm Knight Frank, in their recently released 2017 Wealth Report, developed a City Wealth Index that weighs four critical factors in determining which cities matter most to the worldwide ultra-high-net worth (defined as those with $30 million or...
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