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...These Are the 10 Cars to Watch for at the Amelia Island Auctions
My 1990 500SL would be in good company with some of these on the lower end. “Modern classics continue to be the hot topic that enthusiasts are talking about, not least because they are exciting new additions to sale catalogs,” said Alain Squindo, the chief...Americans Give Up Citizenship at Record Rates, Primarily Over Taxes
Giving up citizenship over taxes? There’s something strangely American about that. But always remember that if you give up your US citizenship, you are barred for life from possessing a gun or even hiring an armed guard. “To some degree it is President...Family Business & Academia Need Each Other
Seems like just about every college has gone full marxist these days, and as a conservative I bristle at the idea that families really need those loons. This article makes a pretty good case that we all benefit from an academia attentive to Family Business....The Future Of Proposed IRS § 2704 Modifications Is UNCERTAIN
In estate planning these days, there is uncertainty and there is UNCERTAINTY. Over the last few years we’ve gotten pretty good at developing techniques to deal with uncertainty, but the UNCERTAINTY surrounding the proposed regulations related to 26 USC §...Only 45% understand estate plan can provide instructions on life support
According to WealthCounsel’s recent inaugural Estate Planning Awareness Survey: Less than half (45%) tell us that they understand that estate planning can be used to express an individual’s wishes related to personal healthcare decisions, e.g., whether to...Basis Consistency and Reporting for Property Acquired from a Decedent
Significant coverage was devoted at the recently concluded 51st Annual Heckerling Institute on Estate Planning in Orlando, Fla. to the Internal Revenue Service’s proposed regulations (proposed regs) concerning basis consistency and reporting for property...Bank ETFs Booming, Investors Betting on Trumpian Deregulation
This year, investors have poured a combined $2.4 billion into three exchange-traded funds focused on banks — State Street Corp.’s Financial Select Sector SPDR fund, ticker XLF, BlackRock Inc.’s iShares U.S. Financials ETF, ticker IYF, and the Vanguard...Woman ‘accidentally cremated while still alive’
As we like to say in firearm training, there is no such thing as an accident — only negligence. (Or intent.} What are your end-of-life instructions? Get a free living will by attending our free estate planning seminar. A subsequent post-mortem later concluded...Eight Smart Steps Millennials Can Take To Plan For Retirement
For previous generations, retiring by age 65 with a nice pension was practically a guarantee. For the modern workforce, retirement age — and the concept of retirement itself — is a little more uncertain. In fact, a recent Merrill Edge report found that 83% of...Parents Are Paying for Millennials Much Longer Than Planned
We spent nowhere near this, and are doing fine. According to The Knot, the average wedding in the U.S. costs approximately $33,000, but there’s tremendous regional variation. In New York, for example, weddings cost an average of $82,000. Source: Parents Are...Choke the Rich? Horror-thriller Us and Them
Being a smoker is far from the only worrying thing of Danny, the character played by Jack (son of Tim) Roth in the new horror-thriller, Us and Them. Danny is a working-class kid who is tired of the rough deal he faces and plans to start a revolution by streaming...Will Robo-Advisors Benefit From The DOL Fiduciary Rule?
“Robo-advisors are expected to be the big winners with the DOL’s fiduciary rule,” says Jo-el Meyer, managing editor of pensions & benefits at Bloomberg Law.“During the development of the rule, the DOL often pointed to robo-advisors as the future of...How Behavioral Economics Can Help Your Clients Retire Rich
Say you do not have a will. You’re unlikely to go get one today, Ariely said. But you could say that by the end of the month you’ll find a lawyer and make an appointment.If you write down the steps and set a timeline, it is not a guarantee you’ll do that task,...Should You Invest In Long-Term Care Insurance?
“We don’t know if we’re going to get Alzheimer’s or anything like that. I think the best thing is to have your team of advisers. 30’s, 40’s, 50’s, is a good time to meet with an attorney, get estate planning documents put in place so there’s someone to act on...Demi Moore Pool Death Puts Asset Protection To The Test
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...Who Gives to Charity and Why
Over 2,300 years ago, Aristotle commented on the challenges one faces when considering how to make larger charitable gifts:To give away money is an easy matter and in anyone’s power, but to decide to whom to give it, how much to give, when to give, and to give for the...The Biggest Lie in Life Insurance
Valid point, especially now that the estate tax beast so rarely bites and may soon be destroyed. The article points out a few reasons for having life insurance, but omits some important ones such as estate creation for young families. Thus, the biggest lie in...Arguments for Keeping Death Tax Weak, BUT…
The arguments set forth in this Bloomberg article for keeping the death tax are weak (compare this other recent Bloomberg article pointing out the role inheritance plays in keeping whites richer than blacks), but the article comes close to making an important point so...Tailoring the Trust Protector’s Role
The Bespoke Trust Protector – Tailoring the Protector's Role from Matthew McClintock WealthCounsel VP Matt McClintock has been at the forefront in this cutting edge planning area — adapting the age-old concept of trust protector, commonly used in...OJ Simpson may be released soon to enjoy successful #AssetProtection planning
That adds up to £240,000 a year and will amount to a £2.16million fortune by the time of his anticipated release.Under America’s Employee Retirement Income Security Act, the pension cannot be touched by creditors, despite Simpson owing almost £27million....Calif. Lawmaker Readies Estate Tax Plan if Congress Repeals
The name is Wiener, of course. SACRAMENTO, Calif. (CN) – Warding against the possibility of Congress nixing a lucrative federal estate tax, a California lawmaker on Tuesday announced a measure to ask voters to approve a mirroring state version. Source: Calif....Wife Has No Gain, Loss or Estate Inclusion on Transfer of Trust Assets Pursuant to Divorce Settlement Agreement
In Private Letter Ruling 201707008 (released Feb. 17, 2017), the Internal Revenue Service ruled that a wife wouldn’t recognize gain or loss from her husband’s transfer of property to a trust for her benefit under a proposed divorce settlement agreement....How do recent updates to estate tax laws impact your future?
Utility indeed, especially with added flexibility of the Clayton election and other precautionary provisions. Many of our married clients have structured their estate plans to apply the federal estate tax exclusion amount to create a trust for the benefit of their...Americans Renouncing Citizenship at Record High
Tax savings aside, keep in mind that citizenship renunciants are not only prohibited from possessing firearms, but also are prohibited from hiring armed bodyguards. Why? It all goes back to the Civil War, and to a tax meant to deter potential draft dodgers from...Is a donor-advised fund right for you?
DAF pros and cons Here are the advantages and disadvantages of using a DAF: Immediate tax deduction. Your contribution to the DAF is deductible in the tax year in which the initial contribution is made. You don’t have to wait until the fund makes distributions...IRS’ “Won’t Rule” List
How comforting — as dictators go, the IRS plays very fair in telegraphing its hand-wringing (chop-licking?): Every year, the Internal Revenue Service updates its list of topics on which it will:(1) not issue rulings, (2) ordinarily not issue rulings, and (3) not...SEVEN Lessons for Wealthy Clients From Kim Kardashian’s Robbery
Lesson Number Seven: Only travel where you are allowed to be armed (example: Costa Rica). Six pieces of advice you can offer your wealthy clients to help avoid trouble when they travel. Source: Six Lessons for Wealthy Clients From Kim Kardashian’s...A Better Way To Say “I Love You”
As Valentine’s Day brings heart-shaped chocolate boxes and roses by the dozen into your clients’ imaginations, seize the moment to educate them about the drawbacks of “I love you” wills and introduce them to the estate planning move that’s actually going to...Man Awakens After 12 Years in a “Vegetative State,” Says “I Was Aware of Everything”
Something to think about when filling out that advance health care directive: Now Martin is married and has penned a memoire about his life. He has gained control of his body and in his book Ghost Boy, he writes, “My mind was trapped inside a useless body, my...The Other Reasons For Estate Planning
Good discussion of incentive trust planning: Many subjects that serve as substantial planning motivators aren’t found on client questionnaires and are frequently absent from planning discussions. Source: The Other Reasons For Estate Planning (Well actually, we...Executors Personally Liable for Tax Liabilities of Estate Under Federal Priority Statute, 31 U.S.C. 3713
This is an appeal of summary judgment by the personal representative (the “PR”) of an estate. The lower court found the PR to be personally liable under the federal priority statute, Section 3713, for tax liabilities due from an insolvent estate. Under the...Life Insurance: It Was Never Just About Taxes
This article raises important points — plan for the long-term and don’t let taxes direct the planning over more important goals — plus it’s a good review of the many benefits of life insurance. But as I’ve previously noted, the...Always Say Never
When you have the opportunity to do so, don’t ever, ever, ever let a client surrender or lapse a life insurance policy without talking to you first. I don’t care if you are the estate planning or business attorney, the CPA, the trustee, the family office, the...Taxation of Aliens Trying to Leave America – Don’t Go Home without your IRS Sailing Permit or You Aren’t Coming Back
Article authored by my friend Brian Dooley, a top international tax expert: Before leaving the United States or any of its possessions permanently or for an extended amount of time, all U.S. resident aliens and nonresident aliens (with certain exceptions) must...Wealth Planners Are Not Afraid of Estate Tax Repeal
In fact, some attorneys see repeal as potentially being a boon for their businesses, especially if the tax is replaced with a capital gains tax such as the one proposed by President Donald Trump on the 2016 campaign trail. Source: Wealth Planners Are Not Afraid...Big reason whites are richer than blacks in America? Lack of black estate planning.
I don’t agree with everything in this article, but it does make a good point about the lack of estate planning. It is surprisingly tough sometimes to get families to consider holding funds in trust to prevent kids from blowing their inheritance, and I can...
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