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...Utah Jazz Owners Demonstrate Power of Dynasty Trusts
Utah Jazz Owner, Gail Miller, recently made basketball news by announcing that she and her family had transferred the NBA team and the Vivint Smart Home Arena into a dynasty trust. Gail Miller and her late husband, Larry Miller, bought the franchise in 1985 for...The Last Taboo: Your Parents Still Won’t Talk About Their Money With You
“Delaying conversations until a life event forces the subject means making decisions during a time of crisis that are often driven by emotion — by this time, options are fewer and time is tight — having conversations and a plan of action well before one must...Help Your Clients Manage Political Risk
But, what about political risk? Given today’s volatile political environment, it seems especially prudent to raise this topic. A quick glance at the headlines is all one needs to appreciate that these are treacherous times that require organizations to take...CPAs: Top 10 list for fiduciary income tax returns and planning
As we near tax season, below are some tips for CPAs when planning and preparing tax returns for trusts, along with a link to an upcoming webinar on this very topic.Remember, trusts with 2016 taxable income over $12,400 pay regular income tax at the top income...As Top-Tier Artists Age, the Art World Hopes to Cash In
At 77, Mr. Close is among a critical mass of prominent — and profitable — artists in their twilight years (including Claes Oldenburg, 88; Ed Ruscha, 79; and Gerhard Richter, 84) facing important decisions about how to secure their creations and provide for...Trump’s Travel Ban Spooks International Wealthy
Of course, the fear is more about money than family. However, the number one fear voiced by Fisher’s clients is loss of access to their assets. “Access and concern about being able to affect change in U.S. located assets are key.” Source: Trump’s Travel...SEC to Mandate Succession Plans for RIAs
Another regulation that brokers adhere to, but will likely come now to RIAs, is the mandate that the firm has a documented business succession plan in the event the advisor dies suddenly or otherwise becomes incapacitated. The risk is that many RIAs are smaller...Divorcing Spouse Busts through Delaware Dynasty Trust to take $30 Million Mansion (Kloiber Case)
Kloiber case recap: Does a Delaware Dynasty Trust still work? Yes, but only if it’s a fully discretionary trust. Do not ever draft a Delaware trust with health, education, maintenance and support distribution language since that is susceptible to the Garretson v....Carrie Fisher and Debbie Reynolds Dynastic Deaths Give Offspring Legacies and Millions to Inherit Overnight
Luck all around, despite the bad planning. Carrie had formal next of kin, daughter Billie Lourd, who inherits the house, the money and presumably the French bulldog even if the outspoken and occasionally erratic actress forgot to leave a valid will behind....Reverse Mortgage Part of Financial Planning
With a reverse mortgage you will never have a mortgage payment as long as you live in the home. Because it is insured by the government, you will never owe more than the home is worth, and the property may be willed to your heirs.The heirs may refinance the...Older workers feel on track for retirement. Are they?
Yet the economic recovery has been tepid, leaving out or squeezing many workers. Many of those laid off are in part-time or lower-level positions, or drifting in and out of the labor force. Many depleted their nest eggs to pay living expenses while they were...Brain games linked to delayed cognitive decline in elderly
This is not the first such study, and I have previously suggested that attendance at my free training events, including my laser simulated range, could spark an interest in a healthy new hobby. “Mentally stimulating activities perhaps in combination with...Misdiagnosis of Women’s Heart Disease
Heart disease is the leading killer of women, responsible for one in every four female deaths, and this danger was highlighted by the tragic death of actress Carrie Fisher in late 2016. But almost two-thirds of women who die suddenly from heart disease had no...Creditor Protection Update: Protecting Your Assets with a “DAPT”
The list of states is growing, but Nevada is still king for most family situations, even before considering proximity to California. On December 5, 2016, Michigan joined Alaska, Delaware, Nevada, Utah and South Dakota as one of the 17 states that permit the use...
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