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...COGNITIVE AGING AND THE CAPACITY TO MANAGE MONEY
While Americans often worry about not having enough money in retirement, they seldom worry about their capacity to manage that money.1 At first glance, this lack of concern appears justified because many financial activities are so routine – like paying the monthly...Did San Francisco Eliminate its Transfer Tax Exception for Certain Gifts?
This past November, San Francisco voters approved Proposition W, a ballot measure that increased real property transfer tax rates and made certain other changes to the language of the San Francisco transfer tax ordinance. One of the changes provides that any...Current Political Violence Highlights Importance of Private Trust Planning
By now, hopefully most people are aware that probate avoidance is one of the core benefits of a properly drafted and funded revocable trust, even one done by a trust mill that lacks the sort of comprehensive planning we do. Why is probate bad? Well, one of the...Few Patients Have Advance Care Directives Available
Results: Among study patients (n = 104), 59% reported completing some form of ACP: living will 52%, heathcare power of attorney 54%, do not resuscitate 38%, and medical orders for scope of treatment or physician orders for life-sustaining treatment 6%. Whites...Estate Planning for College Students? What Every Parent Needs to Know
When a child is away at school and falls ill or otherwise needs medical attention (including for mental health purposes), most parents assume that they will be contacted and will have all the rights and responsibilities to direct care. You may be surprised to...Tax Deductions for Estate Planning Fees – Epilawg
If you are stuck doing your own allocation, here are some things to consider when calculating the tax deduction. Attorney’s fees paid in connection with drafting a credit shelter trust, formulating generation skipping tax provisions, marital deduction planning,...Poor planning means government will take half of Prince’s estate
Prince’s estate has until Saturday to file an estate tax payment for the late rock superstar, and the taxes are expected to ultimately swallow nearly half the estate’s estimated $200 million value, meaning a likely windfall of roughly $100 million for the...Income Sprinkling to Minimize Tax Liability
Income sprinkling is often a good strategy to avoid such high tax rates. In such a scenario, the income accumulated in a trust is distributed before December 31st of the year, and it is counted as income for the beneficiary. Unless the beneficiary is also in...Some Firms Apparently Not Yet Planning for Possibility of Repeal
While it is true that there is uncertainty in tax planning now (there always is) and there is a distinct possibility that the estate tax will be repealed and we should of course urge our clients to update after such a major change, it is not true that we cannot...Planning For Protection and Control
The government isn’t the only entity from which clients may wish to shield their assets. Perhaps your client owes money all over town, but would still like to leave something for his kids, or maybe he doesn’t trust his daughter’s husband and wants to ensure...New Regs re Dead But Not Forgotten IRC 1022
Think I’m noticing a trend here. A few months ago, IRS finally came out in support of using Clayton election for portability planning, after years of silence led to suspicion otherwise, and now years after repeal of 1022, the IRS decides to issue regs...Nice website, fancy suit, SEX? Impressing the Millennial Legal Consumer
Avvo takes a strikingly binary view of a problem that is a lot more complicated than they let on: how to attract millennials as clients. People say I have a nice website, I’ve been ranked by Justia as the No. 6 lawyer in the US in terms of twitter...Five Ominous Signs for the Securities Industry
Enjoy the run, because it may not last. This past year provided evidence that there’s a growing grassroots revolt brewing among the individual investors who have been so crucial to the securities industry for decades. This awakening is likely irreversible...Trumpian Carryover Basis Regime to Heat Up Life Insurance?
“Estate freeze” is a term that’s so commonly tossed around in the estate planning community that it’s actually become fairly useless shorthand, as it can be used to describe such a wide variety of techniques. However, as discussed by Jeffrey N. Pennell in his...Italy: New Beneficial Tax Regime for New Residents
Please share this info with all of your Democrat friends who promised to leave the US if Trump was elected. Seriously — how often does the Italian government change hands? Too often. Eligible taxpayers—that is, individuals who haven’t qualified as Italian tax...Guided by Voices: Planning via Voice-Activated Apps
These must be the same Satanic voices that give us LegalZoom and self-driving road hazards. I dissent. Are there any humans left? Enough with these charlatans and their dangerous, destructive boondoggles. In the future, I can see this evolving into a more...The Great Misconception about Active (and Tactical) Management
Tactical management was created to meet the typical investor’s needs and expectations. While still considered active, tactical management is quite different. Tactical management seeks growth during “normal” times but is engineered to avoid the majority of the...Retirement in the Gig Economy
Pew’s research, based on U.S. Census Bureau survey data, found that 56 percent of part-time workers in lower-hour industries do not have access to a 401(k) or other retirement plan, compared with just 29 percent of full-time workers in higher-hour industries....Nine Common Privacy Planning Issues
Planning for privacy is best started by placing an attorney (along with the attendant attorney-client privilege) at the head of your planning team. Ensure that discussions and financial transactions are as secure and confidential as possible. Source: Nine...The Divorce Penalty: This 401(k) Fee Can Add Insult to Injury
(Bloomberg) –A profit center. A silent fee. One more kick in the pants.Those are a few of the ways divorce lawyers describe the fee that many 401(k) plan participants have to pay when they need to divide a retirement account in a divorce. As more wealth...Planning for the Brady Bunch: Joint RLT Pour-over Strategies
Given some of the concerns of blended and complex families mentioned above, what route can meet Jim and Carol’s needs? The joint RLT pour-over is one good option for such a situation. The strategy contains three separate trust agreements: a joint RLT for Jim...Life After the Death Tax
Most agreed the new Republican regime in Washington may get rid of the long-loathed estate tax (this year levied at a top rate of 40 percent on assets above the exemption of just under $11 million for a married couple). Yet, it will almost certainly be replaced...Lessons Learned From U.S. Tax Fraud Case
The court also found that Dee Wyly, the widow of Charles Wyly (who was Samuel Wyly’s brother and business partner), hadn’t committed tax fraud, even though she was a joint signer on Charles’ returns. However, she must pay taxes, penalties and interest for a...Repeal and Uncertainty Impacts Estate Administration
Good advice in this article, but much of the uncertainty can be removed with thorough, comprehensive planning with an eye toward flexibility. For example, in our planning (http://Protect.LIFE), we offer not only the current flexibility of the Clayton election,...ETFs For Higher Rates And Inflation
The new president has an ambitious plan to spend money and cut taxes. Here are a few exchange-traded funds that can provide some ballast for a likely rise in both interest rates and inflation. Source: ETFs For Higher Rates And InflationDon’t Worry Bond Investors, Baby Boomers Have Got Your Back
“If you believe in follow the money, you need to follow the baby boomers,” Nerbrand said in a phone interview. “Bond yields may not revert back to their historical averages even if inflation were to rise because the structural story is still there.” Source:...A Different Kind of Retirement
Not too late to avoid this, folks: From a sensorial point of view, it’s impossible to tell the difference between the ‘real thing’ and the virtual experience. The program is purely voluntary and benefits from large economies of scale, so it is affordable to...Five Strategies to Chasing UHNW Unicorns
There are many types of advisors, but only lawyers are subject to state bar ethics rules and able to provide attorney-client privilege for confidentiality. Most importantly, planning is not all about money, and we know that. Go to http://Protect.LIFE and let an...Business Coach Appalled by Her Advisors
What I especially didn’t like was something I heard from a colleague who had some of her own personal money with the advisor. She said he told her some gossip about another person in the firm, an employee whose 401(k) he was handling—something about the person’s...California Lays Brown Budget Egg, Cooked Geese Flee State
California slaps high tax rates on the rich, and when they and/or their income leaves the state, the solution is…guess what…more taxes. Including property taxes, especially commercial. Or is it the gun control that is chasing good families away?...Six Things Family-Owned Firms Should Know About Succession Planning
Among the chief goals of succession planning is providing continuity of management and minimizing the tax costs of transferring property interests to new generations.Source: Six Things Family-Owned Firms Should Know About Succession PlanningHow to Speak and Be Heard in Affluent Circles
Concise, Conversational, Confident… There is a solution to speaking and being heard (in a positive context) in affluent circles. However it requires you, the financial professional, to understand what your affluent prospect (the person you’re engaging in...Egypt busts organ trading racket, arrests 45 people
Egypt and China are two big reasons to put some planning into how your agents decide to “pull the plug” — what does your advance health care directive say? CAIRO (Reuters) – Egypt has uncovered a network accused of illicit international...Thirteen Celebrities Who Also Star as Commercial Real Estate Investors
Quite a few celebrities with money to burn have wisely invested in commercial real estate as a means to build on their wealth. Source: Thirteen Celebrities Who Also Star as Commercial Real Estate InvestorsSeven Tips for Building the Perfect Day
There are some commonalities in how the industry’s most productive people manage their days. The following are a few worth mentioning. Source: Seven Tips for Building the Perfect Day
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