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is uncertainty in tax planning now (there always is) and there is a distinct possibility that the estate tax will be repealed and we should of course urge our clients to update after such a major change, it is not true that we cannot...Planning For Protection and Control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 DayMassive Art Forgery Ring Reinforces Need for Vigilance Among Buyers
Conduct due diligence. Always ask questions and conduct research to find out about the work of art’s history, as well as exhibition and literature citations prior to purchase. Ideally, a buyer should be able to trace the history of the painting all the way back...The Long and Short of REITs
Try to guess the best inflation hedge of this century.Thinking of stocks? Bonds? Gold? Nope. You should be thinking of real estate, specifically real estate investment trusts (REITs). REITs, as a class, have produced positive real returns in 14 of the past 16...International Investors and California: Roundtripping | California CEO Magazine
For international investors who want to thrive in the California lifestyle, they face three different issues: immigration status, business investment and tax planning. For these clients, I recommend they consider “Roundtripping”, (i.e., they invest in a CA...Cancer fails to stop woman from serving Santa Ana’s homeless
This woman is an inspiration, leaving a rich legacy of charity. But note part of the reason she is able to do this: Finances aren’t a worry: A long-term disability policy she invested in provides 70 percent of her wages; Guy Morrison continues to work as a physical...Five Ways Technology Will Change How Your Clients Age
Advisors can steer clients towards the technology that will help them in old age. Here are the top five ways. Source: Five Ways Technology Will Change How Your Clients AgeTen Podcasts that Will Give You an Edge in 2017
If you’re looking for a way to stay current and learn about the finer points of investing, sales, and leadership, look no further than these new podcasts. Source: Ten Podcasts that Will Give You an Edge in 2017Protect Your Family From Identity Fraud
Personally, I think this is the best of the several solutions discussed: Another way for clients to avoid new account fraud is to put a freeze on their credit report with all three bureaus, which prevents anyone else from opening accounts in their name. There is...Impact if Federal Estate Tax Repealed
Practitioners should review options with clients that might include: Outright bequest to surviving spouse, with contingent disclaimer trust, subject to the problems that this approach creates Clayton QTIP approach, subject to the complexity it creates...New Filing Requirements for Foreign-Owned Disregarded Entities
On Dec. 12, 2016, the Treasury Department and the Internal Revenue Service announced final regulations (issued in proposed form on May 5, 2016) requiring domestic disregarded entities with foreign owners to file Form 5472 information returns with the IRS...Indispensable: How Philanthropy Fuels American Success (Karl Zinsmeister – Acton Institute) – YouTube
Interesting speech below on crucial importance of philanthropy, even for national defense:The Secret Feature of Series EE Savings Bonds
Hopefully your working clients are maxing out opportunities to save all they can into 401(k)s, IRAs and Roth IRAs. Those who still have money left over should consider purchasing Series EE savings bonds with any extra funds. In the short term, they will get...A Practical Guide to Trustee Selection: A Review of the Most Common Tax (and Nontax) Traps
When it comes to modern-day estate planning, trusts invariably are an integral part of the structure. In the authors’ daily reviews of trusts, they have found that thoughtful planning can at times be rendered problematic due to trustee selection. The consequences can...Philanthropic Planning Challenges … Mission Possible or Impossible?
While it’s important that charities and their staff understand how to match various tools, such as charitable remainder trusts (CRTs), charitable lead trusts (CLTs), charitable gift annuities and other gift plans with the needs of their donors, which may...Fusing Family and Philanthropic Visions
Wealthy families can now transfer wealth to children and grandchildren at a transfer tax discount of up to 50 percent, while receiving up to a 50 percent current charitable income tax deduction—all while avoiding tax on the subsequent sale of appreciated...Special Needs Trust Fairness Act Becomes Law
On Dec. 13, 2016, President Obama signed the 21st Century Cures Act (H.R.34 — 114th Congress (2015-2016)). Section 5007 of the Act, titled “Fairness in Medicaid Supplemental Needs Trusts” incorporates language from the Special Needs Trust Fairness Act of 2015...
Free to Advisors
Protective Law Corporation
895 Napa Ave
Suite B4,
Morro Bay, CA 93442 Suite B4,
United States (US)
URL: https://lawnews.tv