by Dave Duringer - Protective Law Corp | Nov 7, 2016 | Archived, Estate Planning, Estate Tax, Tax Planning
On Sept. 8, 2016, the estate tax celebrated its 100th birthday. Over the past century, practitioners, lawyers and even laypersons have voiced their opinions on whether the estate tax should be retained or repealed.Not to be outdone, we asked two of our esteemed board...
by Dave Duringer - Protective Law Corp | Nov 6, 2016 | Asset Protection, Career Preparation, Estate Planning, Family Protection
Parents often have no idea which assets hurt their financial aid chances and which do not.This is an especially relevant question because parents are now filing for financial aid for the 2017–2018 school year.Here’s a quick rundown of what assets parents must share...
by Dave Duringer - Protective Law Corp | Nov 6, 2016 | Asset Protection, Estate Planning, Family Protection, Financial Mentorship
Millennials may strive for financial independence, but as a whole, they’ve been slow to break out on their own. According to Fidelity Investments’ Millennial Money Study, nearly half (47 percent) of millennials still have their parents pay for certain...
by Dave Duringer - Protective Law Corp | Nov 4, 2016 | Archived, Asset Protection, Charity, Estate Planning, Estate Tax, Gift Tax, Income Tax, Tax Planning
For many clients in the mid-range, we can pretty much take care of the issue in the first paragraph below with Clayton election planning. (HNW clients may benefit from other advanced techniques such as NING trusts.) The issue in the second paragraph below (changes to...
by Dave Duringer - Protective Law Corp | Nov 3, 2016 | Archived, Asset Protection, Estate Planning, Estate Tax, Tax Planning
Under the new statute, the New Jersey estate tax exemption will be $2 million during the year 2017, and it will be repealed beginning in 2018. The New Jersey inheritance tax, which applies to inheritances received by non-family members, remains in effect....
by Dave Duringer - Protective Law Corp | Nov 2, 2016 | Asset Protection, Estate Planning, Estate Tax, Tax Planning
The below article is very superficial. For example, although having the trustee originally purchase the insurance is optimal, there are several other ways to transfer the insurance policy into the trust. Also, ILITs are great for asset protection even if they are...
by Dave Duringer - Protective Law Corp | Nov 1, 2016 | Archived, Asset Protection, Estate Planning, Estate Tax, Tax Planning
Summary of Planning Action Steps Begun in 2003, Treasury took 13 years to draft these regulations, yet several material uncertainties exist. Until clarified, protect clients conservatively by: Completing contemplated and partial prior transfers. Modifying entity...
by Dave Duringer - Protective Law Corp | Nov 1, 2016 | Asset Protection, Estate Planning
Irrevocable Life Insurance Trust (ILIT) Life insurance death benefits are considered part of a decedent’s estate and are therefore subject to estate tax. The proper design, funding, and implementation of a special trust designed to own life insurance, known as an...
by Dave Duringer - Protective Law Corp | Oct 31, 2016 | Asset Protection, Dying Embarrassed, Estate Admin, Estate Planning, Probate Admin, Tax Planning, Trust Admin
Wouldn’t it be nice to be able to go back and fix an estate plan before death or incapacity of the grantor? Protective Law Corporation will be very pleased to offer such post-mortem estate planning, and we will add it to our pricing sheet just as soon as the...
by Dave Duringer - Protective Law Corp | Oct 30, 2016 | Asset Protection, Dying Embarrassed, Estate Planning, Horror Stories
Over $300,000,000 and no planning. That’s embarrassing.
by Dave Duringer - Protective Law Corp | Oct 28, 2016 | Archived, Asset Protection, Estate Planning, Tax Planning
As the 2016 presidential election nears, the tax policies of the two major candidates have come into sharper focus. We’ve compiled the most critical aspects of the tax proposals that have emerged from the presidential candidates. Source: Ten Critical Differences...
by Dave Duringer - Protective Law Corp | Oct 26, 2016 | Archived, Asset Protection, Family Protection, News & Commentary
Trying to make the US more like Britain as far as gun violence, eh?
by Dave Duringer - Protective Law Corp | Oct 26, 2016 | Archived, Asset Protection, Estate Planning, Estate Tax, Gift Tax, Tax Planning
IRS has released Revenue Procedure 2016-55 outlining 2017 estate tax exclusion and other exemption amounts relevant to estate planning, as follows: The annual gift exclusion remains at $14,000 The basic exclusion amount (for determining unified credit against gift and...
by Dave Duringer - Protective Law Corp | Oct 24, 2016 | Archived, Asset Protection, Family Protection, News & Commentary
by Dave Duringer - Protective Law Corp | Oct 23, 2016 | Asset Protection, Estate Planning
Canned planning is horrible enough with traditional families, but with blended families it doesn’t even offer the illusion of estate planning. Because the issues can be complex, many blended families put off getting the professional advice they need. Further,...
by Dave Duringer - Protective Law Corp | Oct 23, 2016 | Asset Protection, Estate Planning, Estate Tax, Tax Planning
Proposed changes to the 2704 regs will not be finalized until well into next year, most likely, and if Hillary is elected you may not discover how badly you needed the discounts until she gets her lower exclusions several years from now — but the critical point...
by Dave Duringer - Protective Law Corp | Oct 21, 2016 | Asset Protection, Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Venture Protection
You’re likely familiar with the basics of private equity investing: PE funds invest in private companies and other assets with the aim of later selling their stakes at a profit, typically after five to seven years. The term “private equity” encompasses a wide variety...
by Dave Duringer - Protective Law Corp | Oct 20, 2016 | Archived, Asset Protection, Estate Planning, Family Protection, Financial Mentorship, Firearm Legacy, Firearm Training
The “hobo code” helped poor people in the 19th and 20th centuries and may help yours in the 21st, depending on the election results next month. If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And...
by Dave Duringer - Protective Law Corp | Oct 20, 2016 | Asset Protection, Estate Planning
You’ve worked hard for what you have. You funded your retirement plan, paid off your home and amassed enough savings to cover future expenses, plus leave a financial legacy to your loved ones. Too bad your ex-spouse—and his or her kids—will inherit it all....
by Dave Duringer - Protective Law Corp | Oct 20, 2016 | Archived, Asset Protection, Charity, Estate Planning, Family Protection
Just 5.7 percent of the Clinton Foundation’s massive 2014 budget actually went to charitable grants, according to the tax-exempt organization’s IRS filings. The rest went to salaries and employee benefits, fundraising and “other expenses.” Source: Clinton Foundation...
by Dave Duringer - Protective Law Corp | Oct 20, 2016 | Asset Protection, Estate Planning, Family Maintenance, Family Protection, Retirement Planning
The financial price of divorce is bigger than legal fees and court costs. It also means splitting your assets in two while many costs suddenly double: two homes to maintain, two rents, two electricity bills, and so forth. When women with children divorce, they often...
by Dave Duringer - Protective Law Corp | Oct 20, 2016 | Asset Protection, Estate Planning
As I’ve often said, the fewer assets you have, the more important asset protection is — but the public has no idea what estate planning can do for them because the media is just not interested and they have no idea where to turn for advice. It’s not...
by Dave Duringer - Protective Law Corp | Oct 18, 2016 | Asset Protection, Estate Planning, Health Planning, Probate Admin
Lots of irony here, and perhaps some lessons. Famed local juvenile court judge who never had any children of her own, but has a building named after her that has housed probate court operations for the county, now has her estate tied up in probate court. Lamoreaux,...
by Dave Duringer - Protective Law Corp | Oct 15, 2016 | Asset Protection, Estate Planning
(Bloomberg View) — The richest Americans are much less likely to have inherited their wealth than their counterparts in many supposedly more egalitarian countries. They’re not remarkably rich in degrees from elite universities. Rich Democrats have more social...
by Dave Duringer - Protective Law Corp | Oct 15, 2016 | Asset Protection, Estate Planning
A majority (83%) of respondents believe that Donald Trump is the best candidate for fostering long-term growth and building a healthy U.S. economy. Hillary Clinton trailed with just 6%, while the remainder of advisors polled felt that neither candidate would benefit...
by Dave Duringer - Protective Law Corp | Oct 15, 2016 | Asset Protection, Estate Planning, Family Protection, Financial Mentorship
According to the above chart, US does great at wealth creation (compared to other socialist countries), but we need to learn a thing or two from Europeans about keeping it in the family, i.e., financial mentorship. The study attributes the down year to a combination...
by Dave Duringer - Protective Law Corp | Oct 14, 2016 | Asset Protection, Estate Planning, Tax Planning
What Practitioners Should Do? There are a number of steps that practitioners should consider taking now, even though all of this is up in the air: Communicate with and inform both current active clients and even inactive clients. It might generate interest and...
by Dave Duringer - Protective Law Corp | Oct 11, 2016 | Archived, Asset Protection, Estate Planning
Clinton’s proposals would produce a top marginal transfer tax rate of over 80%! Big difference there, but both apparently agree on eliminating the basis step-up at death. So unless some rather large exemptions come with the change in tax regime, I hope your...
by Dave Duringer - Protective Law Corp | Oct 9, 2016 | Asset Protection, Estate Planning
Artists’ Resale Right (ARR) was introduced in Britain in 2008 by means of a Directive of the European Union. ARR mandates payment of royalties to artists or, if the artist is dead, his heirs or estate, for 70 years after the artists’ death each time their works...
by Dave Duringer - Protective Law Corp | Oct 5, 2016 | Asset Protection, Dying Embarrassed, Horror Stories, Probate Admin
Bob Marley’s estate continues to generate significant revenue decades after his death in 1981. Marley died intestate even though he knew he had cancer and lingered for nearly 8 months. Dozens fought over his estate, worth a reported $30 million. If attacked, do...
by Dave Duringer - Protective Law Corp | Oct 5, 2016 | Archived, Asset Protection, Estate Planning, Estate Tax, Gift Tax, Income Tax, Tax Planning
Tell a friend, please — you may have seen me and other estate planning attorneys blogging recently on proposed changes to Section 2704 regulations taking effect at the end of this year. While these changes affect the kind of estate tax avoidance planning that we...
by Dave Duringer - Protective Law Corp | Oct 3, 2016 | Asset Protection, Dying Embarrassed, Estate Planning, Horror Stories
Hendrix left no will. He fathered two children out of wedlock but his own father, Al Hendrix, legally denied them any claims on the estate, to which he became sole heir. A gardener by trade without any knowledge of the music business, Al Hendrix hired a lawyer who in...
by Dave Duringer - Protective Law Corp | Sep 28, 2016 | Asset Protection, Dying Embarrassed, Estate Planning, Estate Tax, Horror Stories, Tax Planning
Bad planning led to $40 million estate tax bill forcing heirs to sell stock, Chicago Cubs and Wrigley Field. If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good estate plans...
by Dave Duringer - Protective Law Corp | Sep 27, 2016 | Asset Protection, Creditors & Predators, Estate Planning, Estate Tax, Income Tax, Tax Planning
Good news! The IRS just issued, moments ago, a new Revenue Procedure 2016-49, modifying Rev Proc 2001-48, removing a possible grey area in the use of the so-called Clayton election for flexible and comprehensive post-mortem (i.e., portability and reverse QTIP) tax...
by Dave Duringer - Protective Law Corp | Sep 26, 2016 | Asset Protection, Charity, Estate Planning, Family Protection
Planning professionals need to master the skill of communicating the tax savings from a planning technique in a manner that a potential client can quickly and easily understand. This is particularly true when dealing with charitable giving strategies. Here are some...
by Dave Duringer - Protective Law Corp | Sep 25, 2016 | Asset Protection, Creditors & Predators, Estate Admin, Estate Planning
This round of leaks is somewhat less thrilling than those from Mossack Fonseca’s operations in Panama (although their name does come up) because the data uncovered is largely corporate registries, which contain only the basic components of offshore companies—name,...
by Dave Duringer - Protective Law Corp | Sep 23, 2016 | Archived, Asset Protection, Family Protection
First rule of Asset Protection: Know your assets. Gun experts say a general lack of oversight wouldn’t be tolerated in retail or manufacturing or any other level of the gun market.For example, Chuck Michel, an attorney who specializes in gun laws, said if police...
by Dave Duringer - Protective Law Corp | Sep 23, 2016 | Asset Protection, Estate Planning, Family Protection
As with anything, communication is key. Estate planning is one of the least understood, and most neglected areas of personal finance. Only 35 percent of adult Americans have a will, Source: Estate Planning: Inheritance Nightmares Squander Money, Love When Wills Not...
by Dave Duringer - Protective Law Corp | Sep 18, 2016 | Asset Protection, Estate Planning
Significant Differences There are some significant differences between boomers and millennials—including on the issues of trust, religion and politics. Research shows: • 40 percent of boomers say that, generally speaking, most people can be trusted. A mere 19 percent...
by Dave Duringer - Protective Law Corp | Sep 17, 2016 | Archived, Asset Protection, Estate Planning
If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good estate plans protect families. We make it easy for your family to attain the comfort of skill at arms. David R. Duringer, JD,...
by Dave Duringer - Protective Law Corp | Sep 17, 2016 | Estate Planning, Family Protection, Health Planning
Turns out, hospice care companies earn more when people stay longer: “When people elect hospice care they are forgoing curative care – and it’s important for them to know that,” Nancy Harrison, one of the investigators, said in a interview....
by Dave Duringer - Protective Law Corp | Sep 17, 2016 | Asset Protection, Estate Planning
TakeawaysAlthough legal issues pertaining to Reg D offerings may not be encountered by business or estate planning attorneys with any frequency, the accredited investor test is among the basic securities law concepts important for any attorney to understand. Today,...
by Dave Duringer - Protective Law Corp | Sep 16, 2016 | Asset Protection, Creditors & Predators, Estate Planning, Estate Tax, Gift Tax, Income Tax, Tax Planning
This is authored by Matt McClintock, VP of Education for WealthCounsel: I initially created this article as a resource for members of WealthCounsel, but we share it with the entire industry. To that end, I’m sharing this resource here and encourage attorneys and...
by Dave Duringer - Protective Law Corp | Sep 16, 2016 | Asset Protection, Estate Planning, Retirement Planning
On this site we often highlight celebrity deaths, elder battles and estates, and invariably, their planning is a mess. We derive some schadenfreude at their expense and hold them up as examples of the value we can provide to our clients: “Even someone who has...
by Dave Duringer - Protective Law Corp | Sep 15, 2016 | Asset Protection, Estate Planning, Family Protection, Firearm Legacy, Firearm Training
Infusing this purpose within a family so as to “make it stick” can take many forms. If it’s set up as a philanthropic or charitable organization, there are a variety of options including private foundations, charities, events or organizations within a larger framework...
by Dave Duringer - Protective Law Corp | Sep 15, 2016 | Asset Protection, Estate Planning
The complexities of estate and tax planning on an international scale can quickly ensnare the unaware. Source: Top 10 Multinational Issues in Estate Planning If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed....
by Dave Duringer - Protective Law Corp | Sep 13, 2016 | Asset Protection, Dying Embarrassed, Estate Planning, Horror Stories
This article touches on a few benefits Abe failed to give his family — and there are others I can add, for example the lack of any asset protection planning for survivors. It’s very surprising to many that Abraham Lincoln, an esteemed lawyer in addition to being...
by Dave Duringer - Protective Law Corp | Sep 11, 2016 | Asset Protection, Estate Planning
Nearly three-fourths of high net worth investors are worried about identity theft, ranking it higher than terrorism (65 percent) or a major illness (56 percent), according to a new Morgan Stanley Investor Pulse Poll. The poll surveyed those with more than $100,000...
by Dave Duringer - Protective Law Corp | Sep 11, 2016 | Archived, Asset Protection, Estate Planning, Tax Planning
The proposed Internal Revenue Code Section 2704 regulations (the “regs”) prevent taxpayers from considering a range of restrictions that could otherwise reduce the value of an interest in an entity for transfer tax purposes. These restrictions include those...
by Dave Duringer - Protective Law Corp | Sep 9, 2016 | Asset Protection, Estate Planning, Tax Planning
It would thus appear that the only type of entity that will benefit significantly from a lack of marketability or minority interest discount in the future will be one that is engaged in an active operation, that is, where the going concern value of the interest is...