#AssetProtection: What is an “Accredited Investor” – Looming Changes on the Horizon?
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,...#AssetProtection: Learning Estate Planning’s Alphabet Soup
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...#AssetProtection: Gene Wilder’s Typical Retirement a Rarity Among Celebs
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...#AssetProtection: Discovering A Family’s Purpose Can Save the Family Fortune
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...#AssetProtection: Top 10 Multinational Issues in 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....#AssetProtection: Are You Better Prepared Than Abraham Lincoln Was?
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...#AssetProtection: The Rich Worry More About Identity Theft Than Terrorism
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...#AssetProtection: Proposed 2704 Regs “Commercially Reasonable Restriction Exclusion”
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...#AssetProtection: The Future of Discount 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...#FamilyProtection: How a Will Treating Children Differently Can Still Be Fair
Dividing an estate unevenly is likely to result in hurt feelings at the least. But honest discussions ahead of time can solve many problems. Source: How a Will Treating Children Differently Can Still Be Fair – The New York Times If attacked, do you want to be...#AssetProtection: Building Value Is The Win-Win Of Exit Planning
If you constitute a significant part of your company’s value (a/k/a a Consequential Owner), and you have left the scene, there will likely be few buyers interested in your company, and those who are will likely pay significantly less than they would had you been an...#AssetProtection: State Estate and Inheritance Tax Rates and Exemptions 2016
You cannot ignore death tax planning just because the federal estate tax exemption is high now. Congress can lower the exemption at any time. Even if the federal exemption remains high, you may end up moving at some point to a state that has a state-level estate or...#AssetProtection: AB-691 Revised Uniform Fiduciary Access to Digital Assets Act
[UPDATE: This bill was approved on 9/24/2016.] A bill to clarify fiduciary access and obligations with regard to digital assets has been sitting on Governor Brown’s desk since Thursday. Hopefully, the Governor can take a break from depriving the fundamental...#AssetProtection: Republicans More Likely to Save for Retirement Than Democrats
https://youtu.be/6vse2Hw-pU0 The 2016 campaign is shaping into one of the most divisive elections in history, and a new study finds that one party has an advantage when it comes to planning for the future. According to Personal Capital’s 2016 Election Survey,...#AssetProtection: Fresh Look at Charitable Lead Annuity Trusts
[slideshare id=56750185&doc=aac527e2-7f52-466b-8109-82432616b858-160106174411] 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...#AssetProtection: Eight Steps to Align Your Estate and Business Succession Plans
Take these steps to coordinate your planning efforts. Source: Eight Steps to Align Your Estate and Succession Plans | Wealth Management 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...#FamilyProtection: Atari founder says games can stop dementia
Gaming and education blend for Atari founder Monday, 14 Mar 2016 | 10:51 AM ET | 04:40The future of gaming could have benefits beyond mere entertainment, a gaming industry pioneer told CNBC Monday.In fact, it will be possible to stop dementia through the power of...#AssetProtection: Twenty Tips for Planning at the Eleventh Hour
A practitioner’s checklist for clients near death Source: Twenty Tips for Planning at the Eleventh Hour | Wealth Management 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...#FamilyProtection: Ultrasound Wakens Comatose as well as Pro-Aborts
Doctors have woken a coma patient for the first time ever by jump-starting his brain using a pioneering ultrasound technique. Source: Doctors wake coma patient by JUMP-STARTING his brain using ultrasound – Mirror Online If attacked, do you want to be Victor or...#AssetProtection: SMALL BUSINESS TAX PLANNING 401K PLAN
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,...#AssetProtection: Gift Splitting and Gifts to a Spouse Via an Irrevocable Life Insurance Trust
Conclusion In order to split gifts to a trust when Mom is a beneficiary of the trust, the gifts to children must be ascertainable and severable from gifts to Mom. Unfortunately, there is ambiguity in interpreting this phrase, but the Service seems to permit gift...#AssetProtection: 16 Topics to Discuss at an Initial Client Meeting
Some good tips here for attorneys as well as financial advisors: 16 Topics to Discuss at an Initial Client Meeting Source: Photo Gallery: 16 Topics to Discuss at an Initial Client Meeting | WealthManagement.com My questionnaire is here and I am always updating it...#AssetProtection: Ten Reasons Estate Conflicts May Be Increasing
Whether it’s just perception or not, it does seem like there seems to be more fighting regarding estate plans. Here are 10 reasons why. Source: Ten Reasons Estate Conflicts May Be Increasing | Wealth Management In other Asset Protection news… Estate Sales:...#AssetProtection: Ten Milestones When Your Clients Should Revisit Their Estate Plans
By linking the updating of an estate plan to certain inevitable life milestones (both positive and negative), advisors can ensure that their clients recognize the importance of keeping things up to date Source: Ten Milestones When Your Clients Should Revisit Their...#AssetProtection: Your Grandfather’s Watch Could be Worth Thousands — How to Tell
If you inherit a watch these days, one that’s been passed down through one or more generations, you probably know you have reason to be excited. It might be something with an important family story, something you can keep and treasure and pass along. Or it could...#AssetProtection: Ten Reasons Clients May Be Disinherited
Estate disputes are often sparked when an individual—who anticipated being named as a beneficiary in a will—discovers they’ve been left out. Source: Ten Reasons Clients May Be Disinherited If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it...#AssetProtection: Lessons Learned From Hillary Clinton’s Tax Returns
Self-Employment Income The Clintons earned $10,168,272 of self-employment income in 2015 from book royalties, speaking engagements and consulting, resulting in the payment of $301,698 in self-employment tax. As self-employed taxpayers, the Clintons pay both the...FAQ: If I stroke out with guns, will my family strike out as accidental felons?
Watch the video:#AssetProtection: 9 Common #EstatePlanning Pitfalls
An estate plan is a delicate and complex machine that, when working properly, can offer your client a great deal of financial and emotional security as he nears the end of his life. However, like any finely tuned instrument, an estate plan is also extremely easy to...#AssetProtection: Using GRATs Prior to the Effective Date of the 2704 Proposed Regulations
On Aug. 4, the Treasury Department issued proposed regulations (the regulations) that restrict or eliminate valuation discounts for family-owned businesses under Internal Revenue Code Section 2704. The regulations will be the subject of a public hearing on Dec. 1,...#AssetProtection: Treasure at the thrift store — Photo discovery
Nice to see someone other than probate attorneys profiting off bad estate planning: “I was flipping through, looking for records,” said Solis, who didn’t find any he liked.Between records, though, he came across a batch of black-and-white photographs printed with the...#AssetProtection: Major Components of New Section 2704 Proposed Regs
The new proposed Internal Revenue Code Section 2704 proposed regulations1 contain three sets of new rules. Here’s a brief summary of each of them. Source: Major Components of New Section 2704 Proposed Regs If attacked, do you want to be Victor or Victim? At...#AssetProtection: How a Family Constitution Preserves Family Business
Good article in this month’s Trusts & Estates on how a family constitution helps to ensure successful family succession of family business: August 2016 | WealthManagement.com If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when...#AssetProtection: Five Estate Planning Moves Advisors Should Consider
You may not be a lawyer, but there are still several strategies you can employ to save money for your clients and their families, while avoiding potential headaches and heartache down the road. Source: Photo Gallery: Five Estate Planning Moves Advisors Should Consider...#FamilyProtection: The Most Important Moment In A Rich Kid’s Life
Why place so much significance on a first conversation often held in a conference room? Because the succession of financial stewardship within families has a 70 percent failure rate. But, how to preserve multi-generational wealth can be planned and taught—so the cycle...#AssetProtection: Eight Red Flags That Your Clients’ Estate Plans Are Out of Whack
Estate plans, like complex computer code, can get buggy. As a financial advisor, you have a fiduciary duty to your clients to help them avoid negative consequences of bad planning. That duty includes keeping tabs on legal issues related to estate planning and getting...#AssetProtection: PLR 201632014 Extension Granted to Make Portability Election
GiftLaw Note:Decedent died on Date 1, survived by Spouse. In order for Spouse to benefit from Decedent’s deceased spouse unused exemption (DSUE), Decedent’s estate was required to file Form 706 within nine months of Decedent’s death. Decedent’s estate failed to...#AssetProtection: Modernizing Trusts for Modernized Families
A lot of nonsense in this article, but some good points are made: For example, advisors may need to help family members with charges, or disputes, of paternity. In the UHNW space, these claims can bring unwanted publicity. Members of high-profile families often worry...#AssetProtection: Analysis of the New Proposed Regulations Under Code §2704
On August 4, the Treasury Department issued long-awaited Proposed Regulations (Proposed Regulations) on valuation discounts for family-owned businesses under §2704 of the Internal Revenue Code (Code). The Proposed Regulations are out for comment until a public hearing...#AssetProtection: Kill The Estate Tax To Save Jobs – YouTube
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,...#AssetProtection: Seven Psychological Issues for Clients Making Bequests
Some great info and advice here. Also some worthless psychobabble. In crafting an estate plan, many clients struggle with sleepless nights caused by wrenching emotional issues pertaining to their relationships with their children, their value systems, their...#AssetProtection: Earmarked Gifts
Parthian shot. If a gift is held to be earmarked for an individual, not only does the donor lose the income tax charitable deduction, but also could be subject to the federal (and possibly state) gift tax on transfers to individuals (assuming it exceeds the $14,000...#AssetProtection: Treasury Issues Broad Proposed Section 2704 Regulations
Although the details are significant, the bottom line is that the proposed regulations would appear to eliminate almost all minority (lack of control) discounts for closely held entity interests, including active businesses owned by a family. To accomplish that,...#AssetProtection: Estate Planning for an Aging Population
A longer average lifespan has many benefits, but it also means that Americans need more financial support as they age. In 1990, a 65-year-old man would live an average of 15 more years. Today, a 65 year-old man will live an average of 21 more years. If not planned...#AssetProtection: Americans Are Bad at Guessing How Long They’ll Live
One of the great economic challenges facing both policy makers and individuals is figuring out how to plan and pay for retirement. The challenge is that nobody knows, least of all people themselves, how long they’re going to live. Source: Americans Are Bad at Guessing...#AssetProtection: Number of Americans renouncing citizenship (and gun rights) near record highs
Don’t be stupid, just to save on taxes. Taxes should not drive your estate plan. Among other things, this will result in a loss of your gun rights. Then again, citizenship renunciants probably don’t care about that. A total of 508 Americans renounced their...#AssetProtection: Facilitating Life Settlements
To gain insight into the criteria that funders are seeking, an attorney may want to speak with an experienced life settlement broker. Although most successful life settlement transactions involve a senior over the age of 70 with a reduced life expectancy and a policy...#AssetProtection: New Jersey Enacts the Uniform Trust Code
The UTC allows for the modification of an irrevocable trust without a court proceeding. Among other requirements, the trust must not have charitable beneficiaries and the modification must not be inconsistent with a material purpose of the trust. A modification could...#AssetProtection: New Law Exempts Living Trust Assets from Medi-Cal Recovery
I went with “Living Trusts” in the title as that is the common nomenclature for revocable trusts but note that all inter vivos trusts (including the irrevocable ones heretofore necessary to avoid Medi-Cal recovery) are “living” (inter vivos...
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