by Dave Duringer - Protective Law Corp | Nov 8, 2016 | Asset Protection, Estate Planning, Estate Tax, Tax Planning
It’s called the Global High Wealth Industry Group, and it falls under the Internal Revenue Service’s Large Business and International Division. It’s also been called “The Wealth Squad.” The unit, launched in 2010, aims to “take a...
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practitioners, lawyers and even laypersons have voiced their opinions on whether the estate tax should be retained or repealed.Not to be outdone, we asked two of our esteemed board...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 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Under the new statute, the New Jersey estate tax exemption will be $2 million during the year 2017, and it will be repealed beginning in 2018.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 | 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 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 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 | 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 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 5, 2016 | Archived, Asset Protection, Estate Planning, Estate Tax, Income Tax, Tax Planning
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...
by Dave Duringer - Protective Law Corp | Sep 3, 2016 | Asset Protection, Charity, Estate Planning, Estate Tax, Family Protection, Gift Tax, Income Tax, Tax Planning
[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...
by Dave Duringer - Protective Law Corp | Aug 31, 2016 | Asset Protection, Estate Planning, Estate Tax, Gift Tax, Health Planning, Income Tax, Tax Planning
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...
by Dave Duringer - Protective Law Corp | Aug 18, 2016 | Archived, Asset Protection, Estate Planning, Estate Tax, Gift Tax, Tax Planning
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...
by Dave Duringer - Protective Law Corp | Aug 13, 2016 | Asset Protection, Estate Planning, Estate Tax, Gift Tax, Tax Planning
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...
by Dave Duringer - Protective Law Corp | Aug 11, 2016 | Archived, Asset Protection, Estate Planning, Estate Tax, Gift Tax, Tax Planning
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...
by Dave Duringer - Protective Law Corp | Aug 10, 2016 | Archived, Asset Protection, Estate Tax, Gift Tax, Tax 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 | Aug 3, 2016 | Archived, Asset Protection, Charity, Estate Planning, Estate Tax, Gift Tax, Tax Planning
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,...
by Dave Duringer - Protective Law Corp | May 16, 2016 | Charity, Estate Tax, Gift Tax, Income Tax, Property Tax, Religious Faith, Tax Planning
Through our work with the Andersons, Pitcairn has seen firsthand how a family can build a lasting philanthropic legacy, and we’ve identified five key traits that contributed to their success. We believe other wealthy families can better achieve their own philanthropic...
by Dave Duringer - Protective Law Corp | Mar 15, 2016 | Estate Admin, Estate Tax, Probate Admin, Tax Planning, Trust Admin
This content is for members only
by Dave Duringer - Protective Law Corp | Feb 10, 2016 | Estate Admin, Estate Tax, Tax Planning, Trust Admin
The instructions for Form 8971 (report of final estate value for assets to be distributed) are not exactly clear on whether the form must be filed where an estate tax return (706) is filed merely for porting deceased spousal unused exclusion amount (DSUEA): The filing...
by Dave Duringer - Protective Law Corp | Dec 18, 2015 | Archived, Estate Tax, Gift Tax, Income Tax, Tax Planning
The amount you can leave to your heirs federal estate tax free is on the rise. Source: IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break – Forbes Forbes’ headline is misleading. In the last paragraph, they admit that planning for...