by Dave Duringer - Protective Law Corp | Jul 21, 2022 | Blog, Income Tax, Limitation of Liability, Operation & Governance, Tax Planning
Tax day is one of the most important—and one of the most dreaded—days on the calendar for working Americans. If you have had a side gig or even transitioned to full-time self-employment, you may have to make estimated quarterly tax payments. Not everybody who earns...
by Dave Duringer - Protective Law Corp | Jul 20, 2022 | Blog, Income Tax, Tax Planning, Venture Protection
The war for talent is heating up. A record number of workers have quit their jobs this year, creating a massive problem for employers. While higher pay can help get new workers in the door of your business, wages alone may not be enough to keep them there. Employers...
by Dave Duringer - Protective Law Corp | Jun 16, 2022 | Asset Protection, Blended Families, Blog, Creditors & Predators, Estate Planning, Estate Tax, Fortune, Income Tax, Tax Planning
The Basis Optimized Trust (BOT) is an advanced option for planning that may yield better results than the more common types of irrevocable trusts, such as credit shelter (bypass) trusts, or qualified terminable interest property (QTIP) trusts, which have been the...
by Dave Duringer - Protective Law Corp | Mar 31, 2022 | Asset Protection, Blog, Bloodline Protection, Creditors & Predators, Estate Planning, Estate Tax, Fortune, Income Tax, Spendthrift Children, Tax Planning
The Beneficiary Deemed Owner Trust (BDOT) is one of several options to consider for “trusted beneficiaries” (pun intended) to whom you are open to giving some access to trust income and/or principal. (Another option might be the Beneficiary Controlled...
by Dave Duringer - Protective Law Corp | Dec 30, 2019 | Asset Protection, Bloodline Protection, Creditors & Predators, Estate Planning, Income Tax, Retirement Planning, Spendthrift Children, Tax Planning
Dear Clients and Students, On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020. The Act is the most impactful legislation affecting...
by Dave Duringer - Protective Law Corp | Dec 21, 2019 | Asset Protection, Estate Planning, Income Tax, Tax Planning
Yesterday with all eyes focused on impeachment, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, part of the 1,700 page, $1.4 trillion Further Consolidated Appropriations Act, 2020 (H.R. 1865, as amended)....
by Dave Duringer - Protective Law Corp | Oct 24, 2018 | Creditors & Predators, Estate Planning, Income Tax, Tax Planning
This Virginia attorney writes a very good article summarizing some of the problems of transferring real estate to a child as an alternative to actual estate planning. Capital gains tax due to loss of basis step-up, medicaid lookback (California’s medi-cal...
by Dave Duringer - Protective Law Corp | Oct 19, 2018 | Asset Protection, Bloodline Protection, Creditors & Predators, Estate Planning, Income Tax, Spendthrift Children, Tax Planning
California recently (9/14/18) joined a few other states that have enacted the Uniform Trust Decanting Act. A lot of states have decanting statutes, several dozen in fact, but they vary greatly and this uniform act is more restrictive than those in some of the more...
by Dave Duringer - Protective Law Corp | Jan 25, 2018 | Archived, Asset Protection, Estate Planning, Estate Tax, Family Protection, Firearm Legacy, Income Tax, Tax Planning
When it comes to taxes and gun control, it’s hard to keep up with Sacramento and DC. One way is to have your estate planning attorney on speed dial. A smarter way is to have that attorney draft with flexibility in mind, so you can have peace of mind. We’ll focus...
by Dave Duringer - Protective Law Corp | Jan 13, 2018 | Archived, Asset Protection, Creditors & Predators, Estate Planning, Income Tax, Retirement Planning, Spendthrift Children, Tax Planning
For many families, a large portion of the estate rests in a retirement plan which, on its own and without further planning, is essentially a separate estate plan with assets left completely unprotected. How do you protect and preserve the inheritance of retirement...
by Dave Duringer - Protective Law Corp | Dec 23, 2017 | Asset Protection, Estate Planning, Estate Tax, Gift Tax, Income Tax, Tax Planning
The Tax Cuts and Jobs Act((In both the House and Senate versions, the bill was called the “Tax Cuts and Jobs Act.” Due to a last-minute change in response to a procedural issue, the official title was changed to “To provide for reconciliation pursuant to titles...
by Dave Duringer - Protective Law Corp | Jul 22, 2017 | Estate Admin, Estate Planning, Estate Tax, Income Tax, Probate Admin, Tax Planning, Trust Admin
Rev. Proc. 2017-34 SECTION 1. PURPOSE This revenue procedure provides a simplified method for certain taxpayers to obtain an extension of time under § 301.9100-3 of the Procedure and Administration Regulations to make a “portability” election under §...
by Dave Duringer - Protective Law Corp | May 15, 2017 | Asset Protection, Creditors & Predators, Estate Planning, Income Tax, Spendthrift Children, Tax Planning
Just so we’re clear — I don’t sell IRA’s, I draft trusts, including the type that will make your IRA’s actually work as intended. Read the article, but keep in mind that although “trusteed IRAs” are an improvement over the...
by Dave Duringer - Protective Law Corp | May 15, 2017 | Archived, Estate Planning, Estate Tax, Gift Tax, Income Tax, Tax Planning
The tenuousness of the President’s plan raises a whole host of additional questions. These include: (1) whether the President’s plan would be coupled with a step-up in basis at death versus carryover basis (carryover basis would effectively increase total taxes...
by Dave Duringer - Protective Law Corp | May 15, 2017 | Archived, Estate Planning, Estate Tax, Gift Tax, Income Tax, Tax Planning
The election of Donald J. Trump to the presidency and Republican control of both houses of Congress make estate tax reform extremely probable in the next two years. However, given the new administration’s other proclaimed priorities, including the repeal of...
by Dave Duringer - Protective Law Corp | May 15, 2017 | Archived, Income Tax, Tax Planning
The way things ought to be! Under the Trump plan, the top income tax rate of 35 percent would be reduced to 15 percent for pass-throughs. The pass-through rate under the W&M plan would be 20 percent (instead of a top rate of 35 percent). Source:...
by Dave Duringer - Protective Law Corp | Apr 8, 2017 | Asset Protection, Income Tax, Retirement Planning, Spendthrift Children, Tax Planning
IRA stretch is great in theory, but your beneficiary can withdraw the principal at any time and there is no asset protection. As an estate planning attorney, I can make the stretch real by using an asset-protected standalone IRA Beneficiary Trust, separate from...
by Dave Duringer - Protective Law Corp | Mar 23, 2017 | Archived, Estate Tax, Gift Tax, Income Tax, Tax Planning
In short, the ground has been laid for quick action in the House of Representatives the moment the health care debate concludes. Source: Tax Reform Bill On the Front Burner
by Dave Duringer - Protective Law Corp | Mar 23, 2017 | Charity, Estate Tax, Income Tax, Tax Planning
Charitable planning coordinated with dissolution planning merits serious examination. The work involved is well worth the effort to assure divorcing parties have maximized the use of all marital assets in a tax-efficient manner. The four techniques are...
by Dave Duringer - Protective Law Corp | Mar 23, 2017 | Archived, Estate Planning, Estate Tax, Gift Tax, Income Tax, Tax Planning
The loss of income tax revenue would be the product of income tax saving strategies that would become viable in the wake of gift tax elimination. For example, without a gift tax, the use of a “straw taxpayer” would likely become a prevalent income tax planning...