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 | Feb 28, 2018 | Asset Protection, Tax Planning
In addition to changes in life insurance purchase reporting requirements and basis calculation, the recent Tax Cuts and Jobs Act brings the following changes to life insurance planning: The doubling of the estate tax exemption will eliminate the need for most...
by Dave Duringer - Protective Law Corp | Jan 26, 2018 | Archived, Asset Protection, Estate Planning, Property Tax, Tax Planning
One of the hidden costs of cheap estate planning is the unexpected and very unpleasant surprise of property tax reassessment. We’ll focus on this topic at our Family Protection Clinic (aka estate planning seminar) lunch meeting on Tuesday, March 27, 2018. (Our...
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 27, 2017 | Estate Planning, Estate Tax, Gift Tax, Tax Planning
Under either formulation of purpose, that is, the “unified” approach or the “fairness” approach, in issuing its regulations, the IRS would be compelled to use the basic exclusion amount in effect the time of the decedent’s death for purpose of computing the...
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 | Dec 21, 2017 | Estate Planning, Estate Tax, Firearm Training, Tax Planning
The expected new Tax Cut and Jobs Act (not the official title anymore, but i’m sticking with it) doubles the applicable exclusion amount for estate tax but reverts to current law on January 1, 2026. That sunset provision reminds me of this funny old video...
by Dave Duringer - Protective Law Corp | Nov 25, 2017 | Estate Planning, Tax Planning
Don’t just sit there, plan but plan flexibly! Article here: Your clients may think that their best course of action is to hold tight until the political landscape becomes clear. This is an attitude that could cost them. Now is not the time to wait for...
by Dave Duringer - Protective Law Corp | Nov 25, 2017 | Asset Protection, Business Succession, Creditors & Predators, Estate Planning, Family Protection, Tax Planning, Venture Protection
Some of the reasons listed here: Despite the proposed high estate, GST and gift tax exemptions and whether there’s repeal, trusts will remain extremely popular for many non-tax reasons, including: family governance/succession/education; ability to override the...
by Dave Duringer - Protective Law Corp | Nov 4, 2017 | Estate Tax, Tax Planning
So far, the House GOP’s proposed tax plan avoids the carryover basis regime that would have been necessary if it would have imposed a capital gains tax at death to replace the estate and generation skipping transfer taxes, as the Trump campaign seemed to favor....
by Dave Duringer - Protective Law Corp | Jul 22, 2017 | Estate Planning, Property Tax, Tax Planning
The California Supreme Court, in a 6-1 decision, has held that a city or county may impose documentary transfer tax on the transfer of the ownership interests in a legal entity that owns real property located in the locality. In 926 North Ardmore Avenue, LLC v....
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 | Jul 22, 2017 | Archived, Asset Protection, Estate Planning, Tax Planning
Despite facing a $400 million budget hole, Delaware is the latest state to repeal its estate tax—as of Jan. 1, 2018. Democratic Governor John Carney Jr. signed a stand-alone estate tax repeal bill today, just two days after signing the 2018 state budget, which...
by Dave Duringer - Protective Law Corp | Jul 22, 2017 | Estate Planning, Tax Planning
Pick the best state for your dynasty trust, while you fight state income tax drag, protect assets from creditors, and decant to your heart’s content with Steve Oshins’ state rankings charts: Steve Oshins | State Rankings Charts Steve is a nice guy...
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 | Estate Planning, Tax Planning
The U.S. Court of Appeals for the Eleventh Circuit recently affirmed a Tax Court’s ruling regarding a discount for lack of control and lack of marketability.1 The Tax Court had rejected an estate’s expert’s 31.7 percent discount conclusion and agreed with 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 | Estate Planning, Tax Planning
If advisors don’t understand estate planning as well as they think they do (and tell their clients they do) then why do we as estate planning attorneys ingratiate ourselves to them by perpetuating the myth that “they are the quarterbacks” who...