by Dave Duringer - Protective Law Corp | Nov 4, 2017 | Death 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 | Death Tax, Estate Admin, Estate Planning, 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, Death Tax, Estate Planning, 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...
by Dave Duringer - Protective Law Corp | May 15, 2017 | Archived, Death Tax, Estate Planning, 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 | Asset Protection, Estate Planning, Retirement Planning, Tax Planning
In the current environment of uncertainty, many married clients should consider implementing non-reciprocal spousal lifetime access trusts (SLATs). This strategy can provide a flexible framework for a wide range of clients. The technique can be adapted for more...
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 24, 2017 | Charity, Estate Planning, Retirement Planning, Tax Planning
And for those with qualified retirement plans, it may be time to seriously consider charitable remainder unitrust (CRUT) planning. In the case of qualified long-term appreciated property, outright gifts can be used to offset other taxable income, while bypassing the...
by Dave Duringer - Protective Law Corp | Apr 23, 2017 | Tax Planning
On April 6, comprehensive tax changes went into effect in the United Kingdom (U.K.) that impact wealth planning considerations for certain individuals who spend a significant amount of time in the U.K., but who are domiciled outside of the country. Source:...
by Dave Duringer - Protective Law Corp | Apr 21, 2017 | Archived, Estate Planning, Tax Planning, Venture Protection
by Dave Duringer - Protective Law Corp | Apr 19, 2017 | Estate Planning, Tax Planning
Good examples in this article on QDOT planning: The examples above illustrate the general rules applicable to gratuitous lifetime transfers of property, or gifts. The following examples illustrate the general rules applicable to transfers at death: Source:...
by Dave Duringer - Protective Law Corp | Apr 19, 2017 | Estate Planning, Tax Planning
Community property is treated preferentially by the tax code — it gets a full step-up in basis at death, instead of only stepping up the decedent’s half as in joint tenancy. (Could also step down if the market timing is unlucky, but that is rare.)...
by Dave Duringer - Protective Law Corp | Apr 11, 2017 | Asset Protection, Tax Planning
Nations lose hundreds of billions of dollars every year through tax evasion and avoidance facilitated by havens. Gabriel Zucman, an economist at the University of California, Berkeley, has estimated that as of 2013, about 10 percent of the world’s...
by Dave Duringer - Protective Law Corp | Apr 8, 2017 | Asset Protection, Retirement Planning, Tax Planning
ETF Securities Group, a U.K.-based asset manager, launched three ETFs on the NYSE Arca exchange that track the Bloomberg Commodity Indices, on March 31. The funds are among thousands traded on the exchange but stand out because they are broad-based and...
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...
