by Dave Duringer - Protective Law Corp | Apr 8, 2017 | Property Tax, Retirement Planning, Tax Planning
In general, the most tax-friendly states for retirees are, in order, Alaska, Delaware, Georgia, Nevada, and Wyoming, according to the J.P. Morgan report. The least tax-friendly states, in order, are New Jersey, Connecticut, New York, Maine, and Vermont. Property taxes...
by Dave Duringer - Protective Law Corp | Apr 8, 2017 | Career Preparation, Family Protection, Retirement Planning, Tax Planning
The kids can work their way through college like we did. ‘Should I dip into my retirement account to pay for college?’People do it, but most financial professionals advise against it. At the very least, experts say, you should limit such withdrawals, so as not...
by Dave Duringer - Protective Law Corp | Apr 7, 2017 | Asset Protection, Death Tax, Estate Planning, Gift Tax, Tax Planning
In this matter, the draftsman failed to include language prohibiting the trustee from issuing a note, other debt instrument, option or other similar financial arrangement in satisfaction of the annuity obligation as required by § 25.2702-3(d)(6) of the Gift Tax...
by Dave Duringer - Protective Law Corp | Apr 6, 2017 | Asset Protection, Death Tax, Estate Planning, Tax Planning
Sacramento is at this moment plotting to bring back the estate tax here. Also, you might own property, or plan to retire, in one of these states. Do you have a flexible estate plan? Reforms being debated by Congress could repeal the federal estate tax with...
by Dave Duringer - Protective Law Corp | Mar 31, 2017 | Death Tax, Estate Admin
Recently, in Estate of Kollsman v. Commissioner (T.C. Memo. 2017-40), the U.S. Tax Court held that an art collector’s estate significantly underreported the value of two artworks for estate tax purposes. The problem: the estate relied on appraisals by an...
by Dave Duringer - Protective Law Corp | Mar 28, 2017 | Charity, Estate Planning, Gift Tax, Tax Planning
A GRAT must be drafted to comply with the requirements set forth in the applicable Treasury Regulations under Section 2702. Unfortunately, the regulations don’t resolve all issues, such as whether there’s a minimum or maximum term for a GRAT, or whether a GRAT...
by Dave Duringer - Protective Law Corp | Mar 27, 2017 | Estate Planning, Tax Planning
In other words, a repeal of the estate tax would really only impact those clients with a net worth north of $11 million. That’s why Natanya told me that most of her moderately wealthy clients have already rounded the corner from thinking about taxes to focusing...
by Dave Duringer - Protective Law Corp | Mar 27, 2017 | Death Tax, Tax Planning
The trust rules have evolved over the last eight decades. For one thing, depending on the state, a trust created now for David’s own grandchildren and beyond may never need to terminate.It could theoretically run forever, eternally beyond IRS reach if run...
by Dave Duringer - Protective Law Corp | Mar 23, 2017 | Estate Planning, Tax Planning
From a planning perspective, illiquid shares provide a challenging dilemma. Restricted shares can generate a high balance sheet net worth and high estate value, but oftentimes without the corresponding liquidity to fund the shareholder’s estate tax liability....
by Dave Duringer - Protective Law Corp | Mar 23, 2017 | Asset Protection, Estate Planning, Tax Planning
“FATCA has wrecked [sic] havoc on the global financial system, turned 8 million Americans overseas into financial pariahs, violates other countries’ sovereignty, and is damaging for American jobs and therefore the American and global economies,” he said....
by Dave Duringer - Protective Law Corp | Mar 23, 2017 | Archived, Death 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, Death 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, Death Tax, Estate Planning, 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...
by Dave Duringer - Protective Law Corp | Mar 23, 2017 | Archived, Death Tax, Gift Tax, Tax Planning
Even though in our current environment, paying gift taxes could save estate taxes, and is therefore a rational strategy, our clients won’t view it this way if, this year or next, the estate tax is repealed. And this is so, even if the estate tax is repealed...
by Dave Duringer - Protective Law Corp | Mar 16, 2017 | Estate Planning, Tax Planning
Unfortunately, many wealth management professionals fail to view the underlying asset inside the trust—the life insurance policy itself—the same way they would consider other assets (e.g., stocks, bonds and real estate) and rarely re-examine the life insurance...
by Dave Duringer - Protective Law Corp | Mar 12, 2017 | Archived, Death Tax, Estate Planning, Gift Tax, Income Tax, Tax Planning
Senate Majority Leader Mitch McConnell (R-Ky.) on Thursday poured cold water on the Trump administration’s goal of completing tax reform by the August recess. Source: McConnell: Tax reform unlikely by August |...
by Dave Duringer - Protective Law Corp | Mar 7, 2017 | Asset Protection, Tax Planning
Giving up citizenship over taxes? There’s something strangely American about that. But always remember that if you give up your US citizenship, you are barred for life from possessing a gun or even hiring an armed guard. “To some degree it is President...
by Dave Duringer - Protective Law Corp | Mar 7, 2017 | Archived, Death Tax, Tax Planning
In estate planning these days, there is uncertainty and there is UNCERTAINTY. Over the last few years we’ve gotten pretty good at developing techniques to deal with uncertainty, but the UNCERTAINTY surrounding the proposed regulations related to 26 USC §...
by Dave Duringer - Protective Law Corp | Mar 3, 2017 | Archived, Death Tax, Estate Admin, Estate Planning, Gift Tax, Income Tax, Probate Admin, Tax Planning, Trust Admin
Significant coverage was devoted at the recently concluded 51st Annual Heckerling Institute on Estate Planning in Orlando, Fla. to the Internal Revenue Service’s proposed regulations (proposed regs) concerning basis consistency and reporting for property...
by Dave Duringer - Protective Law Corp | Feb 26, 2017 | Charity, Estate Planning, Family Protection, Tax Planning
Over 2,300 years ago, Aristotle commented on the challenges one faces when considering how to make larger charitable gifts:To give away money is an easy matter and in anyone’s power, but to decide to whom to give it, how much to give, when to give, and to give for the...
