by Dave Duringer - Protective Law Corp | Dec 4, 2024 | Asset Protection, Blended Families, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Career Maintenance, Career Preparation, Charity, Creditors & Predators, Defensive Gun Use, Entity Formation, Estate Admin, Estate Planning, Estate Tax, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Firearm Training, Fortune, Gift Tax, GST Tax, GunLaw.Pro, Health Planning, Honor, Incapacity Planning, Income Tax, Life, Limitation of Liability, News & Commentary, Operation & Governance, Pet Protection, Probate Admin, Property Tax, Punishment, Regulatory Compliance, Religious Faith, Retirement Planning, Spendthrift Children, Tax Planning, Trust Admin, Venture Protection, WorldExaminer.com
by Dave Duringer - Protective Law Corp | Oct 30, 2024 | Asset Protection, Blog, Charity, Creditors & Predators, Estate Admin, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Income Tax, Spendthrift Children, Tax Planning, Trust Admin
Charitable Remainder Trust (CRT) planning can be quite complex, and the expenses involved usually are justified only with a very large gift to charity, well north of a million. Practically speaking most of this planning is tax-driven and must be to make it feasible,...
by Dave Duringer - Protective Law Corp | Oct 10, 2024 | Asset Protection, Blended Families, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Career Maintenance, Career Preparation, Charity, Creditors & Predators, Entity Formation, Estate Admin, Estate Planning, Estate Tax, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Firearm Training, Fortune, Gift Tax, GST Tax, GunLaw.Pro, Health Planning, Honor, Incapacity Planning, Income Tax, Life, Limitation of Liability, Operation & Governance, Pet Protection, Property Tax, Punishment, Regulatory Compliance, Religious Faith, Retirement Planning, Spendthrift Children, Tax Planning, Trust Admin, Venture Protection
[Central Coast residents: You can safely ignore this article because we are here to help you with comprehensive planning.] Most of our local clients prefer to have the first meeting in person at our office in Morro Bay. After that initial meeting, many of these local...
by Dave Duringer - Protective Law Corp | Jan 14, 2018 | Archived, Career Maintenance, Career Preparation, Charity, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Pet Protection, Punishment, Religious Faith
The term “family protection” is used in many different contexts. For example, in insurance planning it often refers to the concept of “income replacement” for a family bereft of its primary breadwinner. What should “family...
by Dave Duringer - Protective Law Corp | Dec 23, 2017 | Charity, Estate Planning, Family Protection
The end of the year means a drastic increase in philanthropic gifting. If any of your clients are considering charitable gifts this month through a private foundation, here are 10 precautions to advise them about: Article here.
by Dave Duringer - Protective Law Corp | Nov 25, 2017 | Charity, Family Protection, Financial Mentorship
More here: As with lottery winners and athletes who are in danger of spending significant portions of their new-found wealth in an instant, children who were raised with wealth must be properly prepared to handle affluence and their inheritance wisely Older...
by Dave Duringer - Protective Law Corp | Jul 22, 2017 | Charity, Estate Planning
Millennials care more about others than you might think. The 2015 Millennial Impact Report found that 84 percent of millennials made a charitable contribution in 2015.The truth is, millennials do care about things other than themselves, and they’re willing to...
by Dave Duringer - Protective Law Corp | Jul 22, 2017 | Charity, Estate Planning
Six Tests for Charitable DeductionSales for less than fair market value (FMV) to charities are deductible as the spread between FMV and amount realized.2 An Internal Revenue Code charitable deduction is permissible if six tests are met under Goldstein v....
by Dave Duringer - Protective Law Corp | May 15, 2017 | Career Maintenance, Career Preparation, Charity, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Firearm Training, Punishment, Religious Faith
Some families construct a legacy of memories and real estate, say by buying a vacation property that is held in a trust or other structure so it is equally owned by all heirs. “That keeps it intact for at least another generation and ensures that it is not...
by Dave Duringer - Protective Law Corp | May 15, 2017 | Career Maintenance, Career Preparation, Charity, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Firearm Training, Punishment, Religious Faith
Great article. Personally, I call my practice “family protection” law and the author appears to be on the same page as me. In its most fundamental state, estate planning should support the family (or the individual) first, and thereafter concern...
by Dave Duringer - Protective Law Corp | May 15, 2017 | Career Maintenance, Career Preparation, Charity, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Punishment, Religious Faith
Among affluent families, the disconnect between what their current wealth transfer planning does, and what they want their planning to do, is staggering. While 75 percent of wealthy parents say it’s important to leave an inheritance to the next generation, only...
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 5, 2017 | Charity, Dying Embarrassed, Estate Planning, Horror Stories
Tragic, tear-jerking story — but try as they might to cast her untimely death in the heroic cloth of charitable enterprise, there remains something embarrassing about dying while stuffing your mouth full of pancakes. Apparently according to the updated...
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 28, 2017 | Business Succession, Career Maintenance, Career Preparation, Charity, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Pet Protection, Punishment, Religious Faith
Over the next 20 years, $30 trillion dollars could be transferred from the current generation to the next, making now a critical time for advisors to discuss multigenerational planning with high net worth clients. Along with planning for the financial...
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 16, 2017 | Charity
Risk is the likelihood of an undesirable outcome. Every action includes an element of risk.Philanthropy is no exception to this rule. In fact, charitable donations—because they seek to solve seemingly intractable problems—are often referred to as society’s...
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...
by Dave Duringer - Protective Law Corp | Feb 15, 2017 | Asset Protection, Charity, Estate Planning, Family Protection, Tax Planning
DAF pros and cons Here are the advantages and disadvantages of using a DAF: Immediate tax deduction. Your contribution to the DAF is deductible in the tax year in which the initial contribution is made. You don’t have to wait until the fund makes distributions...
by Dave Duringer - Protective Law Corp | Feb 10, 2017 | Business Succession, Career Maintenance, Career Preparation, Charity, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Firearm Training, Punishment, Religious Faith, Spendthrift Children
Good discussion of incentive trust planning: Many subjects that serve as substantial planning motivators aren’t found on client questionnaires and are frequently absent from planning discussions. Source: The Other Reasons For Estate Planning (Well actually, we...
by Dave Duringer - Protective Law Corp | Jan 23, 2017 | Charity
As with most of these wealthmanagement.com articles, watch out for the liberal slant. For example, in highlighting increased funding for “constitutional rights” there is mention of “privacy” and “separation of church and...
by Dave Duringer - Protective Law Corp | Jan 15, 2017 | Charity, Estate Planning
Some good advice here, but the apparent SJW author who included a plug for Planned Parenthood would do well to follow his own advice and consider millennials, who now are moving away from abortion. Transparency and technology are at the forefront. Source: Top...
by Dave Duringer - Protective Law Corp | Jan 12, 2017 | Career Maintenance, Career Preparation, Charity, Family Maintenance, Family Protection, Firearm Legacy, Punishment, Religious Faith
And don’t forget it also bars you from possessing a firearm, under at least federal law. Marijuana does raise the risk of getting schizophrenia and triggers heart attacks, according to the most significant study on the drug’s effects to date....
by Dave Duringer - Protective Law Corp | Jan 8, 2017 | Asset Protection, Charity, Estate Planning, Family Protection, Health Planning
This woman is an inspiration, leaving a rich legacy of charity. But note part of the reason she is able to do this: Finances aren’t a worry: A long-term disability policy she invested in provides 70 percent of her wages; Guy Morrison continues to work as a physical...
by Dave Duringer - Protective Law Corp | Jan 6, 2017 | Asset Protection, Charity, Estate Planning, Tax Planning
Interesting speech below on crucial importance of philanthropy, even for national defense:
by Dave Duringer - Protective Law Corp | Jan 2, 2017 | Asset Protection, Charity, Estate Planning, Family Protection, Retirement Planning, Spendthrift Children, Tax Planning
While it’s important that charities and their staff understand how to match various tools, such as charitable remainder trusts (CRTs), charitable lead trusts (CLTs), charitable gift annuities and other gift plans with the needs of their donors, which may...
by Dave Duringer - Protective Law Corp | Jan 2, 2017 | Asset Protection, Charity, Estate Planning, Estate Tax, Family Protection, Income Tax, Tax Planning
Wealthy families can now transfer wealth to children and grandchildren at a transfer tax discount of up to 50 percent, while receiving up to a 50 percent current charitable income tax deduction—all while avoiding tax on the subsequent sale of appreciated...
by Dave Duringer - Protective Law Corp | Dec 1, 2016 | Asset Protection, Charity, Estate Planning, Tax Planning
The PF excise tax provision would collapse the current two-tier tax—some pay 2 percent and some pay 1 percent on investment income—to a straight 1 percent tax. Here’s how it goes. PFs are required to pay a 2 percent excise tax on investment income every year....
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 | Oct 20, 2016 | Archived, Asset Protection, Charity, Estate Planning, Family Protection
Just 5.7 percent of the Clinton Foundation’s massive 2014 budget actually went to charitable grants, according to the tax-exempt organization’s IRS filings. The rest went to salaries and employee benefits, fundraising and “other expenses.” Source: Clinton Foundation...
by Dave Duringer - Protective Law Corp | Sep 28, 2016 | Charity, Dying Embarrassed, Estate Planning, Horror Stories
Jackie O’s estate plan provided for an elaborate trust that was supposed to have generated funds for a charity and then give her grandchildren an inheritance. But although her estate was initially valued at $200 million, the actual value dropped to about $18 million,...
by Dave Duringer - Protective Law Corp | Sep 26, 2016 | Charity, Estate Planning, Family Protection, Financial Mentorship
You have read at www.SacredHonor.US about the F.I.R.S.T. Family Trust and how it can be used to pass on values such as charity and financial mentorship. Here is an example of both in action: Zak Williams, son of Robin Williams, is co-teaching a financial literacy...
by Dave Duringer - Protective Law Corp | Sep 26, 2016 | Asset Protection, Charity, Estate Planning, Family Protection
Planning professionals need to master the skill of communicating the tax savings from a planning technique in a manner that a potential client can quickly and easily understand. This is particularly true when dealing with charitable giving strategies. Here are some...
by Dave Duringer - Protective Law Corp | Sep 9, 2016 | Charity, Estate Planning, Family Protection
We all need to work on this, whether retired, or building a business or career: How establishing yourself as trusted, active member of your community can help grow your business. Source: Seven Steps to Become a Center of Influence | Wealth Management If attacked, do...
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 4, 2016 | Asset Protection, Charity, Estate Planning
Parthian shot. If a gift is held to be earmarked for an individual, not only does the donor lose the income tax charitable deduction, but also could be subject to the federal (and possibly state) gift tax on transfers to individuals (assuming it exceeds the $14,000...
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 | Jun 28, 2016 | Charity, Estate Planning, Financial Mentorship, Retirement Planning
And as younger collectors focus more on this asset class, their advisors need also to broaden their knowledge of the rules unique to this area and to their clients’ increased activity. Source: Six Characteristics of NextGen Art Collectors If attacked, do you want to...
by Dave Duringer - Protective Law Corp | Jun 8, 2016 | Charity
Issues of control are often significant to the wealth-creating generation of a family (usually, although not always, older members). Often, in working with families, we hear wealth-creators express doubts about the capacity of rising generations to handle money...
by Dave Duringer - Protective Law Corp | May 24, 2016 | Charity
Charitable LLCs A charitable LLC, such as the Initiative or the Emerson Collective (run by Steve Jobs’ widow) is legally no different from a for-profit LLC. As such, it’s governed only by applicable corporate law, whereas a charity would further be subject to state...
by Dave Duringer - Protective Law Corp | May 17, 2016 | Charity, Firearm Legacy
OK — this one’s a hit. 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...
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 | Dec 29, 2015 | Archived, Charity, Income Tax
The Protecting Americans From Tax Hikes Act of 2015 (PATH) provides long-awaited certainty for taxpayers that make charitable contributions from IRAs. The new law became effective December 18, 2015. It made permanent the IRA charitable rollover provision that allows...
by Dave Duringer - Protective Law Corp | Aug 18, 2014 | Career Maintenance, Career Preparation, Charity, Family Maintenance, Financial Mentorship, Firearm Legacy, Pet Protection, Punishment, Religious Faith
If you have either life insurance or accumulated wealth, you may want to create a safety net for your children. Planning is critical if your children are young, in case something happens to you before they are ready to face life on their own without the benefit of...
by Dave Duringer - Protective Law Corp | Aug 18, 2014 | Career Maintenance, Career Preparation, Charity, Family Maintenance, Financial Mentorship, Punishment, Religious Faith
Incentive trusts are designed with the purpose of influencing behavior of the beneficiaries. The type and scope of these provisions is limited only by the imagination of the drafter, and a few more practical limits such as the assets required for implementation...
