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 | Dec 4, 2024 | Asset Protection, Blog, Estate Planning, Fortune, Operation & Governance, Regulatory Compliance, Venture Protection
A Texas federal court has just saved a zillion businesses (and family trusts and mere holding companies) the effort of complying with the onerous filing burden under the draconian, oppressive, vague and unconstitutional Corporate Transparency Act (and zillions more...
by Dave Duringer - Protective Law Corp | Oct 30, 2024 | Asset Protection, Blog, Creditors & Predators, Estate Admin, Estate Planning, Estate Tax, Family Protection, Fortune, Gift Tax, GST Tax, Income Tax, News & Commentary, Spendthrift Children, Tax Planning, Trust Admin
The IRS has released Revenue Procedure 2024-40, which specifies annual inflation adjustments for tax year 2025. Some highlights: Gift, estate and generation-skipping transfer tax exemption amounts: $13.99 million (up from $13.61 million) Annual gift tax exclusion (IRC...
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 27, 2024 | Asset Protection, Blog, Bloodline Protection, Creditors & Predators, Estate Admin, Estate Planning, Estate Tax, Family Protection, Fortune, Gift Tax, GST Tax, Income Tax, Retirement Planning, Spendthrift Children, Tax Planning, Trust Admin
There seems to be a misconception among some California estate planning attorneys that BDOT planning (BDOT stands for Beneficiary Deemed Owner Trust; also called a 678 trust, named after IRC §678) is inconsistent with, and should never be used with, a trust designed...
by Dave Duringer - Protective Law Corp | Oct 20, 2024 | Asset Protection, Blog, Bloodline Protection, Creditors & Predators, Dying Embarrassed, Estate Admin, Estate Planning, Estate Tax, Family Maintenance, Family Protection, Firearm Legacy, Firearm Training, Fortune, Gift Tax, GST Tax, GunLaw.Pro, Honor, Income Tax, Life, Spendthrift Children, Tax Planning, Trust Admin
At the beginning of this year, the California Uniform Directed Trust Act (CUDTA) went into effect, codified in Probate Code §§ 16600-16632. It was a long time coming, having been first proposed back in 2010 by our state bar’s trust and estate section. When it...
by Dave Duringer - Protective Law Corp | Oct 17, 2024 | Asset Protection, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Estate Planning, Estate Tax, Family Maintenance, Family Protection, Firearm Legacy, Firearm Training, Fortune, Gift Tax, GST Tax, GunLaw.Pro, Honor, Income Tax, Life, Limitation of Liability, Operation & Governance, Regulatory Compliance, Spendthrift Children, Tax Planning, Trust Admin, Venture Protection
Six years ago I posted this article proposing use of an advanced planning technique known as the Health and Education Exclusion Trust (HEET) to leave a dynastic legacy of firearm training. Such a trust might be called a Gun HEET. The Fall of the Republic and...
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 | Sep 30, 2024 | Asset Protection, Blog, Entity Formation, Estate Admin, Estate Planning, Fortune, Income Tax, Regulatory Compliance, Tax Planning, Trust Admin, Venture Protection
Under Private Letter Ruling 202428003, the IRS has allowed late filing of a Qualified Subchapter S Trust (QSST) election, to obtain relief from termination of S corporation status. The corporation represented that the termination was inadvertent and not for tax...
by Dave Duringer - Protective Law Corp | Sep 29, 2024 | Asset Protection, Blog, Dying Embarrassed, Entity Formation, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Income Tax, Tax Planning
Estate reduction surgery may be more urgent than you think. Understandably, a lot of folks are sitting on the sidelines, waiting to see what happens in November — not only in the presidential race, but in the congressional races that will determine the balance...
by Dave Duringer - Protective Law Corp | Sep 24, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Career Maintenance, Career Preparation, Entity Formation, Estate Planning, Family Protection, Financial Mentorship, Fortune, Honor, Income Tax, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
The decision to hire family members for your business is a delicate balancing act that involves both personal and professional considerations. Working with loved ones can create a sense of trust and unity within the workplace and has been shown to increase business...
by Dave Duringer - Protective Law Corp | Sep 23, 2024 | Asset Protection, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Estate Planning, Family Protection, Financial Mentorship, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of business owners have no exit strategy.[1] After...
by Dave Duringer - Protective Law Corp | Sep 20, 2024 | Asset Protection, Blog, Estate Planning, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Remote work has become the new norm for many employees, creating opportunities as well as challenges for employers. One of those challenges is verifying the identity and eligibility of remote workers for employment in the United States. Form I-9,[1] a document all...
by Dave Duringer - Protective Law Corp | Sep 19, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Estate Planning, Fortune, Operation & Governance, Regulatory Compliance, Venture Protection
The limited liability company (LLC) has only been around since the first LLC statute was enacted in 1977. Within a few decades, it has become the most popular legal entity formed by new US businesses due to its ease of formation, flexibility, low start-up costs, and...
by Dave Duringer - Protective Law Corp | Sep 18, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Estate Planning, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Limited liability is an important advantage provided by corporations and limited liability companies (LLCs). The personal asset protection that corporations and LLCs provide for their owners, however, is not absolute. To maintain the liability shield, owners must...
by Dave Duringer - Protective Law Corp | Sep 16, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Estate Planning, Fortune, Income Tax, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
There is no law that limits the number of LLCs an entrepreneur can own. Forming multiple LLCs may make sense under certain circumstances: for example, companies that have several rental properties, separate businesses with common ownership, or when one business makes...
by Dave Duringer - Protective Law Corp | Sep 13, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Estate Planning, Fortune, Income Tax, Limitation of Liability, Operation & Governance, Tax Planning, Venture Protection
Increasing costs and rising interest rates have impacted many businesses. If your business is in crisis, there are steps you can take that could improve your business’s financial condition and help it successfully move forward. Entrepreneurs are competent, but they...
by Dave Duringer - Protective Law Corp | Sep 12, 2024 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Estate Planning, Fortune, Limitation of Liability, Operation & Governance, Tax Planning, Venture Protection
Equipment leasing is an alternative to purchasing new equipment. Amid volatile interest rates and inflated equipment costs, more businesses are turning to leases as they look for ways to preserve cash while acquiring the equipment they need to operate. Equipment...
by Dave Duringer - Protective Law Corp | Sep 11, 2024 | Blog, Fortune, Limitation of Liability, Operation & Governance, Tax Planning, Venture Protection
Written contracts are the backbone of business relationships. They outline the rights, obligations, and expectations between parties and provide a legal framework that ensures parties keep their promises. Absent written contracts, business relationships are less...
by Dave Duringer - Protective Law Corp | Sep 10, 2024 | Asset Protection, Blog, Business Succession, Creditors & Predators, Estate Admin, Estate Planning, Fortune, Income Tax, Operation & Governance, Tax Planning, Trust Admin, Venture Protection
A distribution from a limited liability company (LLC) is a payment of cash or property made by an LLC to the LLC’s owners, also known as members. Although state law sets forth certain default rules, LLC members can specify in the LLC’s operating agreement when and how...
by Dave Duringer - Protective Law Corp | Sep 1, 2024 | Asset Protection, Blog, Bloodline Protection, Creditors & Predators, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Fortune, Honor, Life, News & Commentary, Punishment, Religious Faith, Spendthrift Children
I’ve written several times lately on disinheritance and more benign alternatives to disinheritance. There is definitely a trend afoot toward greater disinheritance. I’ve noticed this trend in comments from colleagues on our estate planning attorney online...
by Dave Duringer - Protective Law Corp | Sep 1, 2024 | Asset Protection, Blog, Career Maintenance, Career Preparation, Creditors & Predators, Estate Admin, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Fortune, Honor, Life, News & Commentary, Spendthrift Children, Tax Planning, Trust Admin
There is a wonderful recent story about a Minnesota family that has baptized 27 babies over three generations with a baptismal gown made from the World War II parachute that saved grandpa’s life! I’m always coming up with analogies for trusts and often use...
by Dave Duringer - Protective Law Corp | Sep 1, 2024 | Blog, Estate Planning, Family Protection, Fortune, Health Planning, Honor, Incapacity Planning, Life, News & Commentary, Religious Faith
The brother of Terri Schiavo, famous in the estate planning world for issues surrounding her diagnosis of Persistent Vegetative State (PVS), is warning of a possible weakening in Catholic teaching in favor of providing basic care for the incapacitated. The brother,...
by Dave Duringer - Protective Law Corp | Sep 1, 2024 | Asset Protection, Blog, Business Succession, Dying Embarrassed, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Income Tax, News & Commentary, Tax Planning, Venture Protection
The American Housing and Economic Mobility Act of 2024 (AHEMA) is a giant $5 trillion tax increase now before both houses of Congress which has the potential, if Democrats end up with enough control after elections this year, to radically change estate planning. These...
by Dave Duringer - Protective Law Corp | Jul 31, 2024 | Asset Protection, Blog, Estate Planning, Family Protection, Financial Mentorship, Fortune, Honor, Life, Venture Protection
Unfortunately, you really do not know exactly how well your estate plan will work until after you are gone. No way around that, but you can improve chances with thorough comprehensive planning and a good maintenance plan. But there is something else you can do: You...
by Dave Duringer - Protective Law Corp | Jul 29, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Income Tax, Tax Planning, Venture Protection
The Tax Cuts and Jobs Act (TCJA) of 2017 made several significant changes to the tax code that affect small businesses and business owners. It introduced the qualified business interest deduction, added a bonus depreciation deduction for qualifying property, and...
by Dave Duringer - Protective Law Corp | Jul 28, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Estate Planning, Fortune, Income Tax, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
The rise of home-based businesses represents a fundamental shift in the way Americans work. Home businesses offer their owners a convenient and flexible way to earn income without commuting to a traditional office. They may also qualify for tax breaks in the form of...
by Dave Duringer - Protective Law Corp | Jul 24, 2024 | Blog, Business Succession, Estate Planning, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
Business partnerships, like marriages, are complex relationships with highs and lows, challenges and rewards, good times and bad times. When people start businesses together, they should expect to experience growing pains. However, when differences are irreconcilable...
by Dave Duringer - Protective Law Corp | Jul 19, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Whether you are an entrepreneur starting a new business or are running a well-established business, your success often depends on safeguarding innovative ideas and information that give you an edge over competing businesses. If you have spent years perfecting a secret...
by Dave Duringer - Protective Law Corp | Jun 19, 2024 | Asset Protection, Blended Families, Blog, Bloodline Protection, Estate Planning, Family Maintenance, Family Protection, Fortune, Honor, Life, News & Commentary, Religious Faith
A new Pew poll finds that Trump voters are FAR more likely (59%) than Biden voters (19%) to say that society should prioritize marriage and having children. That the rate is higher among Trump voters should not surprise anyone. I’ve definitely noticed a...
by Dave Duringer - Protective Law Corp | Mar 28, 2024 | Blog, Estate Admin, Estate Planning, Estate Tax, Financial Mentorship, Fortune, Gift Tax, GST Tax, Income Tax, News & Commentary, Property Tax, Tax Planning
My daughter, Ayn, will be heading for law school this Fall! She was offered a very nice package covering most expenses of attending the Levin College of Law at the University of Florida in Gainesville. Most estate planning attorneys like me, especially those of us...
by Dave Duringer - Protective Law Corp | Mar 4, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, News & Commentary, Operation & Governance, Regulatory Compliance, Venture Protection
National Small Bus. United v. Yellen, No. 5:22-cv-1448-LCB (N.D. Ala. Mar. 1, 2024) On Friday, March 1, 2024, in National Small Bus. United v. Yellen, Judge Liles C. Burke of the United States District Court for the Northern District of Alabama ruled via memorandum...
by Dave Duringer - Protective Law Corp | Feb 23, 2024 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
Platforms such as Airbnb and VRBO have disrupted an industry once dominated by hotels and resorts, allowing individuals to open their homes and residential properties to travelers. The boom in short-term rentals has created new opportunities for investors who want to...
by Dave Duringer - Protective Law Corp | Feb 22, 2024 | Blog, Fortune, Operation & Governance, Venture Protection
Assets, liabilities, and equity are accounting terms that every small business owner should be familiar with. They are included on a business’s balance sheet, providing a snapshot of financial health. A balance sheet shows a company’s assets and liabilities at a given...
by Dave Duringer - Protective Law Corp | Feb 21, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Small business owners are no strangers to government regulations. There are many requirements that businesses must be aware of and comply with, including business license and permit rules. Most businesses must obtain licenses or permits, so it is important for each...
by Dave Duringer - Protective Law Corp | Feb 20, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Over time, your business can undergo significant changes. What may have started as a humble, one-person operation can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your...
by Dave Duringer - Protective Law Corp | Feb 19, 2024 | Asset Protection, Blog, Buying or Selling a Closely Held Business, Creditors & Predators, Fortune, Limitation of Liability, Regulatory Compliance, Venture Protection
Due diligence is the process of obtaining and verifying information about a company or person in preparation for a business transaction, such as an acquisition, merger, or potential new business partner. Generally, due diligence provides information about the company...
by Dave Duringer - Protective Law Corp | Feb 9, 2024 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
All registered corporations are required by law to hold an annual meeting. Limited liability companies (LLCs), although not subject to the same statutory requirement, may hold regular meetings in accordance with their governing documents. What Is the Purpose of a...
by Dave Duringer - Protective Law Corp | Feb 8, 2024 | Blog, Fortune, Income Tax, Operation & Governance, Tax Planning, Venture Protection
As the holiday season approaches, gift-giving is on the minds of many business owners. But there are reasons why a business owner may want to give gifts to workers and clients throughout the year and not just during the holidays. Whether to recognize a job well done,...
by Dave Duringer - Protective Law Corp | Feb 7, 2024 | Blog, Fortune, Limitation of Liability, Operation & Governance, Uncategorized, Venture Protection
Good business ideas have a simple elegance that can spur entrepreneurs to ask themselves, Why didn’t I think of that? Or maybe they did have a good idea but lacked the foresight to turn it into an effective business model. Inspiration alone is not enough to succeed in...
by Dave Duringer - Protective Law Corp | Feb 6, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Americans have a “pull yourself up by your bootstraps” mentality that speaks to our individualism and enterprising spirit. This mindset is especially pronounced among business owners, who have chosen to forego the typical employment route in favor of creating their...
by Dave Duringer - Protective Law Corp | Feb 3, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Estate Admin, Fortune, Operation & Governance, Venture Protection
Financial winter is coming. Or is it? Despite renewed optimism that the US economy can avoid a deep downturn, economists say the chances of a recession in 2024 are still about even. Small businesses are feeling the pain from high inflation, declining consumer...
by Dave Duringer - Protective Law Corp | Nov 12, 2023 | Blog, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Tax Planning
Suppose earlier this year you read somewhere (this site, for example) that estate, gift, and generation-skipping transfer (GST) tax exemptions will drop in half in 2026, and that there is generally no clawback for gifts made before then which exceed the 2026 exemption...
by Dave Duringer - Protective Law Corp | Nov 12, 2023 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Estate Admin, Estate Planning, Fortune, Operation & Governance, Regulatory Compliance, Tax Planning, Trust Admin, Venture Protection
Did you ever put off studying for a final, until the night before the final? That’s pretty much how the planning community is feeling about the Corporate Transparency Act (CTA), which will go into effect January 1, 2024. Congress passed the devilish law several...
by Dave Duringer - Protective Law Corp | Oct 22, 2023 | Asset Protection, Blog, Bloodline Protection, Creditors & Predators, Estate Admin, Estate Planning, Fortune, Income Tax, Retirement Planning, Tax Planning, Trust Admin
On December 29, 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0 Act). The previous SECURE Act in 2020 made several changes to retirement planning: It increased the required beginning date (RBD) for required...
by Dave Duringer - Protective Law Corp | Mar 25, 2023 | Blog, Defensive Gun Use, Estate Admin, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Firearm Training, Fortune, GunLaw.Pro, Honor, Incapacity Planning, Life, News & Commentary, Probate Admin, Religious Faith, Trust Admin, WorldExaminer.com
Presentation by Attorney Dave Duringer clears up confusion over California Gun Trust Planning. What is a Gun Trust? Is a Gun Trust Effective? Is a Gun Trust Necessary? Is a Gun Trust Recommended? YES! Every California gun owner should have one! A regular trust might...
by Dave Duringer - Protective Law Corp | Oct 15, 2022 | Blog, Family Protection, Firearm Legacy, Firearm Training, Fortune, Honor, Life, News & Commentary
This 30-second video below shows the “exciting” incident where I held up a piece of plastic: The video below shows a couple of idiots saying they were terrified when I held up a piece of plastic. You can skip the email input, but if you do that...
by Dave Duringer - Protective Law Corp | Sep 3, 2022 | Blog, Fortune, Honor, Life, News & Commentary
MORRO BAY, CA — At long last, the fate of the Morro Bay Power Plant is decided. Public support for Vistra’s Battery Energy Storage System (BESS) wanes with every new exploding Tesla, undt der Fuhrer Biden deems public support important, especially since...
by Dave Duringer - Protective Law Corp | Aug 15, 2022 | Asset Protection, Blog, Business Succession, Estate Planning, Family Protection, Financial Mentorship, Fortune, Tax Planning, Venture Protection
You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place,...
by Dave Duringer - Protective Law Corp | Aug 12, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Family Protection, Financial Mentorship, Fortune, Operation & Governance, Venture Protection
Your family and your business are two of your top priorities. You would not do anything to compromise either of them. But working with family members in a family-owned business presents unique challenges that can cause lasting damage to both if not properly managed....
