The Last Taboo: Your Parents Still Won’t Talk About Their Money With You
“Delaying conversations until a life event forces the subject means making decisions during a time of crisis that are often driven by emotion — by this time, options are fewer and time is tight — having conversations and a plan of action well before one must...Help Your Clients Manage Political Risk
But, what about political risk? Given today’s volatile political environment, it seems especially prudent to raise this topic. A quick glance at the headlines is all one needs to appreciate that these are treacherous times that require organizations to take...CPAs: Top 10 list for fiduciary income tax returns and planning
As we near tax season, below are some tips for CPAs when planning and preparing tax returns for trusts, along with a link to an upcoming webinar on this very topic.Remember, trusts with 2016 taxable income over $12,400 pay regular income tax at the top income...As Top-Tier Artists Age, the Art World Hopes to Cash In
At 77, Mr. Close is among a critical mass of prominent — and profitable — artists in their twilight years (including Claes Oldenburg, 88; Ed Ruscha, 79; and Gerhard Richter, 84) facing important decisions about how to secure their creations and provide for...Account Transcript, Substitute for Estate Tax Closing Letter
With certain exceptions and prior to June 1, 2015, the IRS issued an ETCL for every estate tax return filed. After that date, the IRS changed its policy and only issued such a letter upon formal request by an estate and not sooner than four months after the...58 Years Ago, The Day The Music Died
Buddy Holly left a legacy of sorts, but was it really his legacy? He died intestate, so that is doubtful. Holly’s legacy was written by those who took control, instead of being carried out by trusted family he could have placed in control. The chapters...Trump’s Travel Ban Spooks International Wealthy
Of course, the fear is more about money than family. However, the number one fear voiced by Fisher’s clients is loss of access to their assets. “Access and concern about being able to affect change in U.S. located assets are key.” Source: Trump’s Travel...SEC to Mandate Succession Plans for RIAs
Another regulation that brokers adhere to, but will likely come now to RIAs, is the mandate that the firm has a documented business succession plan in the event the advisor dies suddenly or otherwise becomes incapacitated. The risk is that many RIAs are smaller...Children are Children, Right?
The Will included the following provision about children: “For the purposes of this Will, a child or children of a person named in this Will shall mean the biological and legally adopted children of such person.” Was this definition intended to define who...Divorcing Spouse Busts through Delaware Dynasty Trust to take $30 Million Mansion (Kloiber Case)
Kloiber case recap: Does a Delaware Dynasty Trust still work? Yes, but only if it’s a fully discretionary trust. Do not ever draft a Delaware trust with health, education, maintenance and support distribution language since that is susceptible to the Garretson v....Carrie Fisher and Debbie Reynolds Dynastic Deaths Give Offspring Legacies and Millions to Inherit Overnight
Luck all around, despite the bad planning. Carrie had formal next of kin, daughter Billie Lourd, who inherits the house, the money and presumably the French bulldog even if the outspoken and occasionally erratic actress forgot to leave a valid will behind....Reverse Mortgage Part of Financial Planning
With a reverse mortgage you will never have a mortgage payment as long as you live in the home. Because it is insured by the government, you will never owe more than the home is worth, and the property may be willed to your heirs.The heirs may refinance the...Death Imitating Art, or Art Imitating Death?
Artists threaten reason, then get threatened by their own ideas. A machete-wielding man shouting ‘Allahu Akbar’ was shot five times in the stomach outside the Louvre in Paris this morning after he attacked four soldiers. Source: Paris’ Louvre...Democrats’ Permanent Outrage at Donald Trump
More like 53 percent. Yet given that Trump’s approval rating is hovering between a respectable 45 and 49 percent depending on the poll, the fury emanating out of Washington and other major American cities is likely disproportional to the country at large....Video: Torrance ATM Robber Slams Teen Girl in Head with Aluminum Bat
This happened in November and now they are asking public’s help with ID? At least I hear Torrance PD is issuing some CCW’s. The violent robbery took place about 10 p.m. on Nov. 9, 2016 at the Chase Bank located at 2121 Torrance Blvd. Prior to the...Older workers feel on track for retirement. Are they?
Yet the economic recovery has been tepid, leaving out or squeezing many workers. Many of those laid off are in part-time or lower-level positions, or drifting in and out of the labor force. Many depleted their nest eggs to pay living expenses while they were...Brain games linked to delayed cognitive decline in elderly
This is not the first such study, and I have previously suggested that attendance at my free training events, including my laser simulated range, could spark an interest in a healthy new hobby. “Mentally stimulating activities perhaps in combination with...Trump to Mexico: Take care of ‘bad hombres’ or US might
Hmm...that wall would be a LOT shorter if it started at Veracruz. "You have a bunch of bad hombres down there," Trump told Pena Nieto, according to the excerpt given to AP. "You aren't doing enough to stop them. I think your military is scared. Our military isn't, so...Judge Neil Gorsuch: Cause for Concern?
I’m not all that concerned about this, actually. Pryor’s support of same sex marriage and transgender nonsense was a much greater threat to the Second Amendment than the apparent views of Gorsuch here. I may actually agree with Gorsuch on this. The...President Trump Announcing Supreme Court Pick
#GunControl Fails to Prevent Stabbing Spree Outside CNN’s Hollywood Office
And he was stopped by a good guy with a gun (after being hindered by a good guy without a gun): A short time later Reston added that the suspect tried to enter a nearby coffee shop but was stopped by a customer, and subsequently shot by police officers. (Link)...Misdiagnosis of Women’s Heart Disease
Heart disease is the leading killer of women, responsible for one in every four female deaths, and this danger was highlighted by the tragic death of actress Carrie Fisher in late 2016. But almost two-thirds of women who die suddenly from heart disease had no...Most Support Temporary Ban on Newcomers from Terrorist Havens – Rasmussen Reports™
A new Rasmussen Reports national telephone and online survey finds that 57% of Likely U.S. Voters favor a temporary ban on refugees from Syria, Iraq, Iran, Libya, Somalia, Sudan and Yemen until the federal government approves its ability to screen out potential...Study Authors Say Euthanasia Saves Millions (but say cost should not be considered)
Congress is suddenly not so eager to repeal Obamacare. Anyone else concerned euthanasia will go from crazy new option to mandatory early checkout? No death panels here, nothing to see folks, move along… The authors go to pains to state they aren’t...Armed robber forces armed woman outside, gets shot
Police said Kirton then forced the victim outside at gunpoint, but she was able to retrieve her personal gun to defend herself. Source: Winchester police: Armed robber recovering from wounds afterAUTHOR: ABORTION LEADS TO MASS IMMIGRATION
Author: Abortion leads to mass immigration Abortion is blamed for many problems across America, not the least of which is the increasing pressure to allow an open-doors immigration policy. Both issues have been in the news in the past few days, with tens of...OC Register Lists “Radical Traditional Catholicism” as Type of Hate Group
[bctt tweet=”Journalism or hate? OC Register lists traditional Catholicism as type of hate group! #tcot #ccot #catholic #2A #NRA” username=”guntrust”] The 2015 Hate Map is nearly 14 percent bigger than the 2014 map. The Southern Poverty Law...HEIRS ACCORDING TO SHARIAH – Principles of Succession
The shares and percentages of wealth distribution between the heirs is based on clear formulas. There are so many combinations of families that each cannot be stated. However some primary principles are that the sons get double the share of the daughters hence...Creditor Protection Update: Protecting Your Assets with a “DAPT”
The list of states is growing, but Nevada is still king for most family situations, even before considering proximity to California. On December 5, 2016, Michigan joined Alaska, Delaware, Nevada, Utah and South Dakota as one of the 17 states that permit the use...COGNITIVE AGING AND THE CAPACITY TO MANAGE MONEY
While Americans often worry about not having enough money in retirement, they seldom worry about their capacity to manage that money.1 At first glance, this lack of concern appears justified because many financial activities are so routine – like paying the monthly...Did San Francisco Eliminate its Transfer Tax Exception for Certain Gifts?
This past November, San Francisco voters approved Proposition W, a ballot measure that increased real property transfer tax rates and made certain other changes to the language of the San Francisco transfer tax ordinance. One of the changes provides that any...Current Political Violence Highlights Importance of Private Trust Planning
By now, hopefully most people are aware that probate avoidance is one of the core benefits of a properly drafted and funded revocable trust, even one done by a trust mill that lacks the sort of comprehensive planning we do. Why is probate bad? Well, one of the...Few Patients Have Advance Care Directives Available
Results: Among study patients (n = 104), 59% reported completing some form of ACP: living will 52%, heathcare power of attorney 54%, do not resuscitate 38%, and medical orders for scope of treatment or physician orders for life-sustaining treatment 6%. Whites...Estate Planning for College Students? What Every Parent Needs to Know
When a child is away at school and falls ill or otherwise needs medical attention (including for mental health purposes), most parents assume that they will be contacted and will have all the rights and responsibilities to direct care. You may be surprised to...Tax Deductions for Estate Planning Fees – Epilawg
If you are stuck doing your own allocation, here are some things to consider when calculating the tax deduction. Attorney’s fees paid in connection with drafting a credit shelter trust, formulating generation skipping tax provisions, marital deduction planning,...Poor planning means government will take half of Prince’s estate
Prince’s estate has until Saturday to file an estate tax payment for the late rock superstar, and the taxes are expected to ultimately swallow nearly half the estate’s estimated $200 million value, meaning a likely windfall of roughly $100 million for the...Income Sprinkling to Minimize Tax Liability
Income sprinkling is often a good strategy to avoid such high tax rates. In such a scenario, the income accumulated in a trust is distributed before December 31st of the year, and it is counted as income for the beneficiary. Unless the beneficiary is also in...Some Firms Apparently Not Yet Planning for Possibility of Repeal
While it is true that there is uncertainty in tax planning now (there always is) and there is a distinct possibility that the estate tax will be repealed and we should of course urge our clients to update after such a major change, it is not true that we cannot...Planning For Protection and Control
The government isn’t the only entity from which clients may wish to shield their assets. Perhaps your client owes money all over town, but would still like to leave something for his kids, or maybe he doesn’t trust his daughter’s husband and wants to ensure...New Regs re Dead But Not Forgotten IRC 1022
Think I’m noticing a trend here. A few months ago, IRS finally came out in support of using Clayton election for portability planning, after years of silence led to suspicion otherwise, and now years after repeal of 1022, the IRS decides to issue regs...Nice website, fancy suit, SEX? Impressing the Millennial Legal Consumer
Avvo takes a strikingly binary view of a problem that is a lot more complicated than they let on: how to attract millennials as clients. People say I have a nice website, I’ve been ranked by Justia as the No. 6 lawyer in the US in terms of twitter...Five Ominous Signs for the Securities Industry
Enjoy the run, because it may not last. This past year provided evidence that there’s a growing grassroots revolt brewing among the individual investors who have been so crucial to the securities industry for decades. This awakening is likely irreversible...Trumpian Carryover Basis Regime to Heat Up Life Insurance?
“Estate freeze” is a term that’s so commonly tossed around in the estate planning community that it’s actually become fairly useless shorthand, as it can be used to describe such a wide variety of techniques. However, as discussed by Jeffrey N. Pennell in his...Italy: New Beneficial Tax Regime for New Residents
Please share this info with all of your Democrat friends who promised to leave the US if Trump was elected. Seriously — how often does the Italian government change hands? Too often. Eligible taxpayers—that is, individuals who haven’t qualified as Italian tax...Guided by Voices: Planning via Voice-Activated Apps
These must be the same Satanic voices that give us LegalZoom and self-driving road hazards. I dissent. Are there any humans left? Enough with these charlatans and their dangerous, destructive boondoggles. In the future, I can see this evolving into a more...Time Lapse Photo of March for Life
Mad Dog Mattis Sworn in as SecDef
My favorite Mad Dog Mattis quotes: “Be polite, be professional, but have a plan to kill everybody you meet.” “The most important six inches on the battlefield is between your ears.” “No war is over until the enemy says it’s over. We may think it over, we may declare...NRA Board Election Recommendations for Voting Members
[bctt tweet=”Attn NRA Voting Members, Elect #2A #NRA Board: Willes Lee, Lance Olson, Eric Wright, Rod Unkovic” username=”guntrust”] Attention: NRA Voting Members Celebrities do not need your vote. We need NRA Board members who will...Armed American Ex-Felon Shoots Illegal Meth-Addicted Ex-Mex Federale to Save AZ Trooper
This article is marked Priority. Click the BELL ICON at the lower left of your screen to manage priority alerts (Chrome and Firefox only). More details are out on a recent story involving an armed Good Samaritan who saved a cop’s life. In my previous post, while...
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