There is a myth out there about trusts and estate planning that I would like to address today. I call it the myth of the magic book. For those of you who have taken the step to create a trust, there is a common misconception that the trust is a magic document that will take …
The Myth of the Magic Book – Trusts and Estate Planning Read More »
Most business owners understand that attorneys serve a useful purpose when problems arise. And while this is undoubtedly true, most people don’t realize that the true value of an attorney is not to defend you when problems arise, but to solve problems before they arise. Indeed, smart business persons involve legal counsel early and often, …
Opening a new business is always a challenge. The thrill of creating something of value is both exhilarating and terrifying. Many budding entrepreneurs chose to start a new business with a friend or family member to share the risk and responsibilities of start up, and for financial and emotional support. All good reasons. However, what …
Most states prohibit so-called ‘self-settled’ asset protection trusts, or a trust you establish yourself for your benefit, yet which purports to protect the trust assets from creditors. However, there is a trend among the states to allow these types of trusts, and several states have recently changed their laws to permit them including Alaska, Delaware, …
As most people are aware by now, on January 1, 2013, the United States Congress passed a bill that allegedly keeps us all from falling off the proverbial “fiscal cliff”. The new law made some permanent changes to estate and gift taxation that has been eagerly awaited by estate tax attorneys and clients. Here is …
Post Fiscal Cliff – Changes to Estate and Gift Tax Read More »
Some of the most generous provisions of the tax code are those that permit beneficiaries of IRAs and other qualified retirement plans to defer income tax on the plans until time of withdrawal. This allows the IRA or qualified plan to grow significantly more than if it were subject to tax on gains each year. …
Ensuring Income Tax Deferral for Retirement Plan Beneficiaries Read More »
For most families, the largest retirement investment they have are the assets housed in IRAs and 401ks. As an estate and tax planner, I love these plans. They provide amazing asset protection and tax deferral. The assets in the IRA grow tax free and for traditional IRAs and 401ks, the assets are only taxed when …
When we think of estate planning we usually think of planning for traditional assets – Real estate, cash, investments, etc… But we now live in an era where access to our wealth and our personal information is kept digitally. Consider the information you have on your computer, smartphone, email accounts, digital notebooks, online accounts. Have …
No business can exist without contracts. Contracts provide structure to every transaction. From everyday interactions with customers and vendors to defining relationships between business partners, contracts are critical. But how many of us actually read the contracts we are signing? As a lawyer, a great deal of my clients come to me to resolve issues …
Last time we talked about the need to protect your kids and the importance of naming guardians. Today I would like to discuss the importance of protecting your assets for your kids. Leaving your assets to your kids while they are minors is a tragedy. Kids will take under UGMA, which means – assets will …
In prior segments, I have introduced you to the advantages of the revocable living trust and how it can be used to allow your loved ones to avoid probate. But the revocable living trust provides very little asset protection to the grantor of the trust while the grantor is alive and well. So what can …
I’ve spoken a great deal about the need for estate planning and how it can protect your assets for you and your family. But often times these concerns miss the real reason everyone needs an estate plan. Indeed, the greatest gift you can give to your family is the ability to keep their relationships with …
Everyone knows the value of the IRA or 401k in saving for retirement. In addition to providing tremendous tax advantages, qualified plans also provide substantial asset protection for the owner of the account. In fact, ERISA – the Federal law that governs how qualified plans are administered – makes it almost impossible for a creditor …
As you all know, I am an estate planning attorney. The goal of my practice is to keep my clients out of court, protect their assets from their family, and accomplish these goals in the most tax efficient way possible. Sometimes, changes in law provide us with new planning opportunities. Today, I would like to …
In past segments I have discussed the value of estate planning and why it is usually the most important legal work anyone will ever do. The tragic events surrounding the death of actor Paul Walker demonstrates just how important estate planning is, and why everyone needs to get this work done. Last November, Paul Walker …
What Paul Walker Can Teach Us About Estate Planning Read More »
