I just read a recent Wall Street Journal article titled, “Trying to Control Your Heir’s Behavior from the Grave Often Backfires.” It was a short read, but it raised a number of issues for me. Here are some of my thoughts: Powder keg of emotions I think the article misses a major point. Most of… Read More »
Posts Categorized: Asset Protection
Did Jeffrey Epstein Use Estate Planning to Cheat His Alleged Victims?
Two days before millionaire and convicted sex offender Jeffrey Epstein, 66, hung himself in a federal jail cell, he wrote a will. The 21-page document was filed one day later in St. Thomas in the U.S. Virgin Islands, and it placed his entire fortune (estimated at $577.7 million) into a trust, according to the New… Read More »
The Nevada Supreme Court Emphatically Upholds No Exception Creditor Provisions
Nevada is the only top-tier Domestic Asset Protection Trust (DAPT) jurisdiction that has no statutory exception creditors that enables creditors to pierce trusts. Some critics have opined that Nevada DAPT laws are too protective and therefore will not work as represented. However, in May the Supreme Court of the State of Nevada ruled in a… Read More »
The Recession, Financially Troubled Beneficiaries and Your Client’s IRAs
As our struggling economy tries to sputter back to life, we still see its impact on our clients’ families. The stress of the real estate market crash and the wreckage of the lingering recession has left deep financial scars. There is still a desire by better off (note, not well off) grandparents and parents to… Read More »
Gambling Addiction Hits Seniors Hard
For seniors, financial pitfalls come in many forms: Ponzi schemes, Internet scams, a relative who takes advantage of them. But many also see their life savings slip away— and into casino coffers — because of their own actions. The AARP cites studies that estimate Americans lost $100 billion gambling in 2008 alone and that 4… Read More »
Help Protect Your Senior Clients from Being Targeted by Scam Artists
The numbers are staggering. A recent survey by the Investor Protection Trust finds that one out of every five Americans 65 years old or older — or more than 7 million people — have been the victim of a financial scam. The Washington Post recently told the story of one of those victims, 73-year-old retired… Read More »
Help Clients Prevent Alzheimer’s from Destroying a Family’s Financial Future
Alzheimer’s disease, and the demands it places on a caregiver’s time and energy, can devastate a family’s emotional resources. It can devastate the family’s bank account, too. According to the Alzheimer’s Association, 5.4 million Americans are living with it, and one in eight older Americans is afflicted with the progressive, incurable disease. The association says… Read More »
Should Your Clients Consider Giving Away Property Over Cash?
It’s decision time for clients who want to take advantage of the $5.12 million gift tax exemption that expires at the end of this year. While cash is the most direct way to pass wealth to heirs, your clients might need that money at some point. If they’ve already given it away, it’s not very… Read More »
Tax Scams the IRS Wants You to Avoid—For Their Benefit and Your Own
The IRS recently released its “Dirty Dozen Tax Scams”, and some of the items on the list will be of particular interest to anyone concerned about asset protection. According to this article in NASDAQ.com, taxpayers should “exercise caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to… Read More »
Celebrity Divorces Highlight the Importance of a Prenuptial Agreement
One of the most important, and least pleasant, legal documents that I recommend for all of my clients is a prenuptial agreement. Nobody wants to enter into marriage with the thought that it could end in divorce. But, the reality is, we need to plan for the worst-case scenario. That is, after all, why we… Read More »