Long standing estate planning strategies which are used to help you reduce “estate tax”, and increase the inheritance you can leave for your family, may be changing and your estate may be at risk! On August 4, 2016, the IRS proposed regulations that will, if adopted, have the most comprehensive effect on the Estate Tax… Read More »
Page 4
Putting Your “Planning” Ducks in a Row is Key to Protecting Your Business—and Your Assets
The desire for business ownership is on the rise. Today more than ever, people are looking to create their own fortune, set their own schedule and chart their own destiny. Unfortunately, owning a business or company also means being vulnerable to lawsuits. Whether you’re a dentist, store owner, or dance instructor, know this: by dealing… Read More »
How a Trust Protector Can Be Your Forever “Watchdog”
Estate plans don’t always sync up with real life. If you don’t make a point of keeping your plan current, let alone adaptable to the future, changes in family circumstances or even the law can prevent your plan from achieving what you intended. Wouldn’t it be great to have someone to fill the gap, if… Read More »
How FLPs and LLCs Can Help You Keep Assets and Disinherit the IRS
The Waltons was a long-running TV show in the 1970’s about a close-knit family that weathered tough times during the Great Depression and World War II. Today, people are more familiar with another set of soft-spoken, family-oriented Waltons, namely those who founded Wal-Mart, the world’s largest retailer. In sharp contrast, the modern day Waltons are… Read More »
Private Foundations: Doing Good While Doing Well
Making Philanthropy Both Personal and Smart The purpose of life is to discover your gift. The work of life is to develop it. The meaning of life is to give your gift away. — David Viscott Ever sit down to watch “Downton Abbey” or the latest Masterpiece series and see the words “With funding by… Read More »
Love Your Pet? Guarantee It Can Live the Good Life without You
Why You Should Include Your Pets in Your Estate Planning People may have laughed at Leona Helmsley, and more recently Joan Rivers, for setting up her dogs to live the (very) good life without her. But the fact is, including furry family members in estate plans is on the rise: a good thing, given an… Read More »
Proceed with Caution: Using 401k Money for Starting a New Business
Many of our clients have always dreamed of starting a business. Times are tough, though, and despite many years of experience in the workforce, they know their chances of getting a bank or small-business loan are slim. But there’s a way to put their years of work to use, The New York Times says –… Read More »
Wise Guy’s Estate Plan Not So Wise
Most memorably known as mob boss Tony Soprano on the HBO series The Sopranos, actor James Gandolfini died in June at age 51. He left behind an estate worth an estimated $70 million. But to many advisors, the way he divided his estate would have gotten the fictional wise guy knocked off for not shielding… Read More »
Don’t Bet the House on Tax Reform
If you or your clients are waiting for meaningful tax reform measures to be signed into law this year, don’t hold your breath. The prospects are, in a word, dim. This isn’t 1986, when President Reagan and House Speaker Tip O’Neill got together to overhaul the tax system. The chasm that divides the political sides… Read More »
Three Ways the DOMA Ruling Can Affect Financial Planning for Clients
The June 26 Supreme Court ruling that struck down the 1996 Defense of Marriage Act by a 5-4 vote not only gave same-sex couples legal recognition at the federal level, it leveled the playing field financially, too. With this decision, married gay couples living in states that recognize same-sex marriage are eligible for over 1,000… Read More »