George Clooney is starring in a movie about a family trust. Yes, you read correctly. “The Descendants,” which opened in select theaters last month, offers a great depiction of what the Trust industry is all about. The film comes from the creators of “Sideways” and “About Schmidt.” It tells a humorous and tragic story of… Read More »
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Protect Your Loved Ones From Elder Financial Abuse
As our parents and family members age, they may become unable to manage their financial affairs without assistance. Unfortunately, there are many people in the world who will target the elderly to exploit them financially. Elder financial abuse is a growing concern, and as we can see from this news story about French L’Oreal heiress… Read More »
The Mortensen Case: What Went Wrong?
Asset Protection Trusts can be very useful tools as a part of a well thought out, comprehensive asset protection plan. In a recent blog, we took a look at DAPT trusts and the pro’s and con’s associated with this particular type of trust. An interesting case in which a domestic asset protection trust failed to… Read More »
What is a Domestic Asset Protection Trust and is it right for you?
Any reader of my blog knows that there are a number of different ways to protect your assets and your family. Which option you choose will depend greatly on a number of different factors, including: The size and nature of your assets, your goals for your wealth, your family dynamic, whether or not you own… Read More »
Deadline Nears for Reporting Option That Applies to Many Large Estates
For once, it seems that the IRS did something to be helpful for families that want to preserve wealth. The Internal Revenue Service issued guidance back in August on the treatment of basis for certain estates of decedents who died in 2010. This guidance assists executors who are making the choice to opt out of… Read More »
Protecting Your Family From ‘Deep Pockets’ Lawsuits
We live in a litigious society. As a matter of fact, America files more lawsuits than any other place in the world. As much as we would like to think that all (or at least most) of these lawsuits are about justice, the truth is that very often they are about money. In fact, quite… Read More »
When Unexpected Tragedies Occur
When unexpected tragedies occur, it can be a sad reminder to everyone that life is fleeting. The recent disaster at the Reno Air Show brought to mind that disasters such as these, that cause death and serious injury to others, do happen. In the case of this most recent aircraft disaster, there are 10 dead… Read More »
Petter Estate Is a Big Victory That Highlights a Great Safety Net Plan
Anne Petter — Modest Teacher and Favorite Niece Anne Petter was a teacher who died in 2008. Her favorite uncle (this distinction may or may not be true) was an early investor in UPS. In 1982, she inherited stock from him. In 2001, she held $22 million worth of UPS stock. At the time, the… Read More »
Asset Protection is Essential for Doctors, Lawyers, and Other Professionals
We all know that there are certain risks that come simply with owning property and building wealth; this is why just about everybody has some kind of insurance coverage, from simple home or auto insurance to more complicated asset protection strategies. But doctors, lawyers, accountants, and other “professionals” carry a different kind of risk; these… Read More »
Consider Not Only HOW to Protect Your Assets, But Also WHY
I write a lot on my blog about how to protect your assets, but just as important as the question of how to protect your assets is the question of why? At some point every person asks themselves “what (or who) am I doing this for?” British fashion designer Alexander McQueen certainly knew the answer… Read More »