Capital Gains Taxation May Not be as Inevitable As Most Think

August 31, 2017

Most taxpayers are familiar with tax deferral options that the US Tax Code provides such as (i) like-kind exchanges in which capital gains are deferred when appreciated real estate is exchanged for similar real estate, or (ii) selling real estate on an installment sale basis so that capital gains are deferred over the life of the installment note. Continue reading

How to Align Insurance with Your Estate Plan

August 29, 2017

If you’re like most folks, you use a variety of insurance products to manage risk and protect you, your family, and your assets from losses caused by property damage, businesses, property, accidents, disability, retirement, and death. However, instead of considering these insurances as separate items, we suggest you make them part of an integrated, overall risk management plan. Continue reading

Will a Third-Party Trust Created for Your Family Be Safe from the IRS Tax Collector or from Other Federal Actions such as Restitution?

August 24, 2017
There have been a couple of recent cases that have concluded that there is no asset protection strategy to stop a formidable creditor, who has secured a federal judgment, from attaching a beneficiary’s interest in a trust created by, for example, Mom or Dad for their son or daughter as the beneficiary. Continue reading

The Double-Whammy’d Charging Order: Forget About Protecting the Assets in that LLC

August 21, 2017

Once again, the confidence one may have in relying on an LLC created in the United States as being the untouchable storehouse where assets can be safely tucked away, is misplaced. In the new ruling in the case of Peach REO, LLC v. Rice, Peach REO, LLC sought to attach the LLC interests that Malcolm Rice owned in various LLCs (in Tennessee, Mississippi and Delaware).   This attachment of the LLCs was through a charging order. Continue reading

4 Estate Planning Steps You Must Take After the Death of a Spouse

August 17, 2017

When a spouse passes away, thinking about “the estate” might be the last thing on your mind. And while it’s necessary to give yourself ample time to process the loss of your partner, it’s also imperative you talk with your estate planning attorney sooner rather than later — or you might be facing some pretty unpleasant consequences. Continue reading

Moving to Florida as the Last Resort Strategy to Avoid Creditor Actions—The Ultimate Asset Protection Maneuver?

August 9, 2017

Buying the ultra-expensive home in Florida has become known to protect unlimited amounts from creditors, even when the residence is purchased after the debtor is aware that a creditor claim exists or is looming. Continue reading

The Perils of Joint Property

August 3, 2017

People often set up bank accounts or real estate so that they own it jointly with a spouse or other family member. The appeal of joint tenancy is that when one owner dies, the other will automatically inherit the property without it having to go through probate. Joint property is all perceived to be easy to setup since it can be done at the bank when opening an account or title company when buying real estate. Continue reading

The Trust that Bars Both Creditors and State Income Taxes at the Same Time

August 2, 2017

The IRS recently issued Private Letter Ruling 201729009 where the IRS again blessed certain tax aspects of a trust (known as an “ING” trust, which stands for an “incomplete non-grantor” trust) that protects against both creditors and state income taxes. Continue reading