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Asset Protection

Estate Tax Hokey Pokey

September 24, 2009
Photo by goldberg

The future of the Federal Estate Tax remains clouded.
We have been keeping our ear to the ground (actually we have been calling people and searching the Web for clues) to help our advisors predict what will happen with the Estate Tax.
As most of you know, under the 2001 Economic Growth and Tax Reconciliation Act, the [...]

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Trust Terminology Part 3: Several Ways to Trust

August 21, 2009
istock_000005013722small

This year, I provided you with a kind of “cheat sheet” that explained some basic Trust terminology, followed by a second article that defined an Irrevocable Life Insurance Trust (ILIT), a Qualified Terminable Interest Trust (QTIP), and an Intentionally Defective Grantor Trust (IDGT).
This is the third installment in our series on basic trust terminology.
The goal [...]

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What Kind of Person Should be Your Trustee?

July 30, 2009
Photo by Joi

IIf you are a business owner, then you understand the importance of earning a client’s trust. They want a sense of your integrity and experience level. They want to know your motives are not just about making a buck and that you will look out for their best interests.
When you create a Revocable Living Trust, [...]

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How to Choose a Financial Planner

June 30, 2009
Photo by nikitab

This Wall Street Journal online guide is well written and has lots of good advice anyone looking to hire a financial planner.
Here is a direct quote from the guide’s main points:

Look for a financial adviser who is a certified financial planner (CFP). They’re licensed and regulated, plus take mandatory classes on different aspects of financial [...]

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Pre-Plan to Combat Rising Costs of Long-Term Care

June 15, 2009
Photo by DerrickT

One of the greatest challenges many of my clients face is how to protect their families from the rising cost of long term care – both for themselves when they reach retirement and for elderly parents.
For example, the average cost of staying in a Florida nursing home is between $5,000 to $6,500 per month, or [...]

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What Parents Need to Know About Joint Tenancy

April 3, 2009
Joint Tenancy

When most of you bought your first home, you probably signed a deed as a joint tenant next to your spouse’s signature. That’s the way your parents and grandparents did it, and the real estate agent told you it would to protect the surviving spouse from probate court after one of you dies.
It’s not unusual [...]

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I Do. I Don’t. I Do Again.

March 25, 2009
Prenuptial Agreement

A recent Florida case illustrates one big reason why clients need to constantly update their planning.
Although this case is unusual, it really does a great job of showing how life changes can destroy the best of plans or intentions.
Marriage Made for a Soap Opera
When Howard Herpich and Svetlana Ozerova married [...]

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Ailing Tycoon’s After-Death Wishes Bungled by Poor Estate Planning

March 10, 2009
Max Farash

Real estate developer Max Farash is a generous man. His charitable foundation has given away millions to worthy causes over the last ten years.
Long before dementia ravaged the 95-year-old’s once sharp business mind, Farash drew up plans to transfer most of his wealth – valued somewhere between $200 to $500 million – to his charitable [...]

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Help a Charity, Keep a Deduction & Give the Assets to Your Kids

January 27, 2009

(This is the final installment in a six-part series of powerful planning strategies that will help you take advantage of a down market and protect wealth.)
Here’s one more great strategy that can help protect your wealth during a down economy. The Charitable Lead Annuity Trust (CLAT) pays a set dollar amount annually to a charity [...]

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Sharing The Family Business, Without Giving Up Control

January 14, 2009

Another great way to insulate your assets during a down economy and minimize your estate tax liability is starting a Family Investment Company (FIC).
Who can use this strategy? Families who want to lessen their estate tax burden, increase asset protection, and keep assets in the family.
What are the benefits? By gifting interests in your FIC [...]

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