Estate Planning and the Enduring Power Of Attorney - Changes Imminent

It can be hard to imagine that you may not be able to look after yourself at some point in the future. As most of us are only too aware though, the chances of this situation arising is likely. But who will look after your financial affairs? And how will it all work, especially if your situation deteriorates quickly? Let's look at the options available to you-

What Is Good Asset Protection? Part 1

Part 1: Steps to good asset protection and wealth preservation. Know these facts of asset protection. Discusses what assets to protect and consider, domestic asset protection and foreign or offshore asset protection strategies and platforms. From Grantor Trust and Non-Grantor Trust to Foreign Asset Protection Trust (FAPT) and International Business Company (IBC). How to avoid fraudulent conveyance?

What Is Good Asset Protection? Part 2

Part 2: Steps to good asset protection and wealth preservation. Know these facts of asset protection. Discusses what assets to protect and consider, domestic asset protection and foreign or offshore asset protection strategies and platforms. From Grantor Trust and Non-Grantor Trust to Foreign Asset Protection Trust (FAPT) and International Business Company (IBC). How to avoid fraudulent conveyance?

Your Estate Planning Attorney Is Ripping You Off - By Doing His Job!

How your estate planning attorney is accidentally ripping you off! How to save a lot of money on attorney consultations fees.

Trustee of a Trust

What is the trustee of a trust? What is the accountability of a trustee and the fiduciary relationship to the beneficiaries? How does the trustee relate to an irrevocable trust? What's a trust protector?

ILIT's Offer Exceptional Estate Tax Planning Benefits

ILIT's are invaluable estate planning tools that may provide exceptional tax saving benefits. These life insurance trusts must be established and operated correctly to ensure that their objectives are attained.

Estate - How Do You Like These Odds?

Are you a gambler? Do you like to play the odds? Here are some real-life odds for you to consider: 90% of people become incompetent before they die! Of course, your spouse might not think you're of sound mind right now, but that's beside the point! If you don't take action, you could needlessly cost your spouse thousands of dollars and countless headaches in order for them to make decisions on your behalf.

Limited Liability Company - LLC - What is it?

Limited liability company (LLC) is the strongest asset protection business devise. The limited liability company has significant financial and tax benefits. LLC with multiple members avoids double taxation by reporting income tax and tax deductions on member's income tax return using IRS Form 1065 and Schedule SE (i.e. Self-Employment Tax). Creditor has to pay taxes because of charging order providing asset protection from creditors and contingent-fee lawyers.

Family Limited Partnership-Abusive Tax-Free Wealth Transfer

General Partners in family limited partnerships cause red flags for abusive tax-free wealth transfers. Describe how family limited partnerships work. Gifting to the younger generation as a tax deferral strategy can use two discount estate tax valuations of underlying assets up to 70%. Disadvantages of family limited partnerships do not receive stepped-up basis as bequeathed property. There are capital gains tax liability issues. General partners have no asset protection. Briefly discuss family succession estate planning for asset protection, wealth preservation, avoiding probate, defer capital gains, eliminate estate taxes, reduce income taxes- dispute resolution and control of family business matters.

Will Contest - What Is It? How Can You Protect A Will?

What is a Will Contest? Anna Nicole Smith, James Brown example in Will Contest. Valid objections to pursuing a Will Contest- testator never signed Will- Will did not meet statutory requirements- testator was under the influence when drafting Willl- testator lacked mental capacity. How to protect your Will? Attorney uses language to minimize ambiguity. Attorney used Non-contest Provision or Forfeiture Clause to Will which means beneficiary who chooses to contest Will loses any right to inheritance.

Estate - Don't Leave Loved Ones In A Lurch

Nothing brings home the importance of having our affairs in order than seeing the effects firsthand in your own family. My mother-in-law's recent death means my family is dealing with the realities of settling her affairs. Her advanced-planning greatly simplified the process. And it will for you, too.

Private Annuity Trust, Ensured Installment Sale (Structured Sale)

Private Annuity Trust is using assets not money to fund annuity. Ensured Installment Sale (Structured Sale), developed by Allstate Insurance Company, replaces Private Annuity Trust after Oct 18, 2006 and sells assets to insurance company. Transfer of ownership of home or land to a Trust. How the IRS estimates annuity payments? No estate tax, income tax, gift tax on Private Annuity Trust transfer.

Estate - When Friends And Family WANT Your Money

Few situations have a greater potential for problems as when dealing with money and relatives. If you've ever had a child ask you for a loan or a distant relative request money to start a business, then you know just how touchy these situations can be. Here are some real-life situations, along with some simple steps to help you safely navigate the tricky waters that result from mixing family and finances.

Real Estate Tax - Tax Maps, Real Estate Tax Exemptions, Estate Tax Lien Information and More

On real estate tax. History of real estate tax, property assessor, real estate tax maps; limitations of increasing property taxes with homestead real estate tax exemption; delinquent real estate tax penalties; lien on property and use of tax certificates; about estate tax lien and filing affidavit by executor to remove estate tax lien. Real estate worth more than $1.5 million subject to federal estate tax.

Offshore Annuity, Deferred Variable Annuity

An Offshore Annuity is an annuity that will gain interest at a rate determined by the investment portfolios, and either the owner or annuitant will be taxed at beginning of withdrawal period. Used in wealth preservation. Offshore Trust is usually owner of Offshore Annuity. Difference of Deferred Variable Annuity. Benefits of Offshore Annuity: flexibility, asset protection, tax advantages. On fraudulent transfer laws of Offshore Annuity and Offshore Trust. How to purchase an Offshore Annuity?