Will New Legislation Kill Stretchout and the IRA Trust?

By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law Over the past couple of years, I have had a lot of colleagues ask me if pending legislation to limit IRA stretchout would then kill the IRA Inheritance Trust®.  For some time, nothing was certain.  Details of proposed legislation were vague and it was not clear exactly how it would affect IRA planning. Finally, in September of last year, under the assumption that a change in the IRA stretch law would bring in $5.5 billion over the next 10…

Oh *%@! You Messed Up! Now What?

By Kristina Schneider, Executive Assistant We have all been there at some point in our lives, whether in the workplace, school, at home, anywhere.  You make a mistake of some kind.  It happens.  You’re human.  It’s bound to happen.  However, how to handle the mistake that you made is very different for a lot of people.  What might seem like common sense for some people, isn’t always for others. Here are some tips for how to handle making a mistake.  The intention is for mistakes made in the workplace, but these tips can be used really anywhere in life. STEP…

The Strange Case of Dr. Jekyll and Mr. Oshins – Chapter I (Uniform Acts: Good or Bad?)

By Steven J. Oshins, Esq., AEP (Distinguished) Testing his theory that in every man dwells a good and an evil force, the reserved Dr. Jekyll develops a formula that separates the two, turning him into an argumentative estate planning attorney named Mr. Oshins who tells it like it is.  Dr. Jekyll soon realizes he is becoming addicted to his darker self as he unleashes his opinions on the estate planning industry. In Chapter I, Dr. Jekyll tackles the issue of whether Uniform Acts are good or bad.  As expected, Mr. Oshins will provide a different view of the issue than…

The Nevada Asset Protection Trust: Why Nevada is the Leading Jurisdiction…Period!

Download Printable Article By Steven J. Oshins, Esq., AEP (Distinguished) There are now 17 states with statutes allowing Domestic Asset Protection Trusts (“DAPTs”).  Nevada is the best of those states.  Period. That’s not just the conclusion of this author.  Rather, it appears to be the conclusion reached by the high majority of the estate planning industry, including unbiased planners.  This article will not only explain why Nevada is such an asset protection trust powerhouse, but it will also explain how the Nevada Asset Protection Trust works so those planners who are not currently making use of this opportunity can now…

FAKE NEWS!

By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law Since I first rolled out my “IRA Inheritance Trust®” in 2001 and got the breakthrough positive IRS ruling in 2005 (PLR 200537044), many critics have circulated “alternative facts” about the trust that are simply untrue. Unfortunately, no matter how often I’ve fought off these various unwarranted attacks, the same ones keep reappearing from the dark recesses of the internet.  Worse yet, these are believed as gospel by many estate planners who could otherwise be doing their clients and their…

Portability Trivia

By Brandon Ketron & Alan S. Gassman J.D., LL.M. (Taxation), Florida State Bar Certified Specialist in Wills, Trusts & Estates, AEP (Distinguished) A review of the Portability Rules at the Heckerling Institute gives rise to the following trivia, which estate tax planning lawyers should perhaps be memorizing: True or False [the answers are at the end of this article, but see how much you know]: 1. Under Section 20.2010-2(a), the portability election can only be made on a timely filed and complete estate tax return Form 706. 2. Estates that are required to file the Form 706 ( i.e. estates…

How the Right Phone Experience Can Help Grow Your Business

By Phoebe Osborn, Content Marketing Specialist When you’re handling people’s money, there’s no doubt trust is essential. As a CPA, financial advisor, or estate planner, your clients depend on your expertise to guide their finances and their futures. It’s a big deal to say the least, and in competitive fields like these, customer service can be the differentiator that sets you apart or the weakness that holds you back. When it comes to building healthy client relationships, every touchpoint matters and every interaction counts—especially the first one. While prospective clients may browse your website or scroll through online reviews before…

Oshins’ Motions: Seven Estate Planning Motions for Consideration

By Steven J. Oshins, Esq., AEP (Distinguished) In an official hearing, a “motion” is a formal proposal made to the group to take or not take an intended action.  This article will put forth seven motions for consideration in the estate planning industry. Motion #1:  I hereby make a motion that from this day forward nobody shall continue to claim that Domestic Asset Protection Trusts don’t work. Result- Motion Granted:  It has been 20 years since the first Domestic Asset Protection Trust statute was enacted.  In this period of time, to this date there still hasn’t been even one non-bankruptcy,…

Trust Administration: Why it Should be a Part of Your Practice

By Kristin L. Yokomoto, J.D., LL.M. (Taxation) As an estate planner, you help your clients to achieve extremely important goals including, among other things, to nominate guardians for minors; avoid probate; minimize gift, estate and generation skipping transfer taxes; protect their children and other beneficiaries’ inheritance from creditors and predators; and nominate agents, trustees and executors who will manage their estate and make decisions for them upon incapacity or death. It can be a very fulfilling and rewarding process for both you and your clients during which time they necessarily share some of their most private information – marriage and…

Three Ways Your Business Planning Practice May Be Impacted by Republican Tax Reform Proposals

By Jennifer L. Villier, JD | Legal Education Faculty, WealthCounsel On the heels of his inauguration, President Trump quickly got to work exercising his executive authority to implement some of his campaign proposals. With a stroke of his pen, President Trump has frozen pending regulations, increased border security measures, frozen federal hiring, withdrawn from the Trans-Pacific Partnership, and prioritized deportation of undocumented immigrants. President Trump has stressed that putting “America first” by protecting our borders and bolstering small businesses are fundamental to his objective of driving domestic economic growth. While we await developments on proposed tax reform, we can prepare…