Toni 1 Trust v. Wacker: A Rare Domestic Asset Protection Trust Case

By Steven J. Oshins, Esq., AEP (Distinguished) To this date, there still isn’t even one DAPT case where a creditor reached into the trust and grabbed assets in a non-bankruptcy, non-fraudulent conveyance scenario. Let me repeat this:  To this date, there still isn’t even one DAPT case where a creditor reached into the trust and grabbed assets in a non-bankruptcy, non-fraudulent conveyance scenario. Toni 1 Trust v. Wacker A new court decision in the Supreme Court of Alaska was issued on March 2nd.  A handful of asset protection planners who promote foreign asset protection trusts wrote articles and blogs about…

ABA Heckerling Reports from the 2018 Heckerling Institute

For the past 19 years, the American Bar Association Section of Real Property, Trust and Estate Law with the permission of the University of Miami School of Law, releases several extensive reports highlighting the various lectures and proceedings of the Heckerling Institute, one of the nation’s largest estate planning conferences, held every year in January. This past January 2018, marked the 52nd Annual Heckerling Institute.  To view, download and access these extensive reports, please click here to visit the ABA’s website. Further, at the above website, you can also access reports from prior Heckerling Institutes as well. We, at The…

Trump Tax Act Restricts Deductibility of State Income Taxes: So What? Use a NING Trust

By Steven J. Oshins, Esq., AEP (Distinguished) The dust has settled.  The Trump Tax Act has been finalized.  Who stands to lose the most from the new tax rules?  Those who live in a state with a high state income tax.  That’s who. Prior to the Trump Tax Act, state income taxes paid were deductible against federal income tax.  However, the Trump Tax Act limits the amount of the federal income tax deduction for state income taxes paid, real property taxes paid and sales taxes paid to a cumulative (yes, cumulative!) total of $10,000 per year.  The $10,000 is used…

Impact of Potential Tax Reform on Business Owners and Possible Steps to Take in 2017

By Edwin P. Morrow III, J.D., LL.M. (Tax), CFP®, CM&AA® On November 2, 2017, the Speaker of the House, with the backing of the President, finally introduced the long-awaited bill that represents Republican efforts at comprehensive tax reform, to be titled the “Tax Cuts and Jobs Act”. Of course, the Senate will propose significant changes, and there is opposition from both parties about the direction of the bill and the trillions it could add to the national debt. That said, there is a very strong chance of something close to the bill being passed this year or early next year. What are…

Top 5 Dumbest Comments Made by Estate Planners

By Steven J. Oshins, Esq., AEP (Distinguished) Having practiced estate planning for more than two decades, I have seen and heard my share of comments and representations that are true head-scratchers that often make you roll your eyes.  This epidemic seems to have gotten much worse through the years, possibly because of the pressure to perform and thrive in a very competitive environment.  This article will highlight some of my favorites. DUMB COMMENT #1: “Bad facts make bad law!” The “bad facts make bad law” excuse has been around for many years.  Obviously, every case that has a result we…

Supply and Demand of Advanced Estate Tax Planning

By Steven J. Oshins, Esq., AEP (Distinguished) The federal estate tax exemption was increased to $5 million plus annual inflationary increases earlier this decade. “The sky is falling!  The sky is falling!  The sky is falling!”  Those were the words of many estate planners who realized that there would be a substantially smaller pool of prospective clients who need advanced estate tax planning.  At that point, not considering state estate taxes, only individuals with estates greater than $5 million and married couples with estates greater than $10 million needed any advanced estate planning done.  Today, in 2017, those figures are…

The Strange Case of Dr. Jekyll and Mr. Oshins – Chapter III (First-Tier Trust States)

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 II, Dr. Jekyll tackled the issue of whether Foreign Asset Protection Trusts are better than Domestic Asset Protection Trusts.  In Chapter III, Dr. Jekyll tackles the issue…

Klabacka v. Nelson: Nevada Supreme Court Makes Historically Significant DAPT Ruling

By Steven J. Oshins, Esq., AEP (Distinguished) One of Nevada’s advantages has always been that it is the only top-tier Domestic Asset Protection Trust (“DAPT”) jurisdiction that has no statutory exception creditors, meaning classes of creditors that can bust through a DAPT despite the DAPT’s protection from creditors.  Practitioners from competing states have suggested that Nevada DAPT laws are “too protective” and therefore won’t work as advertised. However, on May 25, 2017, the Supreme Court of the State of Nevada, in a unanimous opinion, issued a written ruling for Klabacka v. Nelson, 133 Nev. Advance Opinion 24 (May 25, 2017)…

The Strange Case of Dr. Jekyll and Mr. Oshins – Chapter II (Foreign vs. Domestic APTs)

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 tackled the issue of whether Uniform Acts are good or bad.  In Chapter II, Dr. Jekyll tackles the issue of which are better –…

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…