An Interview with Steven J. Oshins, Esq., AEP (Distinguished) Nationally-known estate planning attorney Steve Oshins and nationally-known CPA Bob Keebler recently gave a joint teleconference for us entitled, “Estate Planning Techniques in a Time of Low Interest Rates”. In that presentation, Steve and Bob coined the term “PERFECT STORM” to reflect the current estate planning environment. We interviewed Steve after the session and are pleased to bring to you highlights from the transcript of the interview. UEP: Why did you and Bob call the current estate planning environment the “PERFECT STORM”? SO: We did so for two reasons. First of…
Helpful Resources for Executing Documents During Pandemic
EDITOR’S NOTE: Many estate planners are grappling with how to execute documents without an in-person client meeting and yet still have them considered valid. This article helps shed some light on this issue. Thank you to attorney, Susan K., for passing along this fantastic article to us. Application of the Harmless Error Doctrine in California and Beyond By Jessica Uzcategui of Sacks, Glazier, Franklin & Lodise, LLP THE HARMLESS ERROR DOCTRINE The traditional definition of a “will” is changing. Historically, courts insisted on strict compliance with will formalities. In California, this meant that a will had to be signed by…
How the Hybrid Domestic Asset Protection Trust Has Changed the Entire Asset Protection Industry
By Steven J. Oshins, Esq., AEP (Distinguished) The Different Asset Protection Options There are three main trust options: Domestic Asset Protection Trusts (“DAPTs”), Foreign Asset Protection Trusts (“FAPTs”) and Hybrid Domestic Asset Protection Trusts (“Hybrid DAPTs”). Domestic Asset Protection Trusts A traditional DAPT is an irrevocable trust set up under the laws of one of the 19 states that allows such a trust. The person setting up and funding the trust (the “settlor”) does not need to reside in one of those 19 jurisdictions. Under the statutes of each of those jurisdictions, after a certain waiting period, the assets transferred…
The SECURE Act: Everything You Need to Know (and How to Advise Your Clients!)
On December 20, 2019, President Trump signed a spending bill which had attached to it a piece of legislation that much of the estate, tax and financial world has been anxiously awaiting for an update on called the “Setting Every Community Up for Retirement Enhancement Act of 2019” (or “SECURE Act”). The SECURE Act went into effect January 1st, 2020 and is set to dramatically impact retirement planning for you and your clients! As many are aware, the most important provision of the SECURE Act to impact our clients and the planning we do for them includes the elimination of…
Top Six Opportunities to Use a Corporate Trustee
By Steven J. Oshins, Esq., AEP (Distinguished) Corporate Trustee A corporate trustee is generally either a bank trust department or a trust company. The employees at these companies have been trained to know how to administer trusts, how to account for their actions and to deal with beneficiaries. They are licensed and bonded and therefore there is often recourse if something goes wrong. The Argument for Corporate Trustees Individuals will often neglect to take care of their responsibilities such as paying bills on time or following the rules required by the language in their trust agreements. Individuals also sometimes steal. …
The 2010-2019 All-Decade Estate Planning Awards
By Steven J. Oshins, Esq., AEP (Distinguished) This past decade has arguably seen more changes in the estate planning industry than ever before. This article will highlight many of these changes by handing out awards in a number of different categories. #1. MOST SUBSTANTIAL CHANGE IN THE LAW AWARD WINNER: SUBSTANTIAL INCREASE IN ESTATE TAX EXEMPTION. The change in the law that has been the most significant was the substantial increase in the federal estate tax exemption. No other change in the law played such a prominent role in the way estate planners plan since this essentially turned estate tax planners…
Santa’s 2019 Estate Planning Naughty or Nice List
By Steven J. Oshins, Esq., AEP (Distinguished) Have you been naughty or have you been nice in 2019? This article is directed towards all estate planners, including attorneys, accountants, trust officers, life insurance agents and financial planners. This will help you decide whether you’re been naughty or you’ve been nice. Staggered Distribution Trusts: If you encourage your clients to create trusts that make mandatory outright distributions to the clients’ children upon reaching staggered ages, then you’re on the Naughty List. This subjects the trust assets to the creditors and divorcing spouses of the children. Trusts should generally be designed to…
Are You (or Have You) Drafted IRA Trusts? You Better Make Sure You Do THIS!
By Kristina Schneider, Practice-Building & Marketing Specialist As you may be aware, the SECURE Act threated to reduce the IRA beneficiary stretchout from life expectancy to only 10 years. However, after passing through the House in late May, it has yet to make its way through the Senate. It’s still unclear if and when it may get passed and now into December, it doesn’t seem likely to pass sometime this year. If you have been and/or are drafting standalone IRA Beneficiary Trusts (or IRA Inheritance Trusts®) for your clients, you may nevertheless have these or other law changes in the…
The Philosophy Behind Protecting Assets from Creditors
By Steven J. Oshins, Esq., AEP (Distinguished) Asset protection has become necessary for just about every physician, every businessman, and every person with even reasonably substantial wealth. It has become customary to have some form of an asset protection trust. As we see case law develop in the asset protection area, it seems that every time a new decision is issued there are numerous blogs and comments made about the case at conferences, whether positive or negative. The litigators generally claim that the new case spells the end of the technique that was used and failed to work in this…
Which Trust Jurisdiction is a “Champ-Champ”?
By Steven J. Oshins, Esq., AEP (Distinguished) A “Champ-Champ” is someone who holds two championship belts simultaneously. And one other option is to call such a person “Double Champ”. In determining which trust jurisdiction is a Champ-Champ, we must focus on the three most important titles to hold: Best Dynasty Trust Jurisdiction, Best Domestic Asset Protection Trust Jurisdiction and Best Trust Decanting Jurisdiction. The Top Trust Jurisdictions If you ask most people, Alaska, Delaware, Nevada and South Dakota (in alphabetical order) are the top trust jurisdictions. However, a lot of this has to do with marketing. The technicians in our…