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…

Reviewing a Life Insurance Policy: The Owner as a Pilot

By Jason Oshins, Financial Advisor, MBA The role of a pilot is not limited to take-off and landing.  Even while flying on autopilot, the pilot still must monitor the flight.  The same can be said of the owner of a life insurance policy.  The owner must monitor the insurance. Typically, life insurance is owned by an Irrevocable Life Insurance Trust (ILIT), a revocable trust, or outright by the insured.  When owned by an ILIT[1], the death benefit is out of the grantor’s estate and thus not subject to either estate tax or income tax.  When owned by a revocable trust[2]…

The Power of Just a Little Bit

Download Printable Article By Jason Oshins, Financial Advisor, MBA As the calendar changes from December to January, we take stock of ourselves – our health, our habits, our finances.  We then formulate garish, outrageous resolutions, oftentimes setting ourselves up for failure.  We commit to cutting out all fat, never eating ice cream, waking up four days a week to work out, running five miles the other three days, learning how to play guitar, and joining a book club.  According to the messages all around us, we must be “all in”, after all.  Invariably, when January turns to February, we eat…

Our Presidential Election: What’s an Investor to Do?

Download Printable Article By Jason Oshins, Financial Advisor, MBA This article takes a non-partisan view of the impact of the 2016 presidential elections.  At the end of it, I will share my investment advice.  In the Crowded House classic “Don’t Dream It’s Over”, Neil Finn sings, “they come to build a wall between us.”  This feels like the world today.  We’re in the heat of it.  It’s unavoidable.  Everywhere you turn, people are talking about the state of the world.  What if Hillary wins the election?  What if Trump trumps Hillary?  What does this mean for the country, for the…

Knowing What You Don’t Know: What an Effective Financial Plan Anticipates

Download Printable Article By Jason Oshins, Financial Advisor, MBA Mark Twain said, “It ain’t what you don’t know that gets you into trouble.  It’s what you know for sure that just ain’t so.”  More often than not, planning is done as though the world is linear.  Advisors and clients make assumptions as though life moves in a straight line and nothing unexpected ever occurs.  Then, when the unexpected occurs – and it will – the plan collapses. An effective plan is dynamic, anticipating and addressing what it can, and preventing the unexpected from derailing a desired future existence.  Furthermore, it…

Why I’m Jealous of Advisors Who Are NOT in Top-Tier Trust Jurisdictions

Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) Trust practitioners often tell me that I am lucky to reside in a top-tier trust jurisdiction like Nevada that has excellent asset protection, valuation discount, decanting and dynasty trust laws, as well as no state income tax.  However, they have it all wrong!  Seriously. I largely have to rely on advisors outside of Nevada to refer me Nevada trust business, whereas practitioners in other jurisdictions have almost no competition among the local trust advisors since so few of them are taking advantage of out-of-state trust opportunities.  Thus, the ability to…

Brexit: It Seems Like We’ve Been Here Before

Download Printable Article By Jason Oshins, Financial Advisor, MBA Britain has decided to exit the EU.  By now, Brexit is a word firmly planted in our minds.  The points are the points.  To the extent we choose to politicize them is an individual decision.  We’ve seen the immediate impact of the referendum.  The pound dropped precipitously, reaching a 30-year low.  The markets reverberated in grand form.  “Volatility” joined “Brexit” on all major word-trending lists.  Everybody became an instant expert, confidently predicting the impact on the global market.  Talking heads screamed in high-pitched voices.  Buy this!  Sell that!  A slew of…

Hybrid DAPTs, Regular DAPTs and the Uniform Voidable Transactions Act

Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) A small minority of states have adopted the new Uniform Voidable Transactions Act (“UVTA”).  This Act is actually not a new Act.  It is supposedly merely a renamed version of the Uniform Fraudulent Transfer Act, but with certain changes. These changes include substantial Comments (i.e., comments made as a part of the UVTA by the Drafting Committee) that have generated controversy in large part because of their conclusive nature on certain open issues.  This article will focus on those Comments that are specifically directed at Domestic Asset Protection Trusts (“DAPTs”)….

Five Outstanding Questions in the Estate Planning Industry and the Odds That They Will Happen

Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) There are always a number of outstanding questions in the estate planning industry, many of which are talked about over and over, seemingly at every large conference and on various listservs.  Internet bloggers write about these questions, often making bold statements that sometimes come true, but in most cases turn out to be false. This article seeks to highlight some of these questions and posts the odds of them happening in this author’s opinion.  The list is posted in order of those which are most likely to happen in 2016,…

The Top Six Estate Planning Concepts Your Future Ex-Spouse Doesn’t Want You to Know About

Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) Divorce can be ugly. But it’s a realistic possibility for anybody who is married. Therefore, estate planners must plan for it when designing their clients’ estate and asset protection plans. This article will highlight six concepts that can protect assets from a divorcing spouse and, in some cases, enhance or keep together the marital relationship — at least until the day of reckoning. The planning concepts described herein are listed in no particular order of importance. The “Floating Spouse Provision” – When designing a trust, unless there is a compelling…