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…
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…
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,…
Technique of the Month: Decanting to Remove a Mandatory Income Interest
Download Printable Article By Steven J. Oshins, Esq., AEP (Distinguished) Trust decanting is the act of distributing assets from one trust to a new trust with different terms. Just as one can decant wine by pouring it from its original bottle into a new bottle, leaving the unwanted sediment in the original bottle, one can pour the assets from one trust into a new trust, leaving the unwanted terms in the original trust. Which States Allow a Decanting to Removing a Mandatory Income Interest? There are now 25 states that have decanting statutes. Of the 25 states, only six of…
Top Five Reasons Not to Overreact to the Possibility of Estate Tax Repeal
Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) At the time of this writing, President-elect Donald Trump is preparing to take office. This marks a dramatic change in political philosophies as we will soon have a Republican president, a Republican-controlled House and a Republican-controlled Senate. Thus, there is a likelihood that we will see and hear about drastic changes in the tax code. Does this mean that the estate tax will be abolished? Does this spell the end to advanced estate tax planning? If you listen to many estate planners or read many of the media articles, it…
The Viability of Delaware Dynasty Trusts After the Kloiber Case
Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) It’s over! One of the highest-profile cases in the history of the estate planning industry, and one that was being monitored by estate planners all over the United States, has been settled. Delaware trust promoters had been holding their breath awaiting the result of the case that became the posterchild for jurisdiction selection and the importance of avoiding the use of a health, education, maintenance and support trust in a jurisdiction like Delaware that allows a divorcing spouse of a beneficiary to penetrate the trust. No estate planning professional can…