By Steven J. Oshins, Esq., AEP (Distinguished) Nineteen domestic jurisdictions have statutes that allow a person to set up a Domestic Asset Protection Trust (“DAPT”). A DAPT is an irrevocable trust set up by a person (the “settlor”) for the benefit of him/herself and other beneficiaries. Under the statutes of each of those jurisdictions, after a certain waiting period, the assets transferred to the trust by the settlor should be protected from the settlor’s creditors. Affidavit of Solvency Asset protection planners will generally have their clients sign an Affidavit of Solvency which essentially says that the client isn’t making a…
Estate Planning Attorneys – Stop Sending Your Clients Drafts!
By Kristina Schneider, Practice Success Coach At just about every single Ultimate Level event that we hold, the issue of sending clients drafts of their estate planning documents comes up. There’s always at least one, but usually several, attorneys that have a regular practice (or as part of their estate planning process) to send clients drafts of their estate planning documents prior to signing them. It is to no surprise that these attorneys then also complain about some (or all!) of the following challenges: Trouble reaching clients to get them to move forward An enormous amount of questions Hours of…
Are You Spending Too Much Time (and Money!) to Bring In New Clients?
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law I recently conducted not one, not two, but three different coaching consultations in a single week with fellow colleagues who all expressed to me the same major challenge in their practice. If three firms, in such a short period of time, happened to share this same issue with me, then I thought there must be others out there who must be grappling with it too! Hence, this article. All of these firms complained about spending far too much time…
Google Me! Fame in Estate Planning
By Steven J. Oshins, Esq., AEP (Distinguished) Google me! Come on, I said Google me! No, really — Google me! Read my bio! Read all about me and my accolades all over the internet! Marketing Yourself: Being Famous You have to market yourself. This article is about the importance in doing so and how to do so. Don’t be shy. Don’t be passive. The more you market yourself, the more famous you become. This concept applies not only to estate planners, but also in every profession. You might be the most technically skilled estate planner with an extraordinary understanding of…
Did You Know That Nevada Has Laws Allowing for Larger Valuation Discounts Than in Every Other State?
By Steven J. Oshins, Esq., AEP (Distinguished) Estate planners have been rushing to help clients make large gifts before the gift and estate tax exemption drops in half at the end of 2025. But are estate planners truly maximizing the wealth transfer for their clients? Most are not doing so, simply because they’re failing to take advantage of a legislation I authored that passed and became law in Nevada’s 2009 legislative session. This was likely overlooked because the gift and estate tax exemptions exponentially increased soon after that thereby making it unnecessary for the smaller net worth clients to fully…
Steve Oshins Releases the 8th Annual Non-Grantor Trust State Income Tax Chart!
By Steven J. Oshins, Esq., AEP (Distinguished) State income tax avoidance planning has become a necessary area of expertise for all estate planners. After all, how can an estate planner design a trust without first analyzing the income tax effects of selecting residents of different states as trustees? The 8th Annual Non-Grantor Trust State Income Tax Chart The 8th Annual Non-Grantor Trust State Income Tax Chart is a summary of the state income tax rules for non-grantor trusts and highest state income tax rate from state to state. It simplifies the analysis by summarizing each state’s taxing rules and providing…
Profiling 15-Year-Old Estate Planning Attorney Sidd Finch, III
By Steven J. Oshins, Esq., AEP (Distinguished) This article profiles a once-in-a-lifetime talent who is a mere 15 years old. His name is Sidd Finch, III. I recently learned about him when reading an online article at Law.com noting that he had just passed the California State Bar Exam. Early Childhood: Chess Grandmaster at 12 Years Old Sidd is unlike any other 15-year-old. He was born and raised in a small town in New Jersey to parents Sidd Finch, II and Shelly Finch. Sidd is a cardiologist and Shelly is a family law attorney. They realized at a young age…
IRS PLR Approves Adding Formula General Power of Appointment for Basis Step Up
By Edwin P. Morrow, III, J.D., LL.M., MBA, CFP®, CM&AA® In PLR 202206008, the IRS approved of a judicial modification (approval of settlement) of a GST grandfathered trust to add a formula testamentary general power of appointment that would enable the remainder beneficiaries to receive a step up in basis over such assets at the primary beneficiary (child of settlor) powerholder’s death. The IRS ruled that 1) this addition did not disturb the GST exempt nature of the trust or cause any adverse GST consequences and that 2) it would cause estate inclusion over only the desired amount (more on this…
Steve Oshins: Estate Planning for Large Estates
Estate Planning Attorney, Philip Kavesh, and President of The Ultimate Estate Planner, Inc. recently interviewed nationally-known estate planning and asset protection attorney, Steve Oshins. The interview consisted of a number of questions related to estate planning for large estates. Following are some of the highlights of the interview. Phil Kavesh: What do you consider a large estate? Steve Oshins: I would define “large” as $30 million or more. Roughly half of my clients are over that number and half are under that number. Phil Kavesh: What does the $30 million-plus client think about? Steve Oshins: These clients generally know that they…
Basis Bump Planning: Using Grandma to Get a Stepped-Up Income Tax Basis
By Steven J. Oshins, Esq., AEP (Distinguished) The federal estate and gift tax exemption is at an all-time high. In fact, it’s so high that very few people would owe any federal estate tax if they were to die today. Therefore, almost everybody dies leaving unused estate tax exemption on the table. Estate Tax Exemption as Currency Dollar, Euro, Yen, Pound, Franc, Peso, Estate Tax Exemption! Yes, Estate Tax Exemption! Estate Tax Exemption is a form of currency. However, unlike the other currencies, if you don’t use it during your lifetime you can’t pass it to your heirs (other than…