By Daxton Fryer, Senior Life Settlement Broker A life settlement can be a great alternative to accepting the insurance company’s surrender value, if any, for a policy that is about to be lapsed or surrendered. While there are many reasons a policy may be terminated, certain scenarios are the most common. Keeping an eye out for these situations is one more way for you to help your clients. 1. The sale of a business or other illiquid asset. A policy bought for a buy-sell agreement or estate liquidity may become unnecessary. Compounding the problem is that the business was typically paying for…
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…
What Can You Sell to Existing Clients?
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law In last month’s newsletter, I discussed an often overlooked marketing strategy that many estate planning attorneys are missing – – bringing back in existing clients for a review of their plan. The topic seems to have resonated quite a bit with our readers and my fellow colleagues, several of whom took us up on our offer to schedule a consultation with our Executive Director, Kristina Schneider, to go over how to put together a review process in place for…
Supreme Court: No ERISA Protection for “Church-Affiliated” Retirement Plans Run by Hospitals, Health Care Facilities
By Edwin P. Morrow III, J.D., LL.M. (Tax), CFP®, CM&AA® On June 5, 2017, the Supreme Court issued a unanimous ruling in Advocate Health Care Network v. Stapleton concerning whether ERISA applies to church affiliated non-profits that run hospitals and health care facilities: click here to view. It may erode certain retirement plan protections for employees of many hospitals and health care facilities loosely connected to churches, though the Court did not decide other arguments that may yet ultimately apply ERISA to them. The Employee Retirement Income Security Act of 1974 (ERISA) generally obligates private employers offering pension plans to adhere…
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 –…
FREE WEBINAR – Trusts: Planning and Drafting for Divorce
Speakers: Gideon Rothschild, Esq., Martin Shenkman, Esq. and Rebecca Provder, Esq. Date and Time: Thursday, June 15th, 2017 at 1pm Pacific Time (4pm Eastern Time) Course Description: Trusts are one of the most powerful tools for planning to minimize the risk to assets in a future divorce. However, in order to achieve optimal results for clients, trusts must be drafted and administered in a manner that provides protection. Traditional trust drafting often falls far short of providing the safeguards clients want. What provisions should be used in drafting trusts to achieve better results? What trust planning techniques can be used…
Will New Legislation Kill Stretchout and the IRA Trust?
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law Over the past couple of years, I have had a lot of colleagues ask me if pending legislation to limit IRA stretchout would then kill the IRA Inheritance Trust®. For some time, nothing was certain. Details of proposed legislation were vague and it was not clear exactly how it would affect IRA planning. Finally, in September of last year, under the assumption that a change in the IRA stretch law would bring in $5.5 billion over the next 10…
Oh *%@! You Messed Up! Now What?
By Kristina Schneider, Executive Assistant We have all been there at some point in our lives, whether in the workplace, school, at home, anywhere. You make a mistake of some kind. It happens. You’re human. It’s bound to happen. However, how to handle the mistake that you made is very different for a lot of people. What might seem like common sense for some people, isn’t always for others. Here are some tips for how to handle making a mistake. The intention is for mistakes made in the workplace, but these tips can be used really anywhere in life. STEP…
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…