Download Printable Article By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law My law firm recently welcomed aboard a new, young attorney, straight out of law school and it got me thinking back – – what was it like when I first started out as a lawyer, some 38 years ago? (Wow, time does fly!) You know how, sometimes, our most vivid memories are about things that went inexplicably wrong? That’s where my mind immediately went when recalling my early days as an attorney. I remember getting out…
Net, Net Gifts: Why NOW May Be the Best Time to Use This Strategy
By Michael J. Jones, CPA Estate and gift tax rates have never been lower. Presidential hopeful Hillary Clinton would like to change that, making this an especially important time to engage in lifetime gift planning. As if that isn’t enough to encourage gifts, proposed Treasury Regulations would all but eliminate family business valuation discounts for lack of marketability. However, paying gift taxes is hard to swallow. For some, the solution is not to pay gift taxes. Instead, have the donee pay gift taxes. Generally, when a taxable gift is made, the donor must pay gift taxes, once the gift exceeds…
You, Inc.: Branding Yourself in a Competitive Estate Planning Industry
Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) We are Brands Whether you are an attorney, a CPA, a trust officer or a financial advisor, you are who people think you are. Public perception is often more important than reality, at least in regard to the business you generate and the advisors and clients who contact you. You could be the smartest advisor in the world, but if nobody knows it then you won’t get the types of clients that you should be getting. We’re all brands, whether we like it or not. Other advisors think of us…
Sometimes It Sucks To Be Right – IRS Wins, Business Founders and Their Families Lose
Download Printable Article By Carl L. Sheeler, PhD, ASA About six years ago, I was on a family office panel put on by Opal Financial in Newport, RI. About $2 Trillion in wealth is represented at such events. The gist of my presentation was March 2009 marked the lowest decline in public stock market values since the Great Depression. It was a key tipping point – perhaps more extreme given tepid growth in its aftermath. Much of the attendees wealth was derived from investment in distressed assets (real estate, company debt and equity) acquired at steep discounts. These families had…
The Private Decanting: A Do-Over Trust with your Privacy Intact
Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) What is Trust Decanting? For many years, practitioners have struggled to find ways to change the terms of an irrevocable trust. However, through common law and through the decanting statutes that have been enacted in many jurisdictions, it is now possible to modify an irrevocable trust. The rationale for allowing such a modification is that a trustee who has the power to distribute the trust property to or for the benefit of one or more beneficiaries should be able to make the distribution to them in trust and dictate the…
Can a Wrong IRA Beneficiary Designation be Corrected After Death?
Download Printable Article By Michelle L. Ward, JD, LLM, CSEP In recent PLRs 201628004 through 201628006, the IRS considered the effect of a state court action that modified the named beneficiary after the death of the IRA owner. In the rulings, the decedent had originally named three trusts as beneficiaries of his IRAs. The trusts qualified as designated beneficiaries under the IRC Section 401(a)(9) Regulations. When his IRAs were moved to a new custodian, however, the beneficiary was changed to his estate. It was represented that, although the decedent signed the new beneficiary designation form, he merely intended to move…
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…
6 Tips for Handling Difficult Clients
Download Printable Article By Kristina Schneider, Executive Assistant Difficult clients are inevitable no matter what business you are in and no matter how great your customer service is. With the estate and financial planning business, clients can be very emotional. Clients may be stressed about the kinds of decisions they are required to make while getting their affairs in order, especially if they may be grieving the loss of a loved one. They are investing time, money and their personal feelings into the entire process, so it is no wonder that you will experience a wide range of emotions. Anything…
5 Website Mistakes You Can’t Afford to Make
Special thanks to ebootcamp.com and Corey Perlman for this article. Often times, your Website won’t win you the sale, but it can easily lose it for you. Here are five mistakes that will frustrate your Website visitors and have them running towards your competition: 1. Not Mobile Responsive 2. No Value Proposition 3. No Social Proof 4. Hard to Find Your Contact Info 5. Dated. In Layman’s Terms: Needs to be ‘Thumb Friendly’ – easy to navigate from a mobile phone. What do you do? If a visitor can’t figure that out within five seconds, then you’re doing it wrong….
Getting It Right the First Time
By Jason Oshins, Financial Advisor, MBA This article tells the unlikely account of a second chance and presents a framework for making sure protection is airtight. 5, 4, 3, 2, 1. The whistle blows. At the count of “two”, my 9-year old son, Spence, kicks the soccer ball, and just as the whistle is blown, he’s on the ground writhing in pain. I sprint onto the field to comfort him. He says he can’t feel his wrist and can’t move his hand. Rewind to exactly one week before. I’ve been on the phone with his healthcare provider for over an…