By Steven J. Oshins, Esq., AEP (Distinguished) Which jurisdiction do you use to situs your trusts? Let’s look at the most popular trust jurisdictions. Alaska If we went back in time about a decade, the Big Four trust jurisdictions were Alaska, Delaware, Nevada and South Dakota. But somewhere along the way, Alaska seemed to have lost its way. I haven’t personally heard of even one non-Alaska resident using Alaska law in many, many years. I’m sure it’s being done, but, if so, it can’t be a lot of trusts. Alaska hasn’t materially improved its trust laws in so many years…
Asset Protection Goals and Probabilities
By Steven J. Oshins, Esq., AEP (Distinguished) A Game of Probabilities Asset protection is a game of probabilities. Every legitimate wall that is placed around the assets should move the settlement number more in favor of the debtor. And every bad case that comes down the pike should move the settlement number more in favor of the creditor. Uncertainty over collectability causes most disputes to settle long before they get to that point. The creditor must assess the probability that he will be able to collect and the expenses that will be involved in trying to collect and then make…
5 Best Types of Video for Marketing Your Estate Planning Practice
By Foster Web Marketing Video is an incredible tool for connecting with potential clients and encouraging them to reach out to your estate planning firm. It’s a powerful motivator on its own, and it’s a powerful force multiplier when you incorporate it into a healthy marketing mix. And it makes sense—video demands attention, enhances understanding, and builds relationships faster than text alone. However, not just any kind of video content will do. You need to be intentional about the kinds of videos you create if you want to see results from your effort and investment. So, today, let’s take a…
4 Things Google Says Your Estate Planning Content Needs to Do
By Foster Web Marketing What makes your website content “good” for marketing your estate planning firm? Why does some content rank easily at the top of search while other content suffers? While producing excellent content is one of the very best things you can do to drive new clients to your website from organic search, it’s also one of the most difficult things to get right. This leaves a lot of estate planning practices producing blogs, FAQs, and articles for their websites every month without a clear reason or strategy. Unfortunately, directionless content tends to be pretty directionless in attracting…
How a Free Book Gets More Clients for Your Estate Planning Practice
By Foster Web Marketing Are you an estate planning attorney that wants to attract more clients and cement yourself as a trusted professional in your field? Look no further than the tried-and-true method of offering a free book. In the marketing industry, we often refer to free books, guides, and other offers as “lead magnets.” And we do it for a good reason! These kinds of offers magnetize potential clients to your firm and stand as evidence that you want to help them work toward solutions to their problems. They’re also a powerful way to showcase your knowledge, build credibility,…
The Irrevocable Life Insurance Trust
By Steven J. Oshins, Esq., AEP (Distinguished) An Irrevocable Life Insurance Trust (“ILIT”) is a trust that owns one or more life insurance policies and is designed to avoid estate taxes on the death benefit. The trust must be irrevocable in order to accomplish this. The general plan is to create the trust prior to the purchase of the life insurance and have the trustee of the ILIT purchase the insurance and elect to have the ILIT named as both the owner and the beneficiary of the policy. However, in the event that the life insurance policy is owned outside…
Poll Results: The New First-Tier Trust Jurisdictions
By Steven J. Oshins, Esq., AEP (Distinguished) In May of 2021, I conducted a LinkedIn poll asking, “[w]hich of the following are the first-tier trust jurisdictions?” The choices were (a) AK, DE, NV and SD, (b) NV and SD or (c) NV, SD and TN. The purpose of the poll was to see if the general public still believes that Alaska, Delaware, Nevada and South Dakota make up the first tier. Or have Nevada and South Dakota distanced themselves enough from Alaska and Delaware to deserve their own tier? Or has Tennessee improved enough to join Nevada and South Dakota…
What’s Your Best Thing¹: A Music Lover’s Guide to Financial Success
By Jason Oshins, Financial Advisor, MBA Music is the perfect analogue for wealth planning. All parts are interrelated, with each component complementing the others. It requires balance, and once out of alignment, its results are compromised. This is true, irrespective of the music genre. For me, absolute perfection is represented by the Beatles. The lyrics complement the melody, the chorus complements the verses. Each player’s contribution complements the aggregate. The whole is greater than the sum of the parts. I recently had the gift of a day in the studio with another favorite band of mine, the English Beat. My…
Are You Aware Decanting Causes Tax Issues?
Download Printable Article By Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA Decanting is the act of distributing the assets of an old trust to a new one with more favorable terms. It provides an easy, inexpensive method for correcting errors or ambiguities, adapting a trust to changes in a settlor’s objectives or changes in a beneficiary’s circumstances, taking advantage of new planning opportunities or adding flexibility to a trust. However, because trust decanting is a relatively new estate planning strategy, its tax consequences have not yet been clearly established. The IRS is considering ways to address these tax consequences…