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Asset Protection Planning

CALIFORNIA TRANSFER ON DEATH DEEDS: The Good, the Bad and the Ugly

Photo of a Home

Sarah Spenless is an elderly widow with just one asset holding value: her home, which is worth $500,000. She would like her three children to inherit the home. She doesn’t want to spend the money to create a living trust, and she doesn’t want her children to have to go through a probate proceeding. With situations like hers in mind, the California legislature ushered in a new way to pass property to a beneficiary upon death: the California Transfer on Death Deed (“TOD deed”). Assembly Bill 139, effective January 1, 2016, was hailed by lawmakers as a way to avoid...

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Implications of New Leadership in the White House

The White House

Regardless of the outcome of this election, we can be certain that the future of estate taxes is uncertain.Both major party candidates for president have set out proposals for changes in US fiscal policy.  Fiscal policy is not set solely by the president, but if the president has cooperation from Congress, he or she can have a major impact.Current federal estate tax law exempts estates worth $5.45 million or less ($10.9 million for a married couple). Estates worth less than $5.45 million will not pay any estate tax at all.  According to a 2015 report from Congress’s Joint Committee on...

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New Proposed Regulations Under Code §2704

family business

On August 4, the Treasury Department issued long-awaited Proposed Regulations on valuation discounts for family-owned businesses under §2704 of the Internal Revenue Code (“IRC”).  The regulations are out for public comment until the public hearing on December 1, 2016.  If adopted, the regulations will become effective on or after the date of publication of the Treasury decision.The Proposed Regulations will introduce significant changes that eliminate almost all valuation discounts in the family context.  These changes clarify the application of IRC §2704 and curb transfer tax valuation discounts used by family-owned businesses.  The Proposed Regulations (1) apply to limited liability companies...

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Why Go Offshore?

Asset protection planning has been practiced by attorneys, financial planners and accountants for several decades. Business persons have always had concerns over the exposure of their personal assets to claims against their business. The corporate form of business entity with its shield of limited liability has been invoked for centuries. Certainly, protecting one’s assets from the myriad of risk involved in business and personal financial planning is not a novel objective or planning idea.Since the 1970’s, expanding theories of liability and the proliferation of litigation have given increased emphasis to asset protection planning to the extent that it is now...

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Yes, Your Family Needs Asset Protection Planning

If you’re like most people, when you hear “asset protection planning” you think of someone like JR Ewing of the 1978 show Dallas, Bill Gates, or the Kennedys.WARNING: Common Misconception A very common misconception is only wealthy families and people in high-risk professions need asset protection planning. But in reality, anyone can be sued and lose all of his or her assets.A car accident, foreclosure, job loss, medical crisis, business failure, or an injured tenant can result in a huge monetary judgment, decimating your finances.The goal of this newsletter is to provide you with a quick overview of asset protection strategies....

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