Wealth Strategies Journal

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Category: Asset Protection (page 1 of 3)

Alexandre M. Denault & Jonathan E. Gopman – Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities

Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities

By: Alexandre M. Denault & Jonathan E. Gopman

On May 10, 2016, Treasury issued proposed regulations (the “Proposed Regulations“) which enable the Internal Revenue Service (the “Service“) to collect certain information about domestic disregarded … Continue reading

HERE COMES THE MOUNTAINAIR TRUST – WEST VIRGINIA PASSES ASSET PROTECTION TRUST LEGISLATION (EFFECTIVE JUNE 8, 2016)

WEST VIRGINIA PASSES ASSET PROTECTION TRUST – TRUST LEGISLATION EFFECTIVE JUNE 8, 2016  – HERE COMES THE MOUNTAINAIR TRUST

By Jonathan GopmanMichael Sneeringer and Alan Gassman

Almost haven,

West Virginia,

Advances its trust law,

Throwing future creditors in the river.

 

Trusts are old there,

Like the Confederacy,

Until Continue reading

Irrevocable Life Insurance Trust Bank? – Richard L. Harris

A trust metaphor may help you better communicate with clients.

By Richard L. Harris

Have you ever had a client tell you they want a charitable lead annuity trust, a grantor-retained annuity trust or a sale to a (defective) grantor trust? No? Along with trusts and life insurance, the estate-planning … Continue reading

Espen Robak: Holliday FLP Transfer Runs Afoul of Sec. 2036

By: Espen Robak

In Estate of Holliday, decided March 17, 2016, the IRS won a small (dollar-wise) yet meaningful victory on the Sec. 2036 retained interest issue. The case is instructive, since the facts were not particularly bad for the taxpayer. Thus, and especially in conjunction with recent cases, it … Continue reading

William W. Sleeth III – 4 Steps To Take If An Estate Dispute Is Brewing

By William W. Sleeth III

If an estate dispute is brewing (but is not yet in litigation), there are several important steps that people can take to maximize their odds of success if the matter proceeds to litigation.

In the vast majority of states, people only have judicial standing to … Continue reading

Julius H. Giarmarco: 25 Year-End Estate Planning Tips (Part 3/3)

By Julius H. Giarmarco

Part 1 / Part 2 / Part 3 

Don’t let the chaos of the holiday season prevent you from minimizing federal estate taxes and fine-tuning your estate plan. What better gift for your heirs than avoiding the 40% federal estate tax and making sure your affairs … Continue reading

Julius H. Giarmarco: 25 Year-End Estate Planning Tips (Part 2/3)

By Julius H. Giarmarco

Part 1 / Part 2 / Part 3

Don’t let the chaos of the holiday season prevent you from minimizing federal estate taxes and fine-tuning your estate plan. What better gift for your heirs than avoiding the 40% federal estate tax and making sure your affairs … Continue reading

Linda Kotis: Salvaging the 2015 Roller Coaster Ride with Your Retirement Accounts: Roth IRA Conversion

By Linda Kotis

The stock market has been full of crazy swings this year.  Your retirement accounts were buoyed by the 1.2% gain in the Dow Jones Industrial Average on January 8.  Then you cringed as account values bounced around in March with a 333 point drop. You nearly fainted … Continue reading

Title Insurance and the Transfer of Real Property to Trust

While transferring real property into irrevocable trusts is a commonly used estate planning technique, doing so may have the unintended consequence of losing title insurance coverage originally held by the property owners. Courts have held that the voluntary act of transferring the property into a different entity can violate certain … Continue reading

Proposed SEC Initiatives Addressing Asset Management Advisers

This month the SEC Chair announce three initiatives proposed to address the risks of complex issues in the asset management industry. The broad initiatives include:

  • Enhanced data reporting – This would require standardized reporting for derivatives used by funds and securities lending.
  • Controls on risks in portfolio composition – This
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Considerations in Appointing a Trust Protector

In addition to a trustee that oversees trust asset distributions, a trust protector can also be appointed in order to oversee the trustee. A protector can be granted powers as broad as replacing a trustee or vetoing investment decisions based on changing circumstances or a shift in tax laws. While … Continue reading

Estate Planning: Saving Money For Future Generations

People used to plan their estate based on state and federal estate and inheritance tax rates, but changing tax rates have made it difficult to make long-term plans. Federal estate tax rates fell continuously from 2001 to 2010, were eliminated, and then reinstated once again in 2011. Some states have … Continue reading

IRS Rules Favorably on Division and Modification of Inter Vivos Trust

The IRS on October 24, 2014 issued a private letter ruling with respect to the application generation-skipping transfer (GST) tax on a proposed division and modification of a multi-generational Trust.

The inter vivos Trust was established for the benefits of Donor’s issues. It provides that during Donor’s lifetime each beneficiary … Continue reading

Robert L. Moshman: The Estate Analyst-The Art and Science of Disinheriting Heirs Part II: Benign Neglect, Noble Ambitions

By Robert L. Moshman

September/October 2014

A good man leaveth an inheritance to his children’s children:
and the wealth of the sinner is laid up for the just.
Proverbs 13:22, King James Bible

 

There are people who choose to give most or all of their fortune to … Continue reading

Asset protection of retirement funds after Clark

The Journal of Accountancy explores asset protection of retirement accounts after Clark v. Rameker.  The article begins as follows:

In June, the Supreme Court in Clark v. Rameker, No. 13-299 (U.S. 6/12/14), said that just because funds are held in an account called an individual retirement account (IRA), it doesn’t

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