Asset Protection: Self-Settled Trusts vs. New York Based Trusts
The goal of asset protection planning is to insulate assets from claims of creditors without concealment or tax evasion. Many people get sued. Some are in professions that almost seem to invite litigation (doctors, lawyers, business owners, home owners). Others simply get unlucky (i.e. car accident). If one is already getting sued, then it’s...
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Planning for digital assets is just as important as planning for other assets.
What would happen to your Facebook account in case of your untimely death? Your email? Your online bank account? Your computer that is protected by a password? Your small business payroll system? Once you stop to think about the issue, you realize that without proper planning, finding and accessing your online accounts may be...
Planning for digital assets is just as important as planning for other assets. Continue reading…
What is the Step Up Basis that Obama Wants to Eliminate?
This is an extremely valuable tool in the long term tax planning that saves middle class thousands of dollars in taxes every year. It also enables families to pass on their most valuable possessions at death without the need for beneficiaries to immediately sell it. What is it? Under the federal tax code, if a tax...
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Supreme Court to Decide Whether States Can Prohibit Same-Sex Marriage
On Friday, the Supreme Court agreed to decide whether any of our 50 states can prohibit same-sex marriage. Currently, the number of states allowing same-sex marriage is 36 and the District of Columbia, and more than 70% of Americans now live in states where gay couples can marry. A 2012 case United States...
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What is a Health Care Proxy?
Multiple problems may arise when an adult lacks capacity. Do you remember Terri Schiavo and the 7 year court battle that her family had to endure to determine the proper course of her medical treatment? Much to the extreme surprise of relatives and close friends, unless certain documents were signed ahead of time, they...
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Celebrity Estates – the smart and the not-so-smart ways to leave the money.
Three beloved celebrities died in 2014 – Robin Williams, Phillip Seymour Hoffman and Joan Rivers. Both their deaths and their estate planning could not have been more different. Robin Williams left behind 3 children from 2 separate marriages. During his life, Mr. Williams set up trusts for his children. The trusts are structured...
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Power of Attorney – an important document that every adult should have.
What is it? A Power of Attorney is a document that gives another person (your agent) the authority to make legal decisions and transactions on your behalf. Why do you need it? If an individual loses the capacity to act on his own behalf, then the agent can act for him. If there is no...
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5 Reasons for Asset Protection
Some people think that asset protection is only relevant when you have a bankruptcy looming in the near future. Nothing could be further from the truth. Attempting to hide your assets when there are known creditors may be classified as ‘fraudulent conveyance’ and may not be effective. Instead, asset protection is a legal...
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You can now have a savings account for a disabled child! ABLE Accounts are a new savings vehicle that everyone with a disabled relative should know about.
What are the ABLE Accounts? Not many people are aware of it, but if you have a disabled relative, you can save money for their benefit, WITHOUT jeopardizing their receipt of Medicaid or SSI. In the past, a Supplemental Needs Trust was the only option. Under the Achieving a Better Life Experience (ABLE) Act,...
You can now have a savings account for a disabled child! ABLE Accounts are a new savings vehicle that everyone with a disabled relative should know about. Continue reading…
Why Single People Need Estate Planning
Generally, most estate planning literature focuses on married individuals. However, according to the Census Bureau, in 2013 almost half of Americans age 15 and older were single. If you are single and die intestate (without a will) your money will be distributed in ways you may not like. Where the Money Will Go if...
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