Category Archive for: ‘Wealth Preservation’

Boosting the Tax Benefit of Paying for Grandchildren’s Educational Expenses

Paying for a grandchild’s educational expenses can be a very tax-efficient and asset-protected way to transfer wealth that would otherwise be subject to gift or estate tax, plus an additional generation skipping tax. You can start by giving up to $80,000 ($160,000 if married) to a 529 Educational Savings, per grandchild, and then another $16,000 ($32,000 if married) every year […]

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$25,000 penalty for not reporting LLC with Foreign Owner(s)

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Your Family Deserves a Trust

As the saying goes, one should hope for the best but plan for the worst. Some of our clients come to us asking for a “simple will”, because they want to leave “everything to their spouse and then to their children equally” and they hope for the best. Our job is to plan for other possibilities and that means recognizing that death may not be the worst case scenario.

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I Just Need a Simple Will…

Friends, this just is not ever the case. We love simple and elegant solutions to complex problems as much as anyone, but the cold, hard truth is that no mere Last Will & Testament can provide for all the legal and financial challenges our loved ones will face upon our death or incapacity.

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Legal Checklist for Parents

It’s that time of year again. Vacation time is over and the kids are going back to school. You’ve done all sorts of things to prepare them for their first day and fought the traffic to get them there on time. They walk away with lunchbox in hand, barely realizing they are entirely dependent on you for everything they have.

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Year-End Tax Tips from the IRS for Charitable Planning

The Internal Revenue Service today reminded individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should keep in mind include: Rules for Charitable Contributions of Clothing and Household Items Household items include furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to […]

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How the Clintons Use Trusts to Reduce Estate Taxes

My graduate tax students and those who have attended my professional seminars all know I like to say that there are as many types of Trusts as there are different automobiles, from race cars, to luxury sedans to monster trucks, etc., etc. In fact, asset protection, tax and estate planning attorneys choose from a huge menu of Trusts when equipping […]

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Wealthy Same-Sex Spouses Get Tax Break, but Multinational Couples Still Must Plan Ahead

Until now, the IRS has used DOMA to disallow the marital deduction for same-sex couples by simply not recognizing their marriages.

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Four Ways to Use Your $5.12 million in Transfer Tax Credits before They Fall Off the Fiscal Cliff on 12/31/12

In just over a month, the amount of wealth that can be transferred tax free is set to drop from $5.12 million to just $1 million.  And the tax rate that applies to amounts transferred beyond this “lifetime exemption” is rising from 35% to a highest rate of 55%.  In light of the election results and the few days remaining […]

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Adam Yauch’s Will Prohibits Use of His Music in Ads

Everybody has their reasons to prepare a will (at least) and not just let the “default” rules determine who entitled to what, when and how, and who controls the process.  See this Rolling Stone article about the late MCA’s last wishes:  ttp://

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