Archive for March 2017
What is a Domestic Asset Protection Trust?
Asset protection is growing for wealthy families and the DAP is a useful tool. Created originally by attorneys in Alaska and Delaware in 1997, there are now 17 states, including the newest addition to the DAP club, Michigan, that permit wealthy families to use a Domestic Asset Protection Trust to shield assets from creditors. The…
Read MoreAnother Pop Singer’s Estate Battle, This Time with a Twist
Way back in 1957, a trio of rock legends died in a plane crash. That night, Bobby Vee took the stage in their place and became a teen idol with a long string of squeaky clean rock ‘n roll hits. The children of singer Bobby Vee, whose real name was Robert Velline, are engaged in…
Read MoreHow an Estate Tax is Different from an Inheritance Tax
Most people only learn about the difference between these two taxes when they are creating an estate plan or settling an estate. Depending on the state, heirs are surprised when they learn that their inheritance will be diminished by death taxes: an estate tax and sometimes an estate tax and an inheritance tax may take…
Read MoreWhy the Michael Jackson Estate is Still Not Wrapped Up
Eight years after his death, the tax liability from Jackson’s estate has not been resolved. The numbers are big, and adding up fast. “Depending on the outcome of the case, Jackson’s estate could be on the hook for more than $500 million in taxes and $200 million in penalties…” U.S. Tax Court Judge Mark Holmes…
Read MoreYou Won’t Feel the Consequences, but Your Loved Ones Will
Unlike going getting an annual check-up or renewing a driver’s license, there’s no penalty for the person who does not having a will and estate plan in place. Their spouse or children pay the price. What’s more scary about most Americans not having a will, is that only 36% of Americans with minor aged children…
Read MoreAdding Insult to Injury—Taxing Social Security
It’s a great year–you’ve finally retired or you are retiring really soon and you’re excited to start your new life. But wait… did you just hear that your Social Security benefit may be taxed? Taxes are a good reason to take a second and third look at your retirement income plan, even if you’ve already…
Read MoreWhat’s the Easiest Estate Planning Mistake to Make?
Maybe this happens so often because it’s so simple. Take the time to review your beneficiary designation, unless you want to give an ex-spouse a nice surprise. The latest generation of retirees has spent years planning, saving and investing for their version of retirement, which they expect to be very different than their parents’ retirement.…
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