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Avoiding Short Term Capital Gains

In the last few weeks, more than one person has called asking for a brilliant way to not pay short term capital gains after a taxable event has already occurred.  Sadly, there are not a lot of good...

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Tax Free IRA

For years, I have been telling people a little known secret of IRA’s.  There is a way you can pass the benefit of your IRA to your heirs tax free.  Recently Bob Carlson in his newsletter recently...

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What is a Trust?

What is a Trust? Trust Definition:  A Trust is a contract that controls property.  A Trust has three parties.  First, there is the party who creates the trust.  This party is typically called a...

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Community Property Planning

Marital Property Issues Estate planning is necessarily multi-disciplinary.  It touches upon many aspects of law. It affects taxation, property, family, and business concerns.   Marital Property rights...

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S Corporations and Charities

S Corporations and Charities S corporations and charities lie at the cross roads of advanced estate planning.  Most new wealth is generated through corporate structures.  Most corporations are S...

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Qualified Charitable Distributions Win Win

Can I make Qualified Charitable Distributions from my IRA? For years, the politicians have been permitting Qualified Charitable Distributions from IRA accounts for one year, letting them expire, and...

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Prince The Idiot Savant

The Prince is Dead.  Long live . . . ? Prince is dead.  He died on April 21, 2016, at age 57.  He had no children and no Will. Musically, Prince was a genius.  Whether or not you enjoy his art, he was...

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Expatriation Exit Tax

Expatriation – Giving Up Your U.S. Citizenship Is a Taxing Experience Multi-national planning can include deciding choosing where you will be a citizen.  Sometimes the tax grass appears greener on the...

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LLC Taxed as an S Corporation

LLC Taxed as an S Corporation An LLC taxed as an S corporation is a powerful tool for managing control, expenses, cash flow, taxes, operations, personnel, and business succession. Although by default...

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Spousal Lifetime Access Trust

What is a Spousal Lifetime Access Trust (SLAT)? A SLAT is an Irrevocable Trust that: Provides specific support for a spouse for life Is excluded from the taxable estates of both spouses If everything...

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LLC – Legal Services

Limited Liability Company (LLC) With rare exceptions, when we form an LLC, we prepare complete documentation as needed for the LLC to operate, function, and carry out its intended purposes.  Forming an...

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Gentrification of Philanthropy

In general, “gentrification” happens when older more affluent people move into a neighborhood previously occupied by younger less affluent people.  That same change in the neighborhood is happening in...

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Philanthropy Protection Act of 1995

HR 2519 RDS 104th CONGRESS1st SessionH. R. 2519IN THE SENATE OF THE UNITED STATESNovember 29, 1995Received AN ACTTo facilitate contributions to charitable organizations by codifying certain exemptions...

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Split Interest Gifts

Split Interest Gifts An asset or property can be divided up in many ways.  We can divide if geographically by putting a fence down the middle.  We can dividing it over time by renting or leasing it.  A...

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SECURE Act Estate Plan Update

No More IRA Stretch From One Generation to the Next Some people think that their IRA actually belongs to them.  It does not.  It belongs in part to the government.  The politicians created IRA plans....

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SPLIT DOLLAR TAX PLANNING: A RETIREMENT PLAN FOR KEY EMPLOYEES AND HIGH NET...

SPLIT DOLLAR TAX PLANNING What is a Split Dollar Plan? Employers offer a Split Dollar Plan as a death benefit to Key Employees as an incentive for them to stay on with the Company for a longer period...

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Deferred Sales Trust

A Deferred Sales Trust is a device to defer the taxable gain on the sale of appreciated real property or the like. Typically, when appreciated property is sold, the gain is taxable.  The tax on this...

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Incidents of Ownership

Why are “Incidents of Ownership” Important? This is a question that frequently arises in estate planning, particularly regarding life insurance.  The reason this question is important is this: if the...

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Domicile In Florida

No Tax States Clients frequently ask where they can move to reduce their local income tax.  There are several states that have either very low or no income tax including as of this article Alaska,...

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Intentionally Defective Grantor Trust

What is an Intentionally Defective Grantor Trust? A Trust can be subject to multiple kinds of taxes, and can be taxed in different ways.  To make sense of what an “Intentionally Defective Grantor...

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