Never Judge a Book by Its Cover

“He has offshore bank accounts.” When you hear this phrase, what is your gut reaction? For those of us who consume the news, read John Grisham novels or watch TV, when we hear “offshore bank accounts,” our guts scream “tax evader!” or worse. We think a bad guy is hiding assets. We think mafia, drug running, embezzlement, assassins, Ponzi schemes, white collar criminals, lengthy trials, and jail time. The media tells us that if someone has an offshore bank account, […]

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No Good Deed Goes Unpunished

Larry and Harold, best friends and business partners for the past 20 years, operate their successful company as an S corporation. They started with nothing and built their business from the ground up, working hard to increase profits through the economy’s ups and downs. Their partnership is truly an American Success Story. THE GOOD DEED: Four years ago, Larry’s younger brother announced he was getting married. Larry was ecstatic with his brother’s new wife and asked what he could give […]

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Tony Soprano’s Estate Gets “Whacked”

The cost of being penny wise and pound foolish… Actor James Gandolfini, who made the mobster Tony Soprano a household name, suddenly died in June of a heart attack at the age of 51. News quickly morphed from sadness over his untimely death to shock over his seemingly ill-conceived estate plan, namely, his will, which was so poorly drafted that up to 80% of his assets are rumored to be subject to a 43% estate tax. Here’s irony for you: […]

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Bad Things Happen to Good People

I know, I know. Such a cliché. We go through life hearing terrible stories about horrific things that happen to other people. Many think, “Well, that’s awful, but it could never happen to me.” After all, you could never do anything bad enough to get sued for so much money that you could lose personal assets like your car or your house. Could you? This is a true story about two really smart, very nice people who thought the same […]

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The Use of Small Captive Insurance Companies for Efficient Risk Management, Tax Benefits, and Asset Protection

Ever since the 1930s, large companies in the United States have been forming their own property and casualty insurance companies in order to reduce the premium costs charged by commercial companies and insure risks otherwise not covered by commercial companies. During the past 20 years, the costs of establishing one’s own small captive business liability insurance company have come down so that middle market companies have been able to afford to use captive insurance companies to reduce their premium costs […]

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