Protect Your Assets from Lawsuits

Dear Clients, Colleagues, and Friends,

According to a recent Wall Street Journal article by Jonathan Clements, “If you listed your financial fears, you might include a repeat of 2008’s market meltdown, losing your job and getting your identity stolen. But somewhere on the list, I suspect, would be another major worry: getting sued.” Continue reading

vintage mailman

Using Email Instead of Snail Mail to Send Crummey Notices

Dear Clients, Colleagues, and Friends,

If your life insurance policy is owned by an Irrevocable Life Insurance Trust (ILIT), you know what a pain it is to ask your trustee to mail the so-called Crummey letters every year to each trust beneficiary before the premiums can be made. Many of our clients complain about the inconvenience of having to go through this process, but failure to follow the formalities could result in the life insurance proceeds being subject to estate tax when the insured dies. Continue reading

California Proposition – 13 Urgent Change in the Tax Law Coming: Act Before January 1, 2015 Or Lose a Priceless Planning Opportunity

Dear Clients, Colleagues, and Friends,

Imagine with me for a moment that you have the opportunity to purchase a “trophy” property like the historic and beautiful Fairmont Miramar Resort in Santa Monica. Of course, being the savvy business person you are, and given the $200,000,000 price tag, your legal team is involved in the acquisition, and they properly inform you that you may be able to structure the transaction in such a way that reassessment of the property’s value could be avoided by carefully following the rules exempting taxable assessments under CA Proposition 13. Continue reading