Supreme Court

Obamacare Lives, But It’s Worse…

King vs. Burwell (A dark day for the SCOTUS)

Dear Clients, Colleagues, and Friends,

Getting dressed for work yesterday morning, I was taken aback when I heard the outcome of the US Supreme Court’s 6-3 majority vote in the case of King vs. Burwell in favor of upholding Obamacare.

After reading the Court’s opinion, and especially Judge Alito’s vigorous dissent, I received an e-mail from a colleague, David Hiersekorn, who shared his thoughts about the decision that really caught my attention. A local tax and business lawyer, my colleague’s comments about the Burwell case were so spot-on that I called to commend him and ask permission to share his blog in its entirety with my loyal Client Alert readers. Then, when you attempt to reconcile the Burwell decision with that of Robert’s dissent in the SCOTUS same sex marriage case, you come away more confused than ever. Continue reading

Freedom Fest

Jeffrey Verdon, Esq. to Speak and Exhibit at FreedomFest Conference

Dear Clients, Colleagues, and Friends,

The Las Vegas based FreedomFest is an annual festival where free minds meet to celebrate “great books, great ideas, and great thinkers” in an open-minded society. It is independent, non-partisan, and not affiliated with any organization or think tank. Founded and produced by Mark Skousen since 2007, FreedomFest invites the “best and the brightest” from around the world to talk, strategize, socialize, and celebrate liberty. FreedomFest is open to all and is purely egalitarian, where speakers, attendees, and exhibitors are treated as equals.

Since its inception, FreedomFest has met in Las Vegas, the world’s most libertarian city. Where else can you see a great show, eat at a five-star restaurant, visit a museum, enjoy the entertainment, or see the lights and sounds of the world’s freest resorts and casinos after a long day of intellectual learning and debate?

Who should attend FreedomFest? It’s open to anyone who enjoys a wide interest in books, art, music, film, and drama in all topics, including science, philosophy, economics, health, sports, technology, business, religion, law, and politics. FreedomFest attracts people of all walks of life and across the political spectrum to learn, debate and honor great books, great ideas, and great thinkers.

The inaugural meeting drew 500 attendees. This year, attendance is expected to exceed 3000. I have had the pleasure of being a speaker and exhibitor who each year presents on a wide array of advanced and effective topics on comprehensive estate planning, income tax, and asset protection strategies from unforeseen legal attacks and litigation. The speakers, all renowned experts in their respective fields, will share in the intellectual feast about freedom, prosperity, individual rights, and so much more.

We invite you to join me and the other interesting and knowledgeable speakers and exhibitors at FreedomFest 2015, July 8-11, at Planet Hollywood in Las Vegas, for three and half days that could change your life. There will be over 200 speakers including Steve Forbes, Glenn Beck, John Mackey, John Stossel, Steve Wynn, and many other experts, authors, professors, scientists, philosophers, all with breakout sessions, panels and debates. All the major think tanks and freedom organizations will be there as well.

The Jeffrey M. Verdon Law Group, LLP will be featured at Booth 320 in the Exhibit Hall. Jeffrey M. Verdon, Esq., will be speaking on the following topics:

General Session Keynote Speaker:
“What Every Investor Should Know about New Taxes and Estate Planning” 

This keynote presentation will review important tax and estate planning legislation that could impact investors and business owners, and what can be done to plan ahead of passage.

Workshop 1: “Upgrading Your Income Tax and Estate Planning from Coach to
First Class”
This workshop is for the successful investor with an estate in excess of $5M describing advanced planning techniques used by affluent families and successful business owners to reduce taxes and protect assets from lawsuits. We will cover many of the newer disruptive technologies designed to reduce taxes and protect assets from financially ruinous lawsuits.

Workshop 2: “How to Avoid the Tax Time Bombs the IRS has Waiting for You and Your Family”
This workshop includes a panel discussion with Dave Phillips on your IRA, a recent U.S. Supreme Court case that could expose the IRA you leave to your heirs to lawsuits, divorcing spouses of your heirs, bankruptcy, and IRS claims, along with other important planning strategies for IRA owners.

For those with estates in excess of $5M while at the conference, we will be offering a complimentary private estate planning consultation. Please contact us prior to the event so that we can reserve an appointment for you.

Click here for more information and registration: FreedomFest.

We look forward to seeing you there!

Heirs

Are Your Heirs Ready for Prime Time?

Transferring Maximum Wealth Does Not Guarantee Wealth or Family Harmony in the Next Generation

Dear Clients, Colleagues, and Friends,

According to the renowned Williams Group with over 50 years of coaching families in preparing heirs, their research studies have established that 70% of wealth transitions fail (defined as involuntary loss of control of assets). If this is to be believed, clearly important elements are missing from the current approach to estate planning, allowing this staggering failure rate to continue. According to Williams, the key missing element in wealth transfer planning is an awareness of how to proceed with the preparation of their “heirs”. The hand off of responsibilities for the family wealth could not be sidestepped, and heirs felt the weight of expectations without the security of preparation. The amount of wealth to be transferred over the next 50 years is estimated to be between $37 and $44 Trillion. Wealth, as defined by the Federal Reserve, consists of homes, personal property, business holdings, real property, stocks, bonds, cash on deposit, etc. Accompanying that wealth transfer is the unavoidable annual transfer of control for an estimated 270,000 estates of $1M or more. The “control” responsibility falls on the designated heirs, trustees, or professional managers — whether prepared or not, and whether they share the family’s values or not.

Those who make plans to transition wealth are ultimately concerned about its impact on the lives and well-being of the beneficiaries. If you are one of these 270,000 estates over $1M, are you asking yourself “what difference will the wealth make in the lives of our children and grandchildren?” “Will the family’s values underlying the accumulation of the wealth be reflected in how the wealth is used?” “How will the wealth impact the communities in which I live?” If not, perhaps you should be asking these questions.

Given the potential for wealth to be used for goodwill, or simply to be “wasted” with no detectable impact, the preparation of heirs to manage wealth becomes one of the major responsibilities parents of affluent families and successful business owners face. The question is: “How well prepared are those heirs and their families?” In the final analysis, the quality of preparation (for the heirs) shapes the outcome to the central concern that seems to occupy the mind of every parent or spouse: “Will the wealth help or harm the family?”

Where do you send your heirs to learn how to remain sensitive to (and apply) the family’s values within the framework of managing the family assets? Thus, the mission for the family’s wealth should be a broadly developed consensus mission. Attainment of this mission, accompanied by routine reporting on progress towards the family mission, will build trust and communication within the family and community. This shared family mission brings a sense of harmony to the family and shapes behaviors for younger heirs, providing them with a sense of family that extends to future generations. This subject matter is so important to the “successful transfer of wealth,” we will explore this area in greater detail and strive to provide some of the answers in future Client Alerts. So stay tuned…