CLIENT ALERTS

Death and Taxes: Two of life’s Surest Things

Dear Clients, Colleagues, and Friends, “It’s a beautiful home,” the well-coiffed realtor gushed to Sally and Ned. “How much did you say you paid?” Ned proudly told her what he spent on their “dream home” over 30 years ago. The realtor’s eyes shot up in surprise, “You could get 30 times that today.” The couple stopped short, shocked. They had no idea their residence could be worth so much. With such a highly appreciated asset, they wondered how capital gains […] Continue reading

Lessons Learned: Frank Gifford’s Estate Planning

Dear Clients, Colleagues, and Friends, So your estate planning is in order. You have a will; every loved one is accounted for; and your estate will be passed on in accordance with your wishes. Or will it? The great Frank Gifford died on August 9, 2015. He was 84 years old. He was a football player for the New York Giants, and then a television sports announcer and commentator. He was a resident of Greenwich, Connecticut at his death. He […] Continue reading

Controlling Your Facebook Digital Legacy

Dear Clients, Colleagues, and Friends, Twelve years ago, Ellen’s mother passed away after 96 wonderful years of life. She was not the wealthiest of persons, but her life was rich with memories of her children growing up, watching them raise their children, and even getting to know her great-grandchildren. This could not have been more evident than when Ellen went to her mother’s fourth floor New York walk-up to clear out her mother’s belongings, and was met by countless photos […] Continue reading

Yes, It Can Happen To You

Dear Clients, Colleagues, and Friends, Legal Malpractice. It lurks in the darkness, waiting to pounce on naïve, unsuspecting lawyers, and yes, even the great ones too. These are two of the most terrifying, haunting words, and in abject terror, we shape our entire professional careers to avoid any situation that could lead us into the deep hole of exposure. We agonize over our daily choices as we feel forced to tiptoe around combative clients, race against looming deadlines and unreasonable […] Continue reading

Succession Planning Requires Teamwork

Dear Clients, Colleagues, and Friends, “Teamwork makes the dream work, but a vision becomes a nightmare when the leader has a big dream and a bad team.” – American Clergyman, John C. Maxwell Paul can’t believe it’s been forty years since the night he died. The last thing he remembered was blowing out the candles on his 20th birthday cake – then nothing. One minute he was fine, the next minute he was dead. Fortunately, his death was short-lived. Paul’s […] Continue reading

No Good Deed Goes Unpunished

Dear Clients, Colleagues, and Friends, Do you remember when the medical profession used to be about the patient and not the insurance carrier? Dr. Nelson, a surgeon affiliated with Hoag Hospital, remembers it well. Since March of 2010, with the advent of Obamacare, he has seen millions of Americans becoming insured on plans with out-of-network benefits. In addition, narrowing insurance networks meant that many providers were being left completely out of network, so to remain in business forced him to consider an out-of-network strategy as a […] Continue reading

You’ve Prepared Your Assets for Your Heirs… Have You Prepared Your Heirs for Your Assets?

Dear Clients, Colleagues, and Friends, The Loaded Question “Dad, are we rich?” Ethan’s father drops his fork mid-bite. “That’s an unusual question,” Roger carefully responds. Ethan, who just turned 16 and still fears his father’s disapproval, hesitates before continuing. He knows there is an unspoken rule in his family to never speak about money. Despite his nerves, he plows on, determined to get to the bottom of the wild claims his classmates made. “So, the guys said I didn’t need to get a summer […] Continue reading

“Puerto Rico’s Tax Benefits Are Too Good To Be True” – Want to Bet?

Dear Clients, Colleagues, and Friends: It has been a bit over 2 years since my esteemed colleague, Fernando Goyco, and I wrote an article about the Puerto Rico tax law Act 20 & 22 for Steve Leimberg’s Income Tax Planning Letter — (Steve Leimberg’s Income Tax Planning Email Newsletter – Archive Message #44 Date: 23-Apr-13 From: Steve Leimberg’s Income Tax Planning Newsletter Subject: Jeffrey M. Verdon & Fernando Goyco-Covas: Consider Moving to Puerto Rico to Eliminate Tax on Passive Income […] Continue reading

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A Man’s Home Is His Castle…Or Is It?

Homemade Homestead Protection Dear Clients, Colleagues, and Friends, Saul can’t sleep. He has a reputation for attention to detail, but he forgot something, he just knows it. Saul probes his memories, thinking back over the past several months to parse out what could possibly be bothering him… Saul sold his company for a huge pile of cash two years ago. A smart guy, he knows how to protect his assets. That’s why, on the advice of counsel, he put most of […] Continue reading

The Best Little Asset Protection Vehicle No One Has Ever Heard Of — Securing Retirement

Dear Clients, Colleagues, and Friends, Life is full of little surprises. Wondering if you have enough money for retirement should not be one of them. Imagine this… You’ve worked your entire life to build a successful business, investing every spare penny back into your company. Your long-term plan? To sell the company when you turn 60 so you can live a life of leisure on the proceeds. Then, disaster strikes. You and your company get sued, and after a devastating multi-million dollar judgment, there aren’t enough […] Continue reading