Tax Planning for HNWI

Tax Planning for HNWI

Those with at least $1 million in liquid assets are considered high net worth individuals. If you fall into that category, it’s no surprise that you pay the most in annual taxes to the IRS, and that is unlikely to change. However, with smart tax planning, you can also save the most. It’s best to work with a tax attorney or financial advisor but in the meantime, here are some […]

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What to do if you win the powerball lottery

What to Do If You Win the Powerball Lottery

The biggest Powerball jackpot to date was $1.586 billion in January 2016, according to the Associated Press. That same year, the North American Association of State and Provincial Lotteries reported that national ticket sales reached $80 billion, which was more than sales from entertainment, gaming, and sports events combined. Everyone dreams of winning the next Powerball lottery. But as the winnings continue to grow into billions and the odds shrink […]

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Exciting Developments at VLG

Exciting Developments at VLG

EXCITING NEWS about the  Jeffrey M. Verdon Law Group, LLP Dear Friends, Colleagues, and Clients, The Jeffrey M. Verdon Law Group, LLP (VLG) has dedicated over 40 years to providing the highest level of advanced estate planning with asset protection to a wonderful array of affluent families and successful business owners. While Verdon has no immediate plans to retire, clients are asking who would take over when the boss finally […]

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Are you a lawsuit target?

Are You a Lawsuit Target?

High net worth individuals face a greater risk of being sued, especially when unemployment is high and the economy is uncertain. Now more than ever, many families and individuals are concerned that their wealth makes them a lawsuit target. In fact, 80% of households with $5 million or more in assets believe their wealth puts them at risk. That risk doubles if they are highly visible in the public, and […]

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Generation Skipping Transfer Tax

Generation Skipping Transfer Tax

For high net worth individuals, estate taxes can be hefty. In the past, one strategy to reduce estate taxes was to “skip” a generation of heirs. But many people are unaware of an additional tax that could apply when transfers are made to their descendants. The generation-skipping transfer tax (or GSTT) is a federal tax on gifts and inheritance above the estate/lifetime gift exclusion. This tax prevents you from deliberately […]

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You’re a Successful Business Owner. Great! Now What?

You’re a Successful Business Owner. Great! Now What?

If you have started a business, you know few things compare to pursuing your passion and having the autonomy to do things your way. You also know it takes more than hard work and determination to be successful. Business growth requires the right strategies and partnerships, as well as products and/or services with strong market demand. While it may seem strange, as part of those strategies, an entrepreneur should also […]

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How your perception of money and wealth changes with age

How Your Perception of Money and Wealth Changes with Age

Did you know that age influences your perception of wealth and how you use it? The impact of wealth can also significantly affect how we view things, including future perspectives on money. Understanding how our attitudes toward money changes with age might be the key to good financial planning. If you were fortunate you were introduced to money in your childhood, most likely as a gift or a birthday check […]

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How Comprehensive Estate Planning is Different From the Norm

Comprehensive Estate Planning vs Average Estate Planning

Estate planning is the process of designating who will receive your assets upon your death. In addition, estate planning also determines how your affairs will be conducted if you’re no longer able to make your own decisions.   Many people are under the misconception that estate planning is only for the wealthy, but everyone needs an estate plan.  If you don’t have an estate plan in place when you die, the […]

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How Does an Offshore Trust Really Work

How Does an Offshore Trust Really Work?

Many people looking for a way to protect their assets are asking, “what is an offshore trust and how does it work?” An offshore trust is a trust that a settlor establishes in a jurisdiction that is different from the one in which they live. An offshore trust can be located in any country as long as that jurisdiction recognizes the legal concept of a trust. But only a few […]

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The Nevada Asset Protection Trust May Provide Protection from Day One

The Nevada Asset Protection Trust May Provide Protection from Day One

Dear Friends, Colleagues, and Clients, Our neighbor to the east, Nevada, has some of the best trust law in the United States. Nevada is also well known for the asset protection trust (APT) law. What folks may not know is how quickly the “firewall” protections of the APT may attach once the assets are placed in the APT. Nevada Revised Statute (NRS) Sec. 166.170 requires a creditor to bring an […]

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