THE GUN TRUST – Owning Your Guns & Other Restricted Firearms

Dear Clients, Colleagues, and Friends, Many of our firm’s clients are avid gun collectors and shooting enthusiasts, and are very concerned about the new and proposed restricted gun laws and their draconian penalties.  These folks are law abiding people who enjoy recreational shooting and collecting weapons, some of which have made the list of restricted weapons, and whose ownership or sale is restricted under state and Federal law.  The Gun […]

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What Every Successful Investor/Businessman Should Know About Cook Islands Asset Protection Trusts

If you currently have an offshore trust, or are considering establishing one, and want to better understand who administers these trusts and what makes them so effecive, plan to join me when I travel to Rarotonga, Cook Islands, on March 24-31, 2013. For our clients who have already established a Cook Islands trust, and for many of those who are considering establishing a Cook Islands trust for additional “firewall” protection, […]

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Year-End Gift Tax Planning

Dear Clients, Colleagues, and Friends End of year gifting by check is always an issue for those trying to use their annual exclusion amounts, but in 2012 the issue also relates to those attempting to make larger gifts to use their available $5.12M unified credit amount before the scheduled reduction of the unified credit in 2013. The last thing a donor wants to see happen is that a large gift […]

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Year-End Gift Planning for Procrastinators – The Gift-by-Promise Plan Works as Advertised

Dear Clients, Colleagues, and Friends, Following the release of Monday’s Client Alert on “How to Give Away $5.12M in 26 Days” we were contacted by several of our readers who procrastinated and now find themselves wanting to do their year-end gift tax planning prior to December 31. I guess these folks have been in a coma for the past 23 months and just now awakening to find the gift tax […]

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How To Give Away $5 Million In 26 Days

We thought this article from Barron’s presented some interesting options for capturing the gift tax exclusion in the short time remaining: Giving $5 Million in 26 Days “Giving $5 Million in 26 Days” indicates it’s showtime — the last moves to make as the golden age of gift-tax exemptions comes to an end. This article highlights how to give away $5 Million with these last-minute ideas for creating trusts: cash […]

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Obama Wins! Now What?

Dear Clients, Colleagues, and Friends, The Obama victory and a democrat controlled Senate will translate into higher gift and estate taxes when the law sunsets at the end of 2012 and no prospect for an estate tax repeal, at least for the next 4 years. Now that the election is over, we expect a rush by those who were expecting a President Romney and with him, an extension of the […]

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It’s Not Over Til It’s Over – How to Capture the Expiring $5.12M Gift Tax Exclusion Even if You’ve Waited Until the 11th Hour (or Month)

Dear Clients, Colleagues, and Friends, There are only two months remaining before the $5.12M gift tax exclusion law will sunset taking us back to the pre-2011 $1M gift tax exclusion. For those taxpayers who haven’t yet jumped on the bandwagon (to take advantage of what is arguably the “greatest tax benefit” in the history of our Union) time is running short–not because the appropriate trust can’t be timely formed, but […]

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IRS Raises Annual Exclusion Amounts Effective January 1, 2013

Dear Clients, Colleagues, and Friends, On October 18, 2012, the Internal Revenue Service announced that starting January 1, 2013, the annual amount an individual is able to give to another person free of negative tax consequences, otherwise known as the annual exclusion amount, will be increased from $13,000 to $14,000. When spouses combine their annual exclusions, they will now be able to gift up to $28,000 per individual to as […]

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Nevada Supreme Court Affirms Creditor Protection Benefits of Nevada LLCs

Dear Clients, Colleagues, and Friends, One of the most often asked questions by our clients is “Where is the best place to establish my LLC?” There are many formidable choices to select from, but the recent Nevada Supreme Court case of Weddell vs. H2O, Inc. appears to have answered that question once and for all. Limited Liability Companies (LLCs) and Family Limited Partnerships (FLPs) have long been used both for […]

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$5,120,000 Gift Tax Exclusion: What are You Still Waiting For?

Dear Clients, Colleagues, and Friends, We have about six months left before the new year and the expiration of many of the Bush Tax Cut rules that we have all enjoyed for almost a decade. But the most significant of all of the expiring tax laws is the reduction of the $5.12M gift tax exclusion to $1M. Why should you care? Because transferring up to $5M out of the estate […]

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