Client Alerts

4th Annual STEP Institute on Tax, Estate Planning, and the Economy

Dear Advisors, As a STEP Orange County Board Member, I am pleased to extend this special invitation to join me at the 4th Annual STEP Institute on Tax, Estate Planning and the Economy, a collaboration between the Society of Trust and Estate Practitioners (STEP) Orange County and the University of California, Los Angeles (UCLA) School of Law. This event is being held January 22-24, 2015, with an added pre-conference workshop […]

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Too Little, Too Late

Dear Clients, Colleagues, and Friends, Marshall loves funny t-shirts. His life’s motto is “anything for a laugh… especially if it’s wearable.” Unfortunately, after a state agency raided his business over a disgruntled, ex-employee’s labor violation claims, Marshall doesn’t feel like laughing. He feels like this ex-employee — who was fired for good cause — is out to get him… and he may be right.

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Law of Diffusion of Innovations: A Trap for the Unwary

Dear Clients, Colleagues, and Friends, Meyer celebrated his 75th birthday last year. Although normally a terrifically upbeat person, Meyer just couldn’t shake a feeling of deep melancholy, despite the festivities. Meyer’s father passed away at 75, and thoughts of mortality had started to pervade his every waking moment. Despite being in good health and active in the business he started 47 years ago, Meyer felt that his time was limited. He […]

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Jeffrey Verdon to Speak at 40th Annual Notre Dame Tax & Estate Planning Institute

Dear Clients, Colleagues, and Friends, Our firm is pleased to announce that, along with a distinguished panel of asset protection professionals, I will be part of the faculty at the 40th Annual Notre Dame Tax & Estate Planning Institute on the Notre Dame campus in South Bend, Indiana on November 13-14, 2014. The agenda concerns the civil and ethical considerations for domestic and overseas asset protection planning. The workshop, “Asset […]

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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.”

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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 […]

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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 […]

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UNITED STATES SUPREME COURT RULES: An Inherited IRA Is Not Protected From Bankruptcy Proceedings Under The Retirement Funds Exemption

Dear Clients, Colleagues, and Friends, Last week, there was an extremely important case decided by the U.S.Supreme Court in the case of Clark v. Rameker. In Clark, Heidi inherited a traditional IRA from her mother in 2001, when the IRA was worth approximately $450,000. Nine years later, Heidi and her husband filed for Chapter 7 bankruptcy and identified the inherited IRA, then worth approximately $300,000, as exempt from the bankruptcy […]

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#1 Question About Offshore Asset Protection Trusts – Will I Go To Jail?

Dear Clients, Colleagues, and Friends, “Am I going to jail?” Andrew’s creditor just asked a court to hold him in contempt for failure to pay a multi-million dollar judgment. Andrew’s eyes were wide with disbelief. “I’ve done everything they asked, but I can’t pay the judgment if the trustee refuses to release funds.” “Don’t worry,” explains Andrew’s lawyer, “this is how the trust is supposed to work.”

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Lawsuit, Interrupted

Dear Clients, Colleagues, and Friends, In 2012, Dr. Brenda severed ties with her problematic business partner, Dr. Smith. Two years later, when Dr. Smith was sued for medical malpractice by eleven former patients on extremely damaging charges, Dr. Brenda was named as co-defendant solely by virtue of her former partnership. Because Dr. Smith was bankrupt and had no personal assets, naming Dr. Brenda as co-defendant was a ploy to dig […]

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