Client Alerts

Tony Soprano’s Estate Gets “Whacked”

The cost of being penny wise and pound foolish… Actor James Gandolfini, who made the mobster Tony Soprano a household name, suddenly died in June of a heart attack at the age of 51. News quickly morphed from sadness over his untimely death to shock over his seemingly ill-conceived estate plan, namely, his will, which was so poorly drafted that up to 80% of his assets are rumored to be […]

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Bad Things Happen to Good People

I know, I know. Such a cliché. We go through life hearing terrible stories about horrific things that happen to other people. Many think, “Well, that’s awful, but it could never happen to me.” After all, you could never do anything bad enough to get sued for so much money that you could lose personal assets like your car or your house. Could you? This is a true story about […]

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The Use of Small Captive Insurance Companies for Efficient Risk Management, Tax Benefits, and Asset Protection

Ever since the 1930s, large companies in the United States have been forming their own property and casualty insurance companies in order to reduce the premium costs charged by commercial companies and insure risks otherwise not covered by commercial companies. During the past 20 years, the costs of establishing one’s own small captive business liability insurance company have come down so that middle market companies have been able to afford […]

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ELECTRONIC FILING OF FBARs IS NOW MANDATORY (FORM TD F 90-22.1)

Many of our avid CLIENT ALERT readers have established overseas structures that require the filing of the Foreign Bank and Financial Accounts form, otherwise known as the FBAR. The FBAR would be required if you or your trust is the owner of (or has signature or other authority over) a foreign bank, securities, or other financial account. Moreover, additional reporting may be required as an attachment to your tax return […]

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So You Thought Your IRA is Protected From Lawsuits? Maybe Not…

There are very few assets we own that are more sacred than our retirement plans. Under general legal principles and public policy, most jurisdictions exempt retirement accounts, such as 401Ks and IRAs, from creditors. However, in a recent court case, the so-called “inherited IRA,” was held not to have such “firewall” creditor protection. An inherited IRA is nothing more than an IRA that is passed from the owner of an […]

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The Pet Trust

Many of you have important members of your family which have been forgotten when you put together your estate plan — your pets. Do you have a Plan for your pets upon your passing? Who will take care of them? Are there sufficient funds set aside to provide for the best care for your pets? This Client Alert will introduce you to this process and may assist in answering these […]

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So You Think Your Corporation or LLC Protects Your Personal Assets? Guess Again!!

John Catsimatidis is a self-made success. Starting with one supermarket in upper Manhattan in the early ’70s, he grew the Red Apple chain to ten stores by the time he was 24. In 1986, The Red Apple Group acquired the renowned Gristedes chain, and now they were the largest supermarket group in Manhattan. A tough area to grow a retail chain. The group also began to acquire and develop real […]

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The NING Trust

IRS Approves Shifting Investment Income From High Tax State to Non-Tax State Without Having to Change Your Tax Residency Dear Clients, Colleagues, and Friends, Many of our readers live in a high income tax state and have been considering moving to a low or no income tax state. If you live in California as I do, you saw your state income tax rate retroactively rise by 30% to 13.3%. Many […]

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Does Comprehensive Estate Planning Really Work?

Dear Clients, Colleagues, and Friends, There have been more court decisions involving failed asset protection planning in the last two years than I can ever recall in over two decades of this focus of my practice area. What is behind this recent and unusual rash of cases? To be sure, “bad facts make bad law,” and when comprehensive estate planning (with asset and lifestyle protection) is properly implemented, these types […]

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Become a Resident of Puerto Rico…

PAY 4% TAX RATE ON ACTIVE INCOME AND NO TAX ON PASSIVE INCOME… Dear Clients, Colleagues, and Friends, The just-released version of this Client Alert mandates a correction. Only Resident Aliens of Puerto Rico qualify for estate tax treatment, not United States citizens, as erroneously reported. (Occasionally we get it wrong and when we discover our mistake, we immediately rectify.) This is not a typo. Yes, you can reduce the […]

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