Client Alerts

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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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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