2020 CARES Act Info For You And Your Business
The CARES Act is now law. The goal? To provide much needed relief for individuals and businesses crippled by the coronavirus outbreak. The law covers two major areas: employment assistance and tax law changes. Let's start with employment and small business relief. $350B has been dedicated to preventing layoffs and business closures.
What The CARES Act Actually Covers
The CARES Act is now law. The goal? To provide relief to individuals and businesses crippled by the coronavirus outbreak. The law focuses on two main areas: employment assistance and tax law changes.
Good Time to Review Your Documents
The coronavirus may have you stuck at home with a lot of time on your hands... and let's face it, there is only so much binge watching you can do. So the team at the Jeffrey M. Verdon Group has another idea, one that can save you and your loved ones a headache down the road. Jeff says use this downtime to review and update all those important documents you haven't looked at in a while.
Coronavirus and Estate Planning Strategies
If you watch the news, or your portfolios, it's hard to believe there is any upside to the Coronavirus. The public health and short term economic impacts are very real. But without fail, following these black swan events, financial assets have rebounded stronger than ever. And we expect the same will occur here. In chaos comes opportunity. So now's the time to revisit your estate planning and revise your strategy.
Estate Planning vs Estate Planning with Asset Protection
Is Asset Protection Planning on your New Year's to-do list? If not, it should be! And if you have assets greater than $5,000,000, the Jeffrey M. Verdon Law Group has some important advice on protecting yourself, your legacy, and your family.
Form a Dynasty Trust
The 2020 national election will have a significant impact on how your wealth will be taxed when you die. The generous 11.4 million tax credit could vanish in order to pay for all of the freebies some politicians are offering. What can you do now to protect yourself against this potential tax bomb? Simple. Form a Dynasty Trust and use your 11.4 million dollar exemption to fund it.
New Video Course: NextGen Collaborative, September 2019 thru March 2020
The heirs of wealthy families often find stepping away from strong family influences and charting their own course can be both personally and professionally challenging, even under the best of circumstances. When there's a family business with significant wealth involved, the course you choose - and the ramifications - can be quite complex.
That is why attorney Jeffrey Verdon is so passionate about sharing a new course called "NextGen Collaborative" created by the Williams Group. More info here >
Cryptocurrrency Tax Laws
Cryptocurrrency may be virtual but the tax law requiring you to report your profits remains a very real responsibility. For state and federal tax purposes, Bitcoin, and its lesser known crypto cousins like Altcoin, are treated as investment property.
Recent Florida Court Ruling on Foreign Asset Protection Trusts
You may have heard about a recent Florida court ruling that suggests your foreign asset protection trust, or FAPT, is not as rock solid as you thought. But don't panic. There is more to this story.
Protect Your Blind Side with an Asset Protection Plan
Remember the movie, The Blind Side? It was based on the inspiring story of NFL player Michael Oher. Oher's position? Left tackle. Now that's the player who protects the quarterback from what he can't see. In other words... his blind side.
Recent Court Rulings on California Trusts
Home is where your heart is, but it's not necessarily where your trust should be, especially if you live in the state of California. Several recent court rulings have whittled away trust protections, making those assets vulnerable to all kinds of creditors, including vindictive, soon to be ex-spouses.
Establishing a Trust
If you earn investment income in a high tax state and don't need to take that income, you should consider establishing a trust in a non-tax state. Why? Because the US Supreme Court has just handed down a decision that clarifies the rules.
If all your talent and hard work has finally paid off, and you have accumulated substantial wealth, you may think you are set for life. And you may be, if those assets are protected.
Asset protection is not just about future missteps, it's also about mistakes from the past or a greedy opportunist who sees dollar signs.
Business owners, managers, and legal counsel... beware. If you run afoul of certain employment practice laws in the state of California, you, your managers, and your shareholders could be on the hook personally.
There are two critical principles to consider when establishing a foreign asset protection trust: How much of your net worth should go into the trust? How much control should you keep over what happens with that trust.