MAJOR 2020 TAX ACT AFFECTS RETIREMENT AND ESTATE PLANNING
Here are major points of the new tax law concerning contributions to and distributions from retirement plans that are of most interest to our readers. The age for the required minimum distribution for the commencement of retirement benefits has been increased from 70½ to 72. IRA owners may contribute to traditional IRAs if they are […]
Stuck With An Irrevocable Trust You Don’t Like?
There are a number of ways an irrevocable trust can be modified without court approval. This article discusses two of them. They are a (i) non-judicial consent agreement and a (ii) non-judicial settlement agreement. Example 1. Mother sets up an irrevocable trust for her son when he was 25 and immature. She funds it with […]
Professional Practices: Choosing The Best Entity For Tax And Asset Protection
Drs. Jose Smith and Ryan Abraham, fed up with the bureaucracy of their large group practice, left to start a new practice together. They consulted their tax attorney for advice as to the best entity for tax and asset protection. Here’s what the lawyer said. Without making this overly complicated, we will only consider a […]
Tenancy In Common: How Not To Own Property
Here is a typical estate scenario. Father and Mother own their $1,000,000 homestead jointly with right of survivorship. They have three children- Sam, Stan, and Dora, all in their 50s. Father dies and the Mother becomes the owner. Mother dies a few years later intestate. Without a Will, Sam, Stan, and Dora become tenants-in-common under […]
Quick Read: How to Protect Your Inheritance from Creditors and Lawsuits
Q1: What should your parents do now? A: Your parents should protect the money and other assets they leave you. They surely don’t want your inheritance to end up with someone who sues you! They should meet with their estate planning attorney to structure your inheritance properly, based on knowledge of your personal and professional […]
NEW CASE MAY ADVERSELY AFFECT ASSET PROTECTION PLANS
Asset protection attorneys are concerned about a new Florida case which increases the Statute of Limitation on certain asset protection-motivated transfers from 4 years to 20 years. Here is what happened in Biel Reo, LLC v. Barefoot Cottages Development Co., LLC, a 2014 case decided by the 1st District Court of Appeal. Real estate developers Curtis […]
OWNING A VESSEL INDIVIDUALLY- NOT SUCH A GOOD IDEA
Recently, one of our physician clients asked our advice as to proper ownership of a vessel that she was purchasing. We explained that there were two aspects to this. First, we need to be concerned about the possible loss of the equity in the vessel to a creditor, should she be sued for medical malpractice […]