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Cash value life insurance through its tax-deferred growth of the cash value, tax-free access to that cash value and a tax-free death benefit can provide tax-sensitive investors with benefits that include income tax deferral, conversion and...
Only a minority of clients seem to be aware of the need to protect accumulated tax-qualified retirement benefits1 from potential future creditors. In my practice, it's often older physicians who want to make asset protection a centerpiece of their...
In the article DAF Kickbacks, (July 2005), author Bruce B. Makous claims that asset-retention arrangements involving sales commissions/incentives for donor-advised funds are common practice. The National Committee on Planned Giving (NCPG) the...
People who are too wealthy to qualify for either a deductible individual retirement account (IRA) or a Roth IRA have the option of contributing to a non-deductible IRA. Assuming they meet the basic criteria to contribute to an IRA,1 they can...
Much has been written about the intentionally defective grantor trust (IDGT). Transfers to an IDGT are completed gifts for gift tax purposes; and the IDGT is not included in the grantor's estate for estate tax purposes. The IDGT is treated as a...
Thinking of starting a limited liability corporation? If so, you're not alone. About 80 percent to 90 percent of new practices choose that form of business structure, according to Philip Palaveev, senior consultant at Moss Adams, a Seattle...
The rapper Notorious B.I.G. had it right: The more money we come across, the more problems we see. If planning for wealthy people is daunting, planning for the ultra-rich those with net worth in excess of $50 million is exponentially more involved...
When clients are helping their kids adjust to the work that comes with the first few weeks of school, it's a great time to remind them that they have some homework of their own to do: tax preparation. Advisors often start discussing year-end tax...
I have not always been an advocate of corporate trustees. Quite the contrary. I used to give a standard speech when my clients were wondering whom to name as a trustee. You could appoint a corporate trustee, I'd tell them. But keep in mind that...
