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A Joint Home Purchase Can Ease Estate Tax Liability
If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption now set at an inflation-adjusted $10 million thanks to ...

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Preserve Wealth for Yourself and Your Heirs Using Asset Protection Strategies
There are many techniques you can use to protect your assets, from giving them to loved ones to placing them in offshore trusts. It’s important to understand that asset protection isn’t about evading legitimate debts, hiding assets or defrauding creditors. Rather, it’s about preserving your hard-earned wealth in the face of unreasonable creditors’ claims, frivolous ...

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Beware the GST Tax When Transferring Assets to Grandchildren
As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous $5.49 million GST tax exemption, complexities surrounding its allocation can create several tax traps for the unwary. GST Basics The GST tax is a flat, 40% tax on transfers to “skip persons,” including grandchildren, other family members more than a generation ...

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Liability Protection is Uncertain for Single Member Limited Liability Companies in Louisiana
Bad Facts Make Bad Law Shaun Olmstead and Julie Connell were residents of Florida when the trouble started.  Shaun and Julie operated a credit card business and were charged by the FTC with perpetrating an advance-fee credit card scam. The FTC eventually obtained a $10 million judgment against Shaun and Julie, individually, and then sought ...

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A GOOD WALK SPOILED (LLC Charging Order Protection Affirmed by 4th Circuit)
(Channelside Services, LLC v. Chrysochos Group, Inc. (La. App. 4 Cir., May 13, 2016)) “The Louisiana LLC Act affords LLCs different and greater protections …compared to Louisiana laws pertaining to creditors of corporate shareholders or partners in a partnership.”   ~Fourth Circuit Court of Appeal,  State of Louisiana The Starter Paul Garfunkel, a Louisiana resident, ...

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A BUNDLE OF MAGIC STICKS (Beneficiary Controlled Trusts Now Authorized in Louisiana)
(La. R.S. 9:2114.1 (Effective August 1, 2015)) “THE WAND CHOOSES THE WIZARD, MR. POTTER.   IT IS NOT ALWAYS CLEAR  WHY.”   ~J. K. Rowling, Harry Potter and the Sorcerer’s Stone Law School of Wizardry In the first year of law school, students are introduced to the concept that property rights are like a bundle of ...

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EVERY WORD COUNTS (IRS Busts Discretionary Support Trust for Child)
(Duckett v. Enomoto, D. Ariz. 2016) “BE SURE WHEN YOU STEP, STEP WITH GREAT CARE AND GREAT TACT.  AND REMEMBER THAT LIFE’S A GREAT BALANCING ACT.” ~Dr. Seuss Dr. Dennis Enomoto was a gifted and dedicated physician, but a terrible business person.  After failing to meet his tax obligations in 2007 through 2011, the IRS ...

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