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Blog Posts in 2016

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Is it True that Senior Citizens will receive a Greater Homestead Tax Exemption in 2017?

The Florida homestead exemption has three separate components; creditor protection, real property tax exemptions and limitation on devise and descent. As most people know, Florida allows for unlimited ...
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How should someone organize their expanding business?

Here, the best advice is to put your ‘eggs’ into separate baskets. It’s another vital protective strategy. If you use one corporation or LLC to operate one business, then use two ...
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How can corporate creditors be discouraged from trying to pierce the corporate veil to sue its officers or owners personally?

Corporate creditors oftentimes do personally sue business owners to collect on corporate debts. To do so, corporate creditors attempt to ‘pierce the corporate veil’ to recover from their ...
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For lawsuit protection should I privatize my ownership in the corporation?

Shareholders do often attempt to camouflage their ownership interest. Yet more diligent creditors can usually identify the corporate shareholders by examining the corporate books, tax returns, ...
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If I create a Revocable Living Trust, Will My Assets Pass Outside of Probate Automatically?

This is a great question! Many people don’t realize that setting up an estate plan with a revocable trust is not the final step to setting up a proper estate plan. Many individuals forget the ...
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Many people claim that there are advantages to incorporating in Nevada. Is that true?

We are frequently asked this question. Corporations are creations of state law and state laws differ. It can sometimes be advantageous to incorporate in a particular state. If your corporation ...
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Which entities are the best liability insulators for professionals?

Professionals also have organizational options. Most of our doctor, dentist, lawyer and accountant clients prefer professional corporations (PC) or professional associations (PA), which limits their ...
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Why is the limited liability company gaining popularity as a business entity?

A limited liability company combines the advantages of a corporation with those of a limited partnership, but there are several reasons why a limited liability company may be preferable to either of ...
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What effect did the holding in Obergefell v. Hodges have on same-sex marriage estate planning opportunities?

It was clear that the Supreme Court would soon get involved as numerous states created legislation requiring same-sex marriages to be recognized as legal rights. On June 26, 2015, in Obergefell v. ...
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Is there any difference between the S and C corporations for liability protection?

None whatsoever. They both provide the same limited liability to its stockholders. Many people think that because the S corporation is taxed as a proprietorship or partnership, it has the unlimited ...
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Which are the most popular entities for small business owners?

Before the advent of the LLC; the corporation was the only practical entity for the small business owner. The choice was then between the S corporation and the C corporation. Now the LLC is the third ...
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But what about the smaller enterprise - for example, the home-based business; does it also need to incorporate?

Positively. The fallacy is that the small business – usually a home-based service business – is too small to worry much about liability issues. What their owners don’t realize is ...
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What is the first defensive step to take when you go into business?

Choose the right form of business entity. You need an entity that will limit your personal exposure. Usually the corporation or limited liability company (LLC) will best protect your personal assets ...
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Did the Estate Planning Tax Exemption go up in 2016?

The answer to this question is actually both yes and no. As an overview, the Federal estate tax is a tax on your right to transfer property at your death. The fair market value of all assets in your ...
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What types of liabilities or claims do businesses normally encounter?

Every type claim you can imagine. They get sued for breach of contract, negligence, product liability, employment violations, anti-trust, SEC violations, unpaid bills, stockholder actions – you ...
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What portion of your clientele are small businesses?

About one-third, maybe more. We have judgment-proofed nearly every size and type business from $50 million manufacturers to tiny home-based businesses. Of course, with most of our cases involving the ...
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How important is defensive planning for the small or mid-sized business or professional practice?

While lawsuit proofing is necessary for every individual, it is no less important for small businesses and professional practices. They are more vulnerable to lawsuits and creditor problems than ...
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I imagine that integrated asset protection/estate planning can be quite complex - particularly for the high net worth individual?

We have only summarily discussed trusts that have been traditionally used for either asset protection or estate planning purposes. As with most fields, new strategies are constantly being developed ...
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What is the role of limited partnerships in estate planning?

One role is that it offers important estate tax benefits. FLP interests are subject to a discounted valuation by the IRS. An FLP that owns an asset is considered to have less value than the sum of its ...
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For Asset Protection, Can an Inheritance Also be Directed to a Protective Entity on Behalf of a Beneficiary?

Certainly. And it’s often wise to do so. A testator who wants to safely bequeath wealth to a beneficiary should direct the inheritance to any entity that would insulate the inheritance from the ...
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A Finalist for QVC's Sprouts Competition, Ashley Martini Stands at the Door to Success

This week, we would like to take a moment to recognize the outstandingly talented creator of the Emergency Dress, Ashley Martini. The culmination of over a year of hard work and determination has ...
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How can beneficiaries prevent their creditors from seizing their future inheritance?

That’s an excellent – and often overlooked – question. One option is to disclaim their inheritance. A beneficiary who disclaims their inheritance essentially passes the inheritance ...
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How can I best accelerate my lifetime gifting to my children to reduce my taxable estate and also to have less money vulnerable to my prospective creditors?

Accelerated lifetime gifting can reduce your estate taxes and also protect those assets you don’t need to support your lifestyle. Gifting may also shift your assets to a less liability-prone ...
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Are there other protective options besides the Limited Partnership, International Trust or LLC?

As with any type asset, there are multiple protective options. For instance, a few states with tenancy-by-the-entirety laws protect spousal co-owned investments from creditor claims against one ...
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Are gifts to charity through a charitable remainder trust creditor protected?

The Charitable Remainder Trust (CRT) allows you to gift your property to charity, protect it from your creditors, save taxes, receive a lifetime income, and still leave your heirs whatever amount you ...
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