Category Archives: Asset Protection

Morris to Present Asset Protection Planning Seminar

Posted on March 8, 2013 by | 2 comments

Jason C. Morris, Esq. wJCM Profileill present a three-hour continuing legal education seminar on asset protection planning. The seminar, “Nevada: the Premier Asset Protection Jurisdiction,” will be held at the Bruce Thompson Federal Courthouse, 400 S. Virginia Street, Reno, NV 89501 on Thursday, March 21, 2013 from 1:00 p.m. to 4:15 p.m.  The seminar is sponsored by the Washoe County Bar Association and qualifies for 3 hours of continuing legal education credit.

2 Comments

Posted in Asset Protection, Estate Planning, Trusts

Tagged

Nevada is Premier State for Domestic Asset Protection Trusts

Posted on December 11, 2012 by | Leave a comment

Recently, a Probate and Property magazine article listed Nevada as the premier domestic jurisdiction for asset protection trusts.Locked Wallet  In the November/December 2012 issue, Barry Engel, founding principal of the Denver, Colorado firm of Engel & Raiman PC, was interviewed on “Asset Protection Developments.” Mr. Engel co-authored the 1989 amendment to the Cook Islands International Trust Act.  Mr. Engel complimented Nevada by stating:

In terms of domestic jurisdictions, we have used Nevada over the years more than any other state.  We like it for the protective legislation is has on the books, the quality of trustees available, its proactive attitude and approach toward domestic asset protection law, and how it seems to strive to make what it has even all the better.

Nevada continues to surpass other states in regard to its asset protection trusts and the protections available to debtors.  Our office can help you protect assets from creditors and assure your wealth preservation.

Leave a comment

Posted in Asset Protection, Estate Planning, Tax, Trusts

Tagged , , , , , ,

Joe Paterno’s Will Reveals Little More Than Revocable Living Trust

Posted on June 21, 2012 by | Leave a comment

Today, closing arguments are being held in the jury trial of accused sex offender Jerry Sandusky.  His former boss, legendary Penn State football coach Joe Paterno, has created intrigue in an unrelated legal matter.  Paterno’s family sought court protection to seal Paterno’s will from public disclosure. After a local newspaper filed a motion to unseal the will, Paterno’s family made public his 1997 will and 2010 codicil to the will.

ImageAfter reviewing the contents to the will and the codicil, there is nothing surprising or notable about their contents.  The family’s efforts to seal the testamentary documents seem unreasonable and misguided.  Typically, wills must be lodged with the county court or probate department before the decedent’s assets may be distributed.  Paterno’s will is a pour-over will meaning it directs any probate assets to be poured over to a revocable living trust.  Most likely, the Paterno revocable living trust specifies the distribution of Paterno’s assets.

A revocable living trust is advantageous because you do not need to lodge the trust with the court.  The administration of the trust and distribution of the estate can take place outside of public review and records.  In addition, with advances in medicine and technology, individuals are living beyond their ability to manage their financial affairs.  Revocable living trusts allow successor trustees to take over and manage the financial affairs of those suffering from diminished capacity.

Living trusts are only effective insofar as you title the assets properly.  Your assets should be titled in the name of the trust.  The Paterno will, a pour-over will, acts as a backstop in the event that an asset is not titled properly in the name of the trust.   Any asset that is not transferred into a living trust must pass through probate first prior to its distribution.  Oddly, the Paterno family has not filed a petition to initiate a probate of any assets.  The family efforts to seal the will and codicil appear unnecessary and unusual. As with the Sandusky trial, the Paterno will story may end this week. Or, future court proceedings may loom ahead.

Leave a comment

Posted in Asset Protection, Estate Planning, Revocable Trusts, Trusts, Wills

Tagged , , , , , , ,

Proceed With Caution on Inherited IRA’s

Posted on December 14, 2011 by | Leave a comment

Parents and grandparents who saved and invested in retirement accounts should take special care to make sure their children and grandchildren receive the most benefit from their inheritance.  A recent Wall Street Journal article highlighted some of the complex rules surrounding the inheritance of IRAs.  http://goo.gl/tilfc. 

Client regularly ask whether they should liquidate an IRA.   Rather than taking a lump sum distribution, and paying the accompanying taxes, clients will often derive the most tax-efficient results by transferring the assets into an inherited IRA.  An inherited IRA allows a young beneficiary to spread distributions across his or her longer life expectancy.  Simply taking small, annual distributions can allow the IRA to grow while minimizing the tax burden borne by the recipient of the inherited account.

Individuals should be wary of receiving any funds in their name. Clients looking to move the account from one brokerage account to another should do a direct “trustee to trustee” exchange.  Otherwise, the IRS deems the transfer as a total distribution which is subject to tax.

As with most financial planning decisions, you should consult with tax and investment professionals before jeopardizing potential tax advantages.

Leave a comment

Posted in Asset Protection, Estate Planning, Tax

Tagged ,

“Et In Arcadia Ego…”

Posted on December 2, 2011 by | Leave a comment

Our celebration of Thanksgiving is past and now the time of year is upon us in which most people busy themselves with preparations for Christmas. The “holiday season” is a busy and stressful time of year, and this is perhaps a factor in the higher number of deaths that occur this time of year. I sometimes wonder what would happen if people put as much time into planning for their passing as they put into Christmas preparations each year.

We see many different situations in our office. Some folks call about estate planning literally from their deathbeds. Some die before the documents are prepared; others sign everything in the nick of time. Many people think there will be plenty of time in the future to take care of estate planning. Some people are afraid that if they form a trust or execute a will, it means they will die—so they put it off.

The reality is that we will all die, ready or not. It makes a lot more sense to have an estate plan in place so that the administration and distribution of your possessions will be orderly upon your death. It is especially critical if you wish to leave anything to charity, or in unequal shares to your children, or the like. Also, for those who do not have relatives in Nevada, it is important to designate who will act as executor or personal representative; non-residents are not qualified unless they are designated in a will, or associate with a resident.

If you have been procrastinating your estate planning, or updating your estate planning, I encourage you to make an appointment with a qualified estate-planning attorney.

By: Sharon M. Parker, Esq.

Leave a comment

Posted in Asset Protection, Estate Planning, Probate, Wills