The Lippencott Blog

Asset Protection Strategies

Posted at 12:28pm on March 12, 2019

The use of asset protection strategies has gained the attention of wealthy Americans over the years as the legal system has become increasingly subject to unwarranted litigation. As a result, creditor protection can play a significant role in planning for many individuals.

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Spousal Lifetime Access Trust (SLAT)

Posted at 12:28pm on February 6, 2019

An irrevocable trust can be an excellent vehicle for providing controlled distributions of assets to heirs, while at the same time keeping the trust proceeds outside the grantor's taxable estate. One major drawback, however, is that in order to accomplish these objectives, such a trust must be irrevocable and the grantor cannot directly receive any benefits from the trust, and at best can hold very constrained control over the trust.

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Asset Titling

Posted at 4:12pm on January 17, 2019

Even if wills and revocable living trusts are drafted to maximize estate savings, titling and beneficiary designations of property may prevent the documents from operating as intended. Additionally, assets may not pass to the intended beneficiaries if not titled properly.

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Combining Buy Sell with Retirement Planning

Posted at 9:43am on December 12, 2018

A Limited Liability Company (LLC) is an entity that offers business owners the liability protection of a corporation and the flexible tax characteristics of a partnership. Planners are putting LLCs to ever-greater use to help their clients address a wide variety of needs, from asset protection to estate planning. One area in which LLCs have shown themselves to be particularly useful is buy-sell planning for business owners in a manner that not only addresses the potential death of an owner, but also addresses retirement as well, in a tax-efficient manner.

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Basic Estate Planning

Posted at 1:10pm on November 27, 2018

Regardless of your level of wealth, the failure to establish an estate plan can be detrimental to your family. A properly structured estate plan helps ensure that your family and financial goals are addressed during your life, if incapacitated, and after your death. The following provides an introductory discussion regarding essential planning individuals should consider, as well as an overview of lifetime gifting strategies and longterm trust planning.

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Private Split Dollar

Posted at 11:40am on October 4, 2018

Split dollar life insurance is not a type of insurance, but rather a method for dividing the premiums, ownership interests, and benefits of a permanent life insurance policy between two parties. There are two basics forms of split dollar taxation: economic benefit regime and loan regime. Split dollar plans may be sponsored by an employer in a work setting, or an individual or trust in a private setting.

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Charitable Lead Trust

Posted at 9:20am on September 17, 2018

A Charitable Lead Trust (CLT) can be an attractive tool for making gifts to family members with little or no transfer tax. The grantor designates a charitable beneficiary to receive annual payments for a period of time, with the remainder interest either reverting back to the grantor or passing to other non-charitable beneficiaries, such as the grantor’s heirs or a trust for their benefit. A grantor can establish a CLT during life or by a Will. Transfers to a CLT may provide income, gift, or estate tax benefits.

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Tax-Advantaged Education Funding

Posted at 2:00pm on August 3, 2018

Saving for college education can be an intimidating undertaking for many parents who may be inexperienced with tax laws, and unsure how to balance their own financial goals, such as saving for retirement and the financial needs of their children. There are many options available to finance a child’s education, and which one or more options to choose requires consideration of many important factors.

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