Asset Protection
Revenue Ruling 2023-2
Revenue Ruling 2023-2 is Nothing New The IRS ruled in Revenue Ruling 2023-2 that assets in an irrevocable trust outside the taxable estate of the grantor, do NOT get a step up in cost basis when the grantor dies. Although this ruling has received some attention and disagreement in the media, it is nothing new…
Read MoreEquity Strip Exposed
How To Strip Out Equity The so-called “equity strip” is sometimes promoted as an asset protect device. It is most often used with real estate. However, it can be used with nearly any asset. While an equity strip can have significant asset protection benefits, it also has much less aggressive uses for simple retirement cash…
Read MoreLottery Winner Now What
I Won The Lottery, Now What? We have represented many lottery winners over the years. If you are a lottery winner, “Now what?” is the question on your mind. We approach this question with our clients not just from a legal or financial perspective, but from from the view of its wholistic impact on both…
Read MoreEstate Planning for Hyper Inflation
Hyper Inflation Planning for inflation is challenging. Inflation is a tricky monster. It creates the illusion of an increase in value. When prices go up, things are worth more. Right? Wrong! With inflation, prices go up, but value remains the same. In reality, inflationary price increases mean the currency is worth less. Inflation means that…
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