Who are the “Wealthy”? (Really!)

At the risk of dating myself, I grew up watching Gilligan’s Island on television. As I did not grow up in a wealthy household, my youthful image of a “rich” person was Thurston J. Howell, III, the extremely wealthy and rather lazy member of the marooned “Gilligan” castaways. Demographic statistics (and my own anecdotal experience) […]

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Time Running Out To Use IRS Voluntary Disclosure Program

Recently, UBS announced that it had agreed to release the names of 4,450 of its account holders to the IRS. This is unsettling news for taxpayers with undisclosed foreign accounts. However, the IRS currently has a Voluntary Disclosure Program to encourage tax payers with unreported foreign accounts, unfiled tax returns, under reported income or frivolous tax deductions to participate and […]

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Redeal of the Repeal?

In the August 7, 2009, BNA Daily Tax Report, it was noted that Rep. Brady has proposed a permanent repeal of the estate tax.  Do you remember that old Saturday morning cartoon, I’m Just a Bill?  Well, this bill is going to continue to sit on Capitol Hill and will never become law.  You heard it […]

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The Low Hanging Fruit of Asset Protection

Most clients who come to us for asset protection are looking for an offshore trust or maybe even a domestic asset protection trust. These are both viable options to protect one’s assets. However, there are a number of simpler options that one should consider first.  Liability insurance is relatively inexpensive and can cover many personal liability issues […]

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