Many people who enact an estate plan for themselves and their families make the mistake of thinking that once the estate plan is drawn, that’s it. The fact is, estate planning is an ongoing process.  Relocation, divorce, marriage, the death of a spouse or child who would have been beneficiaries, illness, moving out of the country, changes in wealth for better or worse — all of these are reasons to revisit your estate plan as well as your will.

Anytime you move, let your estate planning attorney know. Estate and will laws change from state to state, and there are also statutes in place for those who leave the country, with or without their families. To keep your estate and assets safe from taxation or from being interpreted incorrectly in the event of your passing, make sure you revisit your will with your lawyer whenever you think a change in your financial or personal life may affect your estate. This is especially important for those whose estates are more than several million dollars; taxation laws from state to state can wreak havoc on your estate and assets if you haven’t taken the necessary precautions.

You may want to consider a foreign asset protection trust if you move to a state where the minimum estate worth for taxation is lower (for example you lived in a state where the minimum was three million and moved to a state where the minimum is 2.3 million). Talk to your asset protection attorney to see if foreign asset protection is a sensible choice for your estate.

Going over your estate plan and your will with your attorney once a year is a simple matter of exercising good common sense. Make that appointment today to keep your family’s interest protected.

Our California asset protection and estate planning law firm has been a trusted source for estate planning, asset protection and business transactions for more than 35 years.  Contact us today for asset protection and estate planning strategies to meet your unique needs.

An offshore trust allows you to protect your liquid assets very well, as it is not governed by the same laws and regulations as a trust within the United States.  An offshore trust is an irrevocable trust and the assets are protected from a debtor by the laws of the nation in which they are kept. Essentially, this means that a nation in which you have an offshore trust will not recognize any legal judgment from any country, including the United States, regarding the assets held within the trust.

As California asset protection goes, an offshore trust is a great choice for those looking to keep their liquid assets protected in the event of lawsuits (such as malpractice). An offshore trust can be more powerful than a simple offshore account because it can harbor liquid assets like a regular bank account, but it can also safeguard intellectual property and other types of assets that an offshore account cannot.

An offshore trust is managed by a trustee, which keeps it from being in the name of the person who earned or owns the assets in the trust. What makes this type of trust so powerful is that even though it is in the name of a trustee, the trustee cannot do anything with or to the assets without the express consent of the individual to whom the assets belong. In addition, the rightful owner of the assets can control or determine what happens to the assets without having his name on the trust or anywhere else that would indicate his possession of the liquid assets or other property within the trust.

Those with large estates and professionals who are at greater risk of being sued due to the nature of their occupation are encouraged to look at offshore trusts as a part of their California estate plan. If you’d like to protect your assets and have considered offshore accounts, consult with a Newport Beach estate attorney to determine if an offshore trust is a good fit for your estate.

Our California asset protection and estate planning law firm has been a trusted source for estate planning, asset protection and business transactions for more than 35 years.  Contact us today for asset protection and estate planning strategies to meet your unique needs.

One of the main reasons that business owners form limited liability companies (LLCs) is to protect their personal assets from any business claims.   That protection is referred to as a liability shield.

However, if the proper steps are not taken to protect the liability shield of an LLC, a court may “pierce the veil” of the LLC and hold members personally liable for any claims.  Here are steps that LLC managers and members can take to protect their LLC liability shield:

Do Not Use the LLC for Serious Misconduct. The courts may pierce a LLC’s veil if members or managers use it to commit fraud or other serious misconduct.

Refer to the LLC in All Communications.  Members should expressly refer to the LLC in all dealings with third parties so it is understood they are dealing with the LLC, not with the LLC’s members in their individual capacities.

Keep Finances Separate.  To keep the LLC legally separate, all financial accounts for the LLC should be separate and apart from those of the individual members.

Keep the LLC Adequately Capitalized.  Some courts may pierce the veil if the LLC lacks adequate capitalization.

Follow the Rules.  Although LLCs do not have the same formal requirements as corporations, there are some rules that must be followed to protect LLC status.

Our California asset protection and estate planning law firm has been a trusted source for estate planning, asset protection and business transactions for more than 35 years.  Contact us today for asset protection and estate planning strategies to meet your unique needs.

Earlier this year, a California Court of Appeals decision made it more difficult for Californians to contest “rogue” wills, which are wills that seemingly come out of the blue and often lead to family discord and court battles.

In the case of Estate of Stoker, the court upheld the validity of an informal will that decedent Steven Wayne Stoker dictated to a friend after burning his original will.  Witnesses did not sign the informal will; nevertheless, the court found that Stoker intended it to be his will.  The informal will left Stoker’s estate to his two children; the original will had favored an old girlfriend.

The Stoker case is the first appellate decision to test the 2008 harmless error rule to protect against court challenges that are based on small procedural mistakes in form.

However, as is often the case, a lot of expense and delay (Stoker died in 2005) could have been avoided if Stoker had executed simple estate planning documents that revoked the original will.

As the California appeals court noted in its decision on Stoker, “nothing endures but change.”  If you need to make changes in any of your estate planning documents, our Newport Beach estate planning law firm can help.

An Exciting and Extremely Topical Webinar Series!

Never before has Asset Protection Planning been so important and critical. Over the last few decades expanding theories of liability and the proliferation of litigation has given increased emphasis to Asset Protection Planning to the extent that it is now a well recognized area of practice. Potential liability and lawsuits are a major concern to business owners, real estate investors, professional and other persons of wealth.

All lawyers should have some basic understanding of Asset Protection Planning but especially Estate Planning and Business lawyers. In fact, Estate Planning attorneys may have a duty to address Asset Protection Planning with all their Estate Planning clients.

Obviously, this is another source of revenue for your practice and can increase and grow revenues substantially. Moreover, Asset Protection Planning flourishes in down economies and is an integral part of providing Estate and Business Planning services to clients.

There are basic and fundamental concepts and techniques as well as more advanced and cutting edge strategies that you need to understand and learn. The result will be higher revenues for your practice and the opportunity to provide better services for your clients.

During this webinar series, you will:

• Develop a better understanding of what Asset Protection Planning is and why it is so important
• Find out about the various limitations involved such as the fraudulent transfer laws and bankruptcy considerations
• Learn about creditor’s rights and remedies
• Find out about how to utilize Limited Liability Companies as part of the Asset Protection structure
• Find out what a Charging Order really is
• Learn about Domestic and Offshore Asset Protection Trusts
• Study actual case studies with example for Attorney-Processing and follow through

Nationally renowned Estate and Asset Protection Planning attorney, Jeffrey R. Matsen, will present this important and very practical course in four different one hour sessions. Each separate one hour presentation will be offered on two different dates.

Sign up for any of the individual sessions that fit into your schedule for a low price of $97 each or all four sessions for a discounted price of $297. Each teleconference is 60 minutes and comes with a PowerPoint presentation and a Certificate of Completion for CE credit*. See below for more details about the course and each individual session and to make your selection.

Hurry!  There are only 100 spots for the live sessions

(You can still order the recording and materials)

Session One

The first session will be an Overview and Introduction to Asset Protection Planning and will include the various limitations involved such as the Fraudulent Transfer Laws, Bankruptcy Considerations and an Analysis of Creditors Rights and Remedies.

Tuesday, January 17, 2012 From 11am to 12:00pm Pacific

-Or-

Thursday, January 26, 2012 From 11am to 12:00pm Pacific

Just $97

Click to Order Session 1 Only!

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Session Two

The second session will discuss Business Entity Structures and, in particular, the Utilization of LLCs and Limited Partnerships and will treat such issues as the Charging Order, LLC Forum Shopping, Single Member LLCs and the Series LLC.

Thursday, February 9, 2012 From 11am to 12:00pm Pacific

-Or-

Wednesday, February 15, 2012 From 11am to 12:00pm Pacific

Just $97

Click to Order Session 2 Only!

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Session Three

The third session will focus on Domestic Asset Protection Trusts and the Modular Structure combining such Trusts with LLCs. The considerations involved in going Offshore and Offshore Asset Protection Trusts will also be presented.

Tuesday, March 6, 2012 From 11am to 12:00pm Pacific

-Or-

Wednesday, March 14, 2012 From 11am to 12:00pm Pacific

Just $97

Click to Order Session 3 Only!

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Session Four

The fourth session will wind up the Course with actual case studies and examples of attorney processing and follow through.

Thursday, April, 5, 2012 From 11am to 12:00pm Pacific

-Or-

Wednesday, April 11, 2012 From 11am to 12:00pm Pacific

Just $97

Click to Order Session 4 Only!

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All Four Sessions

Just $297

Click to Order All Sessions!

-or-

Call 714-384-6527

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ABOUT THE SPEAKERS

Jeffrey R. Matsen

Jeffrey is the founder and partner in charge of Wealth Strategies Counsel, the Estate Planning and Business Transaction Department of Bohm, Matsen, Kegel & Aguilera, LLP in Orange County CA. His practice areas include, Business and Estate Planning, Asset Protection, Probate and Trust administration and litigation, Real Estate and Off shore structures.

Attorney Matsen is designated by Worth Magazine as one of “America’s Top 100 Attorneys“, by Los Angeles Magazine as one of California’s “Super Lawyers“ and hHe is listed in The Best Lawyers in America. The Nationally Renowned Attorney Rating Service, ‘AVVO‘ has rated Mr. Matsen a perfect “10/10 Superb” and he has continued to achieve the highest “AV rating” and has been designated a “Preeminent Lawyer” by the prestigious attorney rating directory, Martindale Hubble.

Jeff has been a Professor of Law in Business, Estate Planning and Advanced Taxation. He is a much sought after and respected, Speaker and Educator and has published numerous legal articles.

Jeff served on the Board of Directors of the local Boys and Girls Club. He managed Little and Pony League baseball, and coached basketball for nearly 30 years. He was named Orange County’s Father of the Year 2007 by the Father’s Day Council and the American Diabetes Association.

He currently serves on the Board of Counselors of the Orange County Pacific Symphony Orchestra and as Vice Chairman of the Rancho Del Mar District of the Boy Scouts of America.

Jeff is admitted to practice in all courts in the State of California; the United States District Court (Central District); the United States Supreme Court; and the United States Tax Court.

Marc Selden

Attorney Selden is the Principal & Founder of Eagle & Selden, P.C. in Manhattan. His Practice Areas include Estate Planning, Asset Protection & Business Succession Planning.

The Nationally Renowned Attorney Rating Service, ‘AVVO‘ has rated Mr. Selden a perfect “10/10 Superb“,

Marc is an Instructor for the National Business Institute; Resident Faculty of the Laureate Center for Wealth Advisors, President and Founding Member of Wealth Counsel’s New York/New Jersey Forum; and is a Charter member of Wealth Counsel’s Speakers Bureau. He has also been published as a Contributing author.

Marc is Admitted to the New York State Bar; United States District Court, Southern & Eastern Districts of New York.

(Session Three)

John N. Massih

Attorney Massih is the founder and managing member of Massih Law, LLC. in Connecticut.  His Practice focuses on Estate , Business Planning and Asset Protection.

Experienced in the Fortune 50, public finance and venture capital arenas, which have provided a unique perspective in his practice and an understanding of business transactions and tax matters from the position of a business owner.

Attorney Massih lectures across Connecticut on Asset Protection and Estate Planning Strategies. He is a Board Member of the Financial Planners Association of Fairfield County, CT, and a member of the American Bar Association, the Connecticut Bar Association and the Fairfield County Bar Association. He is also an active member of WealthCounsel.

Attorney Massih is further recognized in his community by various civic contributions including his role as a Board member of the White Ribbon Campaign associated with the Center for Woman and Families of Eastern Fairfield County, and a member of the Young Leaders Society of Coastal Fairfield County.

(Session Two)

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What attendees of our seminars say:

“Wonderful -Knowledgeable speaker…”

“Jeff’s humor made it enjoyable to learn…”

“Excellent presentation…”

“Mr. Matsen is definitely a master of his craft…”

“It was well worth my time…”

*CE CREDIT IMPORTANT NOTICE: Wealth Strategies Counsel is NOT an approved Continuing Education Sponsor. However, participants may may still receive continuing education credit through their states and regulatory agencies. A Certificate of Completion will be provided to all attendees. If participants wish to receive CE credit, then they must apply to receive credit on their own and through their individual states and regulatory authorities. It is the responsibility of the participant to file for CE credit and is not guaranteed by Wealth Strategies Counsel or Jeffrey R. Matsen

FAQ (Frequently Asked Questions)

I can’t make it. How how can I still benefit?
You may still register for the program to receive the materials, including a recording of the session to review when convenient and at your pace (rewinding, pausing and fast forwarding). You can still benefit regardless of your calendaring conflicts, Don’t miss out.

When will I receive the conference materials and dial-in information?
Once you register, you will receive an email with dial-in instructions. Your password and Materials will be provided via email 48 hours before the program. If you have any questions or do not receive an e-mail, please contact Ty Mangrum at 714-384-6527.

If I haven’t received an e-mail with the dial-in information and materials. What do I do?
Double-check that the e-mail address (yours or the attendees) you provided is correct. Additionally, It is possible that your server may not be allowing our e-mails to come through or it may be in your spam filter. Contact Ty Mangrum at 714-384-6527 (Monday through Friday from 8:30am to 5pm Pacific) or, preferably, by e-mail at tmangrum@bmkalaw.com .

How many people in my office may participate?
An unlimited number of people in your office may participate provided that all participants connect on just one (1) connection per call. Only one (1) connection will be authorized per office per call.

Can I get CE for this program?
Wealth Strategies Counsel and all affiliated parties of this program are NOT CE Sponsors and do not guarantee CE credit for this program. Certain regulatory agencies approve CE from unregistered CE sponsors, which is why you are provided with a Certificate of Completion.

Recent statistics indicate that Californians, like many Americans, are not planning their estates. Of course, we have to consider high unemployment, the Wall Street scandals that have cost Americans billions, and the slowing of consumer activity.

While these are certainly understandable reasons why estate planning may not seem important, it actually makes it more important than ever.

Protect your assets: even if you have a fraction of what you had five years ago, you need to discuss with a California estate planning lawyer what you can do to protect what you still have.

Save yourself from creditor harassment: if you have assets in a trust or other sheltering vehicle, you can foreclose on a home and not worry about losing what is protected within your estate in offshore and most domestic trusts—but you won’t know if you qualify for this if you don’t discuss it with your Newport Beach asset protection attorney.

According to the most recent statistics concerning wealth management and estate planning, fewer Americans are estate planning today than five years ago. If you’re not protecting your assets, they are vulnerable and can easily become the prey of predatory lenders and creditors.

Protect what is yours and discuss the best ways to do it for your unique financial situation. Contact a California estate planning lawyer today—have your questions answered and stop putting off the planning of your estate!

Our California asset protection and estate planning law firm has been a trusted source for estate planning, asset protection and business transactions for more than 35 years.  Contact us today for asset protection and estate planning strategies to meet your unique needs.

With everyone in a gift-giving frame of mind this time of year, it’s good to revisit the rules when it comes to gift splitting.

Not the kind of gift splitting that perhaps bedeviled you in your youth, when you had to share gifts with siblings.  We’re talking about gift splitting for tax purposes.

Married couples use gift splitting to double their gift tax exclusions, by making joint gifts to third parties.  Here are a few basic rules:

• The gift must be made to a third party
• Both spouses must be U.S. citizens or residents
• Spouses must be married to each other at the time the gift is made
• If a gift is made jointly, then the spouses divorce that same year, they cannot remarry and still enjoy the tax benefits of gift splitting
• Both spouses must agree to the gift splitting
• The spouse who makes the gift cannot give their consenting spouse power of appointment over the gift

Generally speaking, once a couple elects to gift-split during the year, all successive gifts that year must also be split.  There are some ways around this, which your estate planning attorney can explain.

Also, for GST tax purposes, if gift splitting is elected for the tax year, the deemed allocation rules for the GST exemption will be applied equally to each spouse unless both spouses file a gift tax return that allocates the exemption differently.

Our California asset protection and estate planning law firm has been a trusted source for estate planning, asset protection and business transactions for more than 35 years.  Contact us today for asset protection and estate planning strategies to meet your unique needs.

For the past three years, the IRS has been cracking down on illegal offshore accounts, using both the carrot (amnesty programs) and the stick (prosecution) to get U.S. taxpayers to accurately report foreign holdings.

An excellent article in the Wall Street Journal last weekend delved into the new rules affecting offshore accounts, noting that under FACTA (the Foreign Account Tax Compliance Act of 2010), taxpayers are required to file a new form to disclose offshore assets in excess of $50,000.  This informative infographic accompanied that article:

As the article notes, even in light of the IRS’s efforts to uncover offshore assets, there are new – and legal – benefits to investing offshore.  Of course, the best reason to go offshore is for asset protection.  See our www.whygooffshore.com site :

Our California asset protection and estate planning law firm has been a trusted source for estate planning, asset protection and business transactions for more than 35 years.  Contact us today for asset protection and estate planning strategies to meet your unique needs.

Between purchasing that perfect gift for a loved one and unpacking the holiday decorations, you should take a few minutes to ensure you’re taking advantage of every opportunity to lower your 2011 tax bill before the clock strikes midnight on December 31.  Here’s how:

Max out 401(k) contributions ($16,500 if you’re under 50, $22,000 if you’re over 50).

If you’re self-employed, invest in an individual 401(k) plan – you have until Dec. 31 to set one up and until April 15, 2012 to fund it.

Max out your health savings account contributions ($3,050 for an individual, $6,150 for a family; those over 55 can contribute $1,000 more if they are not yet enrolled in Medicare).

Make contributions to a 529 college plan to get a break on state taxes – that is, unless your plan is in California, which doesn’t currently offer any deductions for 529 contributions.

If your income dropped this year, do a Roth conversion.

Sell off the losers in your taxable investment accounts for a capital loss that can offset up to $3,000 of ordinary income on your tax return.

Make charitable donations with a credit card – you get the credit for the donation in 2011, but don’t have to pay until 2012.

If you’re over 70 ½, make a charitable contribution directly from your IRA.

Donate household items – you can take a deduction of up to $5,000 without a formal appraisal for the value of the donated items.

Our California asset protection and estate planning law firm has been a trusted source for estate planning, asset protection and business transactions for more than 35 years.  Contact us today for asset protection and estate planning strategies to meet your unique needs.

The folks at MoneyNing.com and GoBankingRates.com put together this interesting infographic as a guide for figuring out how much someone who wants to withdraw $100,000 a year in retirement (assuming an inflation rate of 2.5 percent annually) will need to save to reach that goal: