Domestic Asset Protection Trust States

On March 8, 2017, Michigan enters the ranks of states with allowing asset protection trusts. Michigan is the 17th state to pass such legislation.  It’s been 20 years since the first domestic asset protection trusts (DAPT) were allowed in Alaska…

Consequences of a Revoked LLC

Do you have a limited liability company or corporation that you are no longer using?  If so, perhaps you chose not to renew it when the annual renewal came around. Does the entity still hold assets? If so, the consequences…

A New Year: It’s time to Review

With the new year comes much talk of resolutions to be made and broken.  A month in and you have probably broken one or two by now. One resolution that you should have considered is reviewing your estate plan.  Does…

Nevada ABLE Accounts

When individuals rely on certain government programs for their health and overall quality of life, they do not what to lose that critical assistance.  Often the assistance from such programs can be jeopardized by suddenly receiving a significant amount of…

What Could Replace the Estate Tax?

If President-elect Trump and the Republican led Congress succeed in eliminating the federal estate tax (see my prior post), what could we see take its place? Two options are the carry over basis that we saw during 2010 when the…

Is Gift Tax Repeal Also Possible?

Along with all of the other uncertainties going forward is whether or not the repeal of the gift tax will also happen.  President-elect Trump has proposed, along with the repeal of the estate tax, the elimination of the gift tax.…

The State of Non-Compete Agreements in Nevada

This past July, 2016, the Nevada Supreme Court issued a ruling that greatly affected non-compete agreements in the state.  In Golden Rd. Motor Inn, Inc. v. Islam, the Nevada Supreme Court found that non-compete agreements may not “extend further than…

Trump’s Estate Tax Proposal

Along with Donald Trump’s surprise victory, even for many of those who voted for him, comes a great deal of speculation over the various policies that President­-Elect Trump proposed during his campaign.  Among the things that he proposed were wide-ranging…

Three Advantages of Dynasty Trusts

The term “Dynasty Trust” refers to an irrevocable trust that lasts for multiple generations.  Some people also call this a “Legacy Trust” since you are, in effect, creating a legacy to benefit your descendants for years to come.  While some…