As you may be aware, if your child inherits your IRA, he can "stretch" out the withdrawals in order to continue the deferred tax growth for a number of years. Naming your child a beneficiary of your IRA can be a problem if: (1) your child is a minor and you don't want...
The most common type of business transition for small business uses a buy-sell agreement and irrevocable life insurance trusts. Below is a diagram explaining the fundamentals.
I was recently talking with a CPA in my network, and he told me how he attended a continuing education seminar on how "retirement plans are the best form of asset protection available." Although retirement plans offer some asset protection, and should be a part of...
An Oregon resident must worry about federal gift tax, federal estate tax, and Oregon estate tax. Federal estate tax is assessed at 40% of a person's taxable estate over $5.34 (2014 number-adjusts for inflation). So if an Oregon resident has a $10 million taxable...
Many people are familiar with the phrase "asset protection" but are not aware of exactly what it is or how they can benefit from it-so I'll tell you a little about it.Creditors gravitate towards debtors that have substantial assets because if the debtor has no assets...
Probate is a court process whereby the court oversees the administering of the decedent's estate. Probate is meant to give the decedent's creditors a chance to make a claim on the decedent's property, and then to clear the title after the creditors have had sufficient...
