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Leading Economists, Fund Managers Preparing for the Upcoming Market Correction

Posted on: March 28, 2017 at 7:27 pm, in

Market correction of 30-50% in next 10 years – to occur at least once or maybe twice, reports Jack Bogle of Vanguard Group

Boston, MA (PRWEB) October 14, 2014
top quote We like to evaluate our clients’ exposure to the financial markets and show them how they can minimize their risks while still 6, 7, or 8% with half the market risk- beta of .3-.5. top quote
According to ABC News, experts and are predicting a great deal of volatility as the International Monetary Fund trimmed its outlook for global growth this year and next (1). The freefalling securities of the Dow Jones Industrial Average (DJIA) in mid-September were countered by a brief recovery followed by a few days of fluctuations, only to be capped by a sharp drop on the last day of the month. The closely followed index then rebounded strongly in just one trading session and then plunged into a new period of fluctuation. Although the DJIA had experienced an even sharper drop in late July and early August, many economists and market analysts believe that the ongoing market correction could easily mature into a sluggish bear market (2).
In April 2013, one of the most respected names in investment banking called attention to the financial markets as he predicted a rocky decade for stock investors. Jack Bogle, the senior chairman and founder of the Vanguard Group, appeared on CNBC and issued a somber outlook with regard to the global financial exchanges: A market correction between 30 and 50 percent was clearly on the horizon at least once, and perhaps twice in the next 10 years (3).
While Mr. Bogle did not appear to be overly concerned with his 2013 prediction, market corrections tend to spell undue risk and significant losses for the average investor. Mr. Bogle explained that he has survived market corrections of 50 percent, once in 1971, three decades later in 2001, and just a few years ago in late 2008 (3). One of the major reasons why Mr. Bogle is not so concerned with a possible market correction is because he believes in efficient fund management and not in market timing.
The market correction sentiment is not limited to stocks. Marc Faber, a renowned fund manager and professor at the prestigious Wharton School of Business, sees asset bubbles everywhere. Speaking to CNBC on September 19th, Mr. Faber warned that market corrections tend to follow financial bubbles (4). Mr. Faber also sees potential catalysts of these corrections, which include rising interest rates, a strong dollar, and a downbeat bond market.
Faber and Bogle are not the only ones urging caution with regard to significant market corrections. Billionaire investor George Soros has recently commented on his belief about an imminent 10 to 20 percent market correction (5). These financial wizards share more in common than a gloomy outlook: They have been able to weather out market corrections while delivering returns on the portfolios they manage, and they have accomplished this by serving their clients and not by “beating the market.”
Marketing correction: Panic, Buy, Sell dice
Marketing correction: Panic, Buy, or Sell?
Rocco Beatrice, Managing Director of Estate Street Partners, LLC, shares a similar sentiment with Bogle, Faber and Soros. Estate Street Partners owns and operates UltraTrust.com, a website that teaches clients about efficient asset protection and wealth management practices. With regard to market corrections and how they can impact portfolios, Mr. Beatrice explains that: “We like to evaluate our clients’ exposure to the financial markets and show them how they can minimize their risks while still maintaining solid returns. Most of our clients cannot afford to lose 30 to 40 percent in the market because they are too close to retirement.”
Expanding on the above, Mr. Beatrice adds: “Most of our solutions were through extensive research of only the top 1% of fund managers. What makes them different is they offer 100 percent liquidity and a tactical strategy that resulted in no losses in the 2001, 2008, 2009, and 2011 stock market crashes. We typically gather basic information from our clients including brokerage statements and their latest tax returns, and from those we can show them where hidden risks lie, how they can generate tax free income, and how to avoid 30 to 40 percent declines while surpassing their expectations on returns without the implied volatility.”
Mr. Beatrice believes that the investment management industry at large does not pay too much attention to bear market forecasts such as those issued by Bogle, Faber and Soros: “The practice of putting investors’ funds into products that are supposed to outperform is very suspect at this time. Money managers are seeing that these products simply not performing as they hope; this is not how active fund management is supposed to work. The market correction forecasters are doing what is right for their clients, which is to protect their assets at a time when everyone else is losing them.”
In closing, Mr. Beatrice highlights some of the principles of wealth management observed by Estate Street Partners and UltraTrust.com: “We essentially begin with our clients’ personal financial history and their responsibilities before going into realistic objectives. The goals will differ, but the most common ones tend to be income, wealth protection, estate planning, and time horizon. What ties all these factors together is risk mitigation. Once we establish one or two strategies to ensure that our clients are able to withstand market corrections, producing returns becomes a lot easier. We discover and create value, which is not something that can only be accomplished with proper fund management. Algorithms and esoteric trading should never be a part of a sound wealth management strategy.”
About Estate Street Partners (UltraTrust.com):
For 30 years, Estate Street Partners has been helping clients protect assets from divorce and frivolous lawsuits while eliminating estate taxes and probate as well as ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust® Irrevocable Trust. Call (888) 938-5872 to learn more.
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Philip Seymour Hoffman Death: Avoiding the Trust Fund Baby

Posted on: March 28, 2017 at 7:26 pm, in

From the late Philip Seymour Hoffman to Sting and from Bill Gates to Warren Buffett: Some of the ultra-rich do not want their children to become trust fund brats. UltraTrust.com investigates.

Boston, MA (PRWEB) September 03, 2014

“Hoffman left behind a will after his unfortunate death that sparked a massive debate by many ultra-wealthy, including Sting, Gates, and Buffett regarding their passion for avoiding creating trust-fund kids,” says Rocco Beatrice. Hoffman passed away from a massive heroin overdose in early February; he left a will that specifically called for his son to be raised in an American metropolis, and he also voiced his disapproval of the trust-fund baby image. Hoffman limited his estate planning to a will that was introduced in surrogate court weeks after his death (4). Hoffman is hardly alone in this overly cautious approach to the trust fund baby stigma.
In early 2012, American voters were given a close look at the lives of the rich and famous via a man who could have become President of the United States. The wealth of former Massachusetts Governor Mitt Romney became a point of interest among the public, particularly when it came to estate planning. What voters in the U.S. learned was that Romney’s five sons: Ben, Craig, Josh, Matt, and Tagg, had been certainly taken care of by their parents to the tune of $100 million (1).
top quote Clients are only limited by their own creativity when drafting incentives for an irrevocable trust. top quote

As a successful investment banker, Romney certainly knew how to take advantage of certain financial vehicles that offered tax-free gifts that he could use to establish a trust fund for his children. As with many other things in politics, Romney’s thoughtful estate planning drew praise from some circles and criticism from others (1). On one hand, some families approved of Mitt and Ann Romney’s desire to financially establish their sons at a time when the economic future of the world faces uncertainty; on the other hand, famous millionaires such as singer Sting, American investor Warren Buffett and Microsoft co-founder Bill Gates have expressed their opinions on the “trust-fund kid” phenomenon (2)./div>

Gordon Matthew Thomas Sumner, more famously known as Sting, has explained that his $300 million net worth will not become a burden to his children, who are already accustomed to working and rarely ask their father for anything (3). The former member of the legendary British rock band The Police is not alone in this sentiment. In a way, Bill and Melinda Gates have already planned for their three children to get $10 million of the couple’s $76 billion (2). The Gates’ rationale in this regard is succinctly explained by billionaire investors Warren Buffett, who wants to leave his children enough money so that they can feel the joy of financial freedom, but not so much money so that they feel like they don’t have work.
Philip Seymour Hoffman photo
Hoffman and Sting publicly hated the concept of Trust fund babies
“The trust-fund baby image tends to be very negative among our clients,” explains Rocco Beatrice, Managing Director of Estate Street Partners, LLC. “We are a financial and estate planning firm, and we get some clients who feel that leaving everything they own to their children would just end up spoiling them and making them lazy. It’s a valid concern, not to mention that a lump sum distribution of assets could be quickly spent.” Estate Street Partners, LLC, operates UltraTrust.com, a website where clients can learn about the advantages of irrevocable trusts as estate planning tools.
Commenting on Hoffman’s probate proceedings, Mr. Beatrice comments: “Here we have an actor whose estate is estimated at $35 million and bound to increase as more films that he worked on are released post-mortem. One can understand his hesitation at leaving his three children all of his assets at once, but his will bequeathed everything to Mimi O’Donnell, his longtime partner. Our office would have recommended an irrevocable trust instead of a will. If Hoffman wanted O’Donnell to administer his estate so that his children do not grow up to be trust-fund babies, then he could have appointed an independent trustee to carry out distributions to his children with a certain amount of discretion and leveraged the use of incentives. This is known as spendthrift and incentive clauses.”
By leaving all his assets to O’Donnell by means of a will, Hoffman practically handed more than $10 million to the IRS (4). Mr. Beatrice explains: “Hoffman never married O’Donnell, so only a $5.4M estate tax deduction applies in this case. O’Donnell now carries the burden of estate taxation, 35 percent of Hoffman’s net worth above the $5.4 million. His children are not going to see that money because a will under these circumstances offers no tax advantages. His family could have gotten considerably more had Hoffman set up an irrevocable trust.”
In 2003, a documentary produced by one of the heirs to the massive Johnson & Johnson estate shook the high society circles of New York’s Park Avenue and The Hamptons (5). “Born Rich,” a film by Jamie Johnson, interviewed various members of the “trust-fund elite,” individuals with last names such as Trump and Bloomberg. The focus of the film was on the squandering nature of the interview subjects, who did not amount to much outside of profligate spending and snobbery.
“The Born Rich documentary was an eye-opener, but things do not have to be this way,” explains Mr. Beatrice. “There’s a sensible way to bequeath your estate to your children, and that is through an irrevocable trust managed by professional and independent trustee. We mentioned the spendthrift and incentive clauses, which can be established in various ways. The beneficiaries of the trust, for example, can get certain distribution amounts upon completion of certain requirements or milestones. Graduating from college is a popular trigger for a spendthrift clause; getting a job can be another one, or matching of W-2 income. The fact is that clients are only limited by their own creativity when drafting incentives for an irrevocable trust.”
Mr. Beatrice concludes: “With all respect to Sting, Buffett and others who may be shocked by documentaries such as Born Rich, the fear of leaving too much money to your children is unfounded. A solid estate planning strategy can encourage surviving children to prove to the trustees that they have done their part to earn a distribution from the trust, which can be structured in the way that you want so that your children do not end up like the trust-fund babies you disapprove of.”
About Estate Street Partners (UltraTrust.com):
For 30 years, Estate Street Partners has been helping clients protect assets from divorce and frivolous lawsuits while eliminating estate taxes and probate as well as ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust® Irrevocable Trust. Call (888) 938-5872 to learn more.
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Engaged George Clooney Hits a Wall Deciding to Ask for a Prenup or Not

Posted on: March 28, 2017 at 7:26 pm, in

Boston, MA (PRWEB) May 14, 2014
It’s never too late for marital bliss, but the clock’s ticking for Hollywood icon George Clooney to secure his premarital assets. UltraTrust.com explains why.
As news about George Clooney’s engagement to prestigious British attorney Amal Alamuddin made entertainment news headlines around the world as described by USA Today (1), the conversation around this topic is turning to what the future may hold for this fabulous couple. The Belfast Telegraph reported on reactions from Stacy Kiebler, a former professional wrestler who was previously romantically linked to Clooney. Kiebler was not too happy to learn about the engagement news (2).

George Clooney engaged with Amal Alamuddin

Engaged George Clooney is No longer Hollywood’s most
Eligible Bachelor
According to The Guardian, Clooney was dining in Malibu with his beautiful fiancee when fellow actor Edward Norton stopped by the couple’s table (3) and learned about the engagement, which took place as the actor celebrated his 53rd birthday in Cabo San Lucas, Mexico. Fox News confirmed the announcement with a congratulatory statement from Clooney’s father (4), and remarked that this is the actor’s second attempt at marriage.
“We’re going to hear more about this engagement and the possibility of a prenuptial agreement as the wedding date gets closer,” comments Rocco Beatrice of UltraTrust.com. Mr. Beatrice is the Managing Director of Estate Street Partners, LLC, the CPA firm that specializes in strategic wealth management solutions. Mr. Beatrice continues: “This is similar to the buzz surrounding the wedding plans of Angelina Jolie and Brad Pitt; a lot of media attention has been focused on their reported prenuptial agreement and their desire to keep their wealth separate,” explains Mr. Beatrice, who is referring to the advice, according to The Guardian, Jolie gave to fellow Hollywood star Johnny Depp earlier this year (5).
top quote While the intentions of prenuptial agreements may seem clear, the actual results are often not what most couples expect; Prenups have pro’s and con’s. top quote
“While the intentions of prenuptial agreements may seem clear, the actual results are often not what most couples expect; Prenups have pro’s and con’s. Legal history shows us that media magnate Rupert Murdoch lost quite a bit of wealth after his 1999 divorce, and he had a prenuptial agreement.” Mr. Beatrice is referring to Murdoch’s divorce from Anna Torv, who received $110 million in cash and the rights to more than $1 billion in News Corp. stock, which she promptly and kindly assigned to her children through a series of irrevocable trusts (6).
“Let’s not forget about Barry Bonds’ divorce; his prenup was questioned and challenged in various California courtrooms as the battle was brought all the way up to the Supreme Court of California. It prevailed in the end, but it took years and a million dollars in legal fees to do so.” Here Mr. Beatrice is referring to the Major League Baseball legend who played for the Pittsburgh Pirates and the San Francisco Giants. Bonds nearly struck out on his separation from Susann Branco; his prenuptial agreement had to be certified as voluntary by the Supreme Court of California six years after the divorce was filed (7).
“Clooney has a few things to consider before going into this marriage. He is in his 50s, he has amassed a considerable fortune a top Hollywood A-lister, and this is his second run at life as a married man. He is also getting married to a top-notch attorney, one of the brightest legal minds in England. Instead of a prenup, he should be looking into something a bit more sophisticated such as an irrevocable trust to protect and control the most critical parts of the fortune he has made as an actor, producer and director,” explains Mr. Beatrice.
“There is something about life imitating art with Clooney’s engagement. Through his work as a Hollywood actor, he has come to learn about estates, prenuptial agreements, and trusts.” Here Mr. Beatrice is respectively referring to the films “The Descendants” (8) and “Intolerable Cruelty” (9). In the latter movie, Clooney plays Miles Massey, a family law attorney who believes he has crafted a completely airtight and ironclad prenup; in the former, he also plays a lawyer who must make a decision how to proceed on valuable Hawaii real estate that is locked in a land trust.
“Clooney has built his acting career around the concept of being a suave leading man and a smooth operator,” continued Mr. Beatrice, “but even this reputation is not going to prevent him from coming across as unromantic when he mentions a prenuptial agreement. It may help that his fiancee is brilliant and will understand the legal provisions and limitations of a prenup; still, this is an awkward situation for all couples. These premarital contracts are known to be romance-killers that essentially create emotional baggage that couples must carry into their marriages; let’s keep in mind the logistics involved: Lawyers, witnesses, notaries, etc.”
Mr. Beatrice believes that irrevocable trusts would be more adequate for this power couple before they tie the knot: “We have two successful individuals who are passionate about their careers and who have accomplished a lot on their own. They can each establish individual trusts to protect and control what they have worked so hard to obtain up to this point. I’m sure they are concerned about their privacy as well; which is another reason they should get irrevocable trusts instead of a prenuptial agreement. We know all the juicy bits about Barry Bonds’ prenuptial agreement because divorce proceedings in California are highly public. You just don’t have that problem with irrevocable trusts because it is all a private arrangement.”
When irrevocable trusts are brought forward in divorce cases, judges merely look into the trust to make sure that no marital property was deposited therein. “Irrevocable trusts have been challenged in several family court jurisdictions, and they have performed formidably. Judges understand the concept of individuals who agree to have a trustee manage their property and assets for the benefit of others while still retaining full control and enjoyment of the assets. Obviously Clooney and Alamuddin have a lot to protect, but irrevocable trusts are not just for the rich.”
“In the end, it is my opinion that neither George Clooney not Amal Alamuddin should get a prenuptial agreement. Instead, they should be looking at more sophisticated avenues that achieve the goal better,” concluded Mr. Beatrice. “Regardless of their decision, we should be happy that these two advocates of human rights are getting together. Congratulations to the happy couple.”
About Estate Street Partners (UltraTrust.com):
For 30 years, Estate Street Partners has been helping clients protect assets from divorce and frivolous lawsuits while eliminating estate taxes and probate as well as ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust® Irrevocable Trust. Call (888) 938-5872 to learn more.
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NBA star Michael Carter-Smith Places Salary in Irrevocable Trust

Posted on: March 28, 2017 at 7:25 pm, in

Boston, MA (PRWEB) May 13, 2014

NBA Michael Carter-Williams

Michael Carter-Williams Showing what it takes to be
#1 in the League on and off the court
On May 5th, 2014, the National Basketball Association (NBA) announced that Michael Carter-Williams was selected as the recipient of the 2014 Kia Rookie of the Year Award (1). At just 22 years of age and appropriately wearing the number 1 jersey for the Philadelphia 76ers, Carter-Williams is making history in more ways than one. Consider his impressive first season’s numbers: In 70 appearances on the court, he scored an average 16.7 points, 6.3 rebounds and 6.2 assists per game, which means he was at the very top of the rookie ladder (2).
In the history of the NBA, there have only been three rookie players who managed to surpass their peers in terms of scoring, rebounds and assists (2). The first rookie to accomplish this was the legendary Oscar Robertson in 1961, during his first season with the Cincinnati Royals. The second was Alvan Adams in 1976 with the Phoenix Suns. Robertson would later be inducted into the Naismith Basketball Hall of Fame, and Adams’ jersey would be retired by the Suns (3). Carter-Williams certainly seems as if he’s in the right path to great achievement in the NBA.
top quote What we have here is a very smart young man who is choosing responsibility over the temptations of earning more than 99.9% of his peers at an early age. For this reason we want to nominate him as well as a financial role model of the year. top quote
In December 2013, Carter-Williams scored what could be considered a financial triple-double, or at least a slam-dunk by infamously announcing his estate planning prowess. CBS Sports reported that the young rookie agreed to put his salary from the 76ers into a trust managed by his mother and a close family friend who is a financial planner (4). At this point, Carter-Williams is earning a guaranteed $4.5 million for this season and the next. He is clearly earning his salary: On the 76ers opening game this season, Carter-Williams scored a jaw-dropping 22 points, caught 7 rebounds and passed 12 assists to beat the Miami Heat, the reigning NBA champions (5).
Under the terms of the trust according to CBS Sports, Carter-Williams cannot touch his salary, which could increase considerably after his second season, for three years. This does not mean that he has to depend on his family to get by; CBS Sports went on to state that he is making money from his endorsement contracts signed with sporting goods giant Nike and Panini America trading cards (4). Now that he has earned Rookie of the Year, his endorsement deals are bound to become even more lucrative.
“What we have here is a very smart young man who is choosing responsibility over the temptations of earning more than 99.9% of his peers at an early age. For this reason we want to nominate him as well as a financial role model of the year,” explains Rocco Beatrice of UltraTrust.com, a website that provides asset management tools such as irrevocable trusts, FLP’s, and LLC’s. UltraTrust.com is owned by Estate Street Partners LLC, a firm that provides estate planning and financial advice. “The painful subject of professional athletes facing bankruptcy and ending up broke is becoming far too common these days. Let’s not forget about the last player from the Sixers who had the honor of being named Rookie of the Year.”
Mr. Beatrice is referring to Allen Ezail Iverson, also known as “The Answer.” Iverson was the 1997 NBA Rookie of the Year; he had a great career with the Philadelphia 76ers and essentially changed the face of the NBA with colorful and questionable behavior on and off the court. Iverson, whose jersey was retired by the Sixers, reportedly earned $200 million during his career (6); however, according to Forbes, he was often broke or on the brink of filing for bankruptcy even while still playing under contract for NBA teams.
“A lot can happen to athletes who are not careful with their money. Players such as Iverson, who come from disadvantaged backgrounds, are often thrust into a world that is completely foreign to them when they start playing at the professional level. They turn into profligate spenders with big hearts who give a lot of money to family members and neighborhood friends; then their income becomes accosted from all angles by a motley crew. We are talking about dishonest agents, dubious financial planners, gold digger spouses, sham business people, and assorted hangers-on.” At this point, Mr. Beatrice calls attention to a 2009 Sports Illustrated article by Pablo S. Torre (7), which was an eye opener into “How (and Why) Athletes Go Broke.”
Mr. Beatrice continues: “Over the last few years we have learned of so many professional athletes going broke. Besides Iverson in the NBA, we know of Latrell Sprewell, Antoine Walker and many others. It’s not just men; let’s remember Sheryl Swoopes of the WNBA, who declared bankruptcy despite earning $50 million in salaries and Nike endorsements. For this reason, it is truly great to see Carter-Williams setting an important example.”
As to the type of trust selected by Carter-Williams, Mr. Beatrice explains: “The news reports do not specify too many details about the irrevocable trust; however, this is the type of we recommend to professional athletes for many reasons. First of all, many rookies are surprised by a wave of frivolous lawsuits and hands out as soon as they receive their first paycheck. These lawsuits are typically filed by unscrupulous people who seem materialize out of nowhere to attempt a shakedown. Let these sham plaintiffs know that earnings are deposited into an irrevocable trust and they won’t bother again. The same goes for gold diggers.”
“Looking at the news reports, it seems as if Carter-Williams plans to follow this initial strategy for a few years. You never know what the future may hold, and career-ending injuries are always lurking in the field of professional sports,” concludes Mr. Beatrice. “Irrevocable trusts are also ideal for retirement and estate planning, to reduce tax liabilities and to avoid financial distress in general.”
About Estate Street Partners (UltraTrust.com):
For 30 years, Estate Street Partners has been helping clients protect assets from divorce and frivolous lawsuits while eliminating estate taxes and probate as well as ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust® Irrevocable Trust. Call (888) 938-5872 to learn more.
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L’Wren Scott, Mick Jagger’s Long-Time Girlfriend, Leaves Only a Will

Posted on: March 28, 2017 at 7:25 pm, in

Boston, MA (PRWEB) April 03, 2014

L’Wren Scott’s friend, Fergie, shocked by death
Jo Wood:Mick Jagger ‘devastated’ by L’Wren’s suicide

Mick Jagger’s long-time girlfriend found dead

Mick Jagger Devastate by L’Wren Scott’s Suicide
It was a tragic end to a love affair that was often tumultuous according to the Telegraph. American designer and former model L’Wren Scott took her own life on March 17th; a little more than a year after she composed her last will and testament (7). The document, which was filed in Manhattan’s Surrogate Court, revealed that Scott left her entire estate to her long-time romantic partner and legendary lead singer of the Rolling Stones (1).
L’Wren Scott was 49 years old when an administrative assistant found her in a New York City apartment located at 200 11th Avenue on March 17th, 2014 (2). Her death was ruled a suicide shortly after police officers and the medical examiner issued their respective reports. Mick Jagger was on tour with the Rolling Stones in Australia when he received the sad news. Scott and Jagger were never married and did not have children.
According to a news report by CNN, Scott’s will was quickly entered into probate at Manhattan’s surrogate court (3). Estimates of her personal net worth vary; CNN used public records to determine that her estate could be worth about $9 million in assets, which include the stylish apartment and fashion design business holdings.
The BBC reported that Scott’s design firm in London, LS Fashion Limited, was operating at deep loss when compared to her assets (2). The Telegraph cited records kept by Companies House in Britain that indicate an operational business loss of $5.9 million two years ago.
“We are getting this picture of Scott’s estate due to the very public nature of wills, which routinely enter the public record via probate court. We are also getting other details about her life and relationship with Jagger because wills tend to feed tabloid journalists who are pretty good at sleuthing,” explained Rocco Beatrice, Managing Director of Estate Street Partners, LLC and of UltraTrust.com. “Irrevocable trusts are pretty good instruments for privacy when it comes to estates and personal affairs.”
top quote We are getting this picture of Scott’s estate due to the very public nature of wills. Probate, public scrutiny, and estate taxes could have been avoided with an irrevocable trust. top quote

What Mr. Beatrice is referring to with regard to revealing personal information and inviting media speculation has already happened in the wake of Scott’s sad demise. The Telegraph reported that Scott’s will did not include any liabilities (1); this may have, according to the Telegraph, “prompted speculation about her suicide” being prompted by turmoil caused by financial adversity. CNN included a statement issued by LS Fashion Limited that admonished such speculation and calling it disrespectful./div>

Scott was born Laura Ann Bambrough and was known as Luann until she entered the world of high fashion (4). She was a towering and shapely beauty who graced the runways of Paris until she decided to put her creativity to work. She moved to Los Angeles and started working as a stylist and later as a creative director (5). Scott had a great eye for ultra-feminine design; she went from high fashion to wardrobe design for Hollywood films and later a lucrative contract with Banana Republic (4).
Prior to meeting Jagger in 2003, Scott had been briefly married. In her will, however, this fact about her life is subject to a bit of ambiguity. Her IMDB biography states that she was married for a few years in the 1990s (4), but on her will she wrote that she was never married and had no children (3), but she also crossed out the adverb “never.”
On the issue of crossed out words on wills, Mr. Beatrice explained: “Depending on the jurisdiction, crossed out words or phrases may render a will invalid; changes to wills should be formally filed as codicils. Handwritten and holographic wills can also become problematic. The nature of irrevocable trusts as estate planning tools makes them less likely to suffer these potential pitfalls because they call for professionals to get involved in the proper structuring of the documents and their formal amendments.”
Although Scott’s brother attended her funeral service, she seemed to have been estranged from her surviving sister. There has been plenty of speculation as to why Scott did not include her siblings on the will and instead her sizable estate to Jagger, whose net worth according to the Telegraph is estimated at $300 million (1).
“This is a sign of someone who was truly in love despite all other turmoil,” explains Mr. Beatrice. “Still, emotional conflict should not preclude estate planning, particularly when wealth is being created. Here we have a very successful and wealthy fashion designer who could have benefited from an irrevocable trust.”
“By leaving a will and bequeathing her entire estate to Jagger, she also turned him over to creditors and made him liable for New York estate taxes. These unpleasant situations of probate, public scrutiny, and estate taxes could have been avoided with an irrevocable trust.”
Mr. Beatrice is referring to New York’s estate taxes, which requires filing a special tax return within nine months after a grantor has passed away. This taxation applies to estates with values greater than $1 million (6). Irrevocable trusts can also be used for asset protection and wealth preservation during an individual’s lifetime since they offer legal protections against creditors to a certain extent.
In closing, Mr. Beatrice stated: “There is no question that Scott was deeply in love until the very moment she left us. This is a very human gesture, but death does not leave others off the hook when it comes to financial obligations and taxes. Even when we are emotionally consumed, we must think about the potential liabilities we may unexpectedly burden our loved ones with when our time comes. To this end, irrevocable trusts are much better instruments than wills.”
About Estate Street Partners (UltraTrust.com):
For 30 years, Estate Street Partners has been helping clients protect assets from divorce and frivolous lawsuits while eliminating estate taxes and probate as well as ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust® Irrevocable Trust. Call (888) 938-5872 to learn more.
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IRS Loses Huge Captive Insurance Lawsuit against Rent-A-Center

Posted on: March 28, 2017 at 7:24 pm, in

Boston, MA (PRWEB) March 27, 2014

Tax Loopholes for business owners are still out There if one know what they are doing.

Tax Loopholes for business owners are still out There if one know what they are doing.
Certain tax and wealth planning benefits provided by CICs have prompted the United States Internal Revenue Service (IRS) to increase scrutiny and examinations of these structures (3); but, as we can see in Rent-A-Center, Inc. v. C.I.R., 142 T.C. No. 1 (2014)., captives are still viable entities when it comes to certain tax deductions. Captive insurance companies (CICs) are defined by the National Association of Insurance Commissioners (NAIC) as legal structures established for the purpose of insuring risks faced by owners of business enterprises (1). A CIC can be formed as a domestic business entity, but interested parties may also go offshore and seek foreign incorporation for this purpose (2).
“CICs can benefit individuals from an estate planning and wealth management point of view, but everything must be treated as a business,” explains Rocco Beatrice, Managing Director of Estate Street Partners, LLC, parent company of UltraTrust.com. “Individuals must pass an income and revenue check as it relates to the business entity they control; in essence, the company must have annual revenues of at least $1 million and net income of $500,000. This is not a matter of individual net worth; it is all about making money from a business enterprise.”
top quote …In a way, the millions of dollars the company spent on litigation against the IRS probably came from the savings realized through years of CIC coverage. top quote
At the heart of Rent-a-Center v. the Commissioner of Internal Revenue, there is a large commercial enterprise that has substantial levels of risk through numerous locations and complex operations (5). This is a brand that operates all over the U.S. and thus must operate with considerable levels of liability. As is often the case with such large commercial enterprises, Rent-a-Center ran into certain operational risks that proved expensive to insure through third-party commercial insurance companies.
Mr. Beatrice commented on this particular CIC strategy before expanding on the case: “We can see the financial reasons for Rent-a-Center to form a CIC in Bermuda. In a way, the millions of dollars the company spent on litigation against the IRS probably came from the savings realized through years of CIC coverage.”
“The Rent-a-Center CIC structure is quite complex, but what the IRS seemingly had an issue with were the large payments made by the company to the CIC they controlled. The IRS determined that these were not tax deductible for insurance premiums, which are normally deemed as trade or business expenses deductible as per Section 162 of the Internal Revenue Code (6).
Rent-a-Center decided to take on the IRS in a case that resembles the David v. Goliath parable, and they have scored a major victory in battle, but there is also a chance that the IRS may appeal.” Mr. Beatrice also added: “To justify the costs of setting up a CIC, the insurance premiums payable from the business owners to the captive must be at least $100,000, which could be split among two or more owners; but, when we are talking about economically viable CIC operations, we can see premium payments of $500,000 or more.”
Mr. Beatrice’s further commented that “The Tax Court opinion is important on two levels: The first being that the IRS has shown a certain disposition towards examining CIC structures as sham entities, which the Tax Court did not see in Rent-A-Center, Inc. v. C.I.R. (4). The other is that public opinion of the CIC industry is bound to improve as a result of this ruling. CICs are not for everyone, but for business owners who face estate and taxation issues these structures can be excellent wealth preservation tools.
To this effect, let’s consider the following estate planning feature: When a CIC is dissolved, the funds that come out of the structure are considered long-term capital gains assets for taxation purposes instead of being labeled as personal income. This could be a great advantage to certain business owners who are planning for retirement and looking out for the financial status of their beneficiaries and future survivors.”
It may take a few months before the CIC and estate planning industry learns of a possible appeal by the IRS in this case. The dissenting opinion on the ruling (4) was strong, which indicates the possibility of an appeal. However, as Jay Adkisson notes on his Forbes article on this issue (5), case law shows that appellate courts have not been entirely favorable to the IRS in previous issues related to captives.
About Estate Street Partners (UltraTrust.com):
For 30 years, Estate Street Partners has been helping clients protect assets from divorce and frivolous lawsuits while eliminating estate taxes and probate as well as ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust® Irrevocable Trust. Call (888) 938-5872 to learn more.
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Actor Paul Walker’s Estate Planning Costs Daugher $8M in Estate Tax

Posted on: March 28, 2017 at 7:24 pm, in

Boston, MA (PRWEB) March 25, 2014

AOL News on Paul Walker’s death: The Last Thing People Saw Before the Crash
It was an ironic, yet heartbreaking tragedy. According to Cinema.com Actor Paul Walker was known to people around the world as Brian O’Conner (1), an undercover agent working from the Los Angeles Police Department and later the FBI, who investigates a street-racing crew that also dabbled in criminality. A central theme of the Fast and the Furious film franchise is O’Conner’s transformation into a reckless character, which mirrors some of his estate planning strategy as shown by facts uncovered by In Re: The Estate of Paul William Walker IV, 1439814, filed in the Superior Court of California, County of Santa Barbara (2).
According to The Guardian, Walker was not behind the wheel of the Porsche Carrera GT that burst into flames and nearly disintegrated on a late November night (3). His financial advisor had been driving the sports car at speeds that rivaled the stunts seen in the Fast and the Furious films. The financial advisor, who was also a race car driver, did not survive the fiery crash.
top quote Keeping assets in a revocable trust effectively makes them personal and subject to federal estate taxes. Depositing those assets in an irrevocable trust can completely eliminate the estate tax burden. top quote
Walker died as passenger in a sports car that was recklessly careening down the twisty streets of the Los Angeles suburbs, and his estate planning strategy was not an altogether cautious affair. In an article published by Forbes, attorneys Danielle and Andy Majoras call attention to the lessons that can be gleaned (4) from the moment Walker’s father petitioned the Superior Court of California to open his late son’s estate.
“In Walker’s case, we have a will that is part of the public record, and a revocable trust that is kept private and confidential,” explains Rocco Beatrice, Managing Director of Estate Street Partners, LLC, parent company of UltraTrust.com. “In this case, the will revealed the trust; in other cases, a trust can be structured in a way that creates a will when the grantor passes away. Any will is subject to probate, but probate headaches are generally avoided with trusts.”
Walker’s will, in essence, directs all his assets to be transferred to his revocable trust (4). To this end, Mr. Beatrice explains: “This is a good move insofar that it clearly dictates where future earnings must be deposited: Directly to his now “irrevocable” trust. This avoids the uncomfortable process of potential unspoken-for payments ending up as unclaimed property.”
Mr. Beatrice is referring to the unreleased films Fast and Furious 7 as well as Brick Mansions, a remake of a French crime thriller (5). “Those films are bound to produce handsome income for the Walker estate, and his will makes it clear that any future payments must be deposited into the Paul William Walker IV Trust dated August 15, 2001; there is no confusion in this regard. However, there is problem insofar as Walker’s choosing a revocable versus an irrevocable trust.”
As to Walker’s choosing a revocable living trust instead of an irrevocable instrument, Mr. Beatrice commented: “We often recommend irrevocable trusts due to their asset protection, privacy, and tax advantages. We know from Walker’s ongoing probate proceedings that his estate is worth $25 million (4); which is an amount that puts the late actor into a significant tax bracket. When we talk about instruments such as irrevocable trusts, we emphatically address the issue of estate taxation. As of early 2014, Walker would not have to worry about estate taxes in California since that has not been a concern since 2005; however, the federal Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act could shave off close to $8 million of Walker’s estate.”
“Keeping assets in a revocable trust effectively makes them personal and subject to federal estate taxes. Depositing those assets in an irrevocable trust can completely eliminate the estate tax burden,” explains Mr. Beatrice. “As it stands, Walker’s revocable trust puts his young daughter on the hook for nearly $8 million in taxes, something that could have been avoided with an irrevocable trust strategy. We can say that Walker was fast, furious and not altogether careful in this regard – probably because of poor advice.”
Estate planning is not limited to money, real estate and/or investments; there are also family matters to consider. “The Forbes article (4) tells us that Walker did not amend his trust, but he did name a guardian for his daughter Meadow Rain, who is 15 years old and living with her mother. Cheryl Walker, Meadow’s grandmother, is the young lady’s guardian according to the will. Should Meadow’s mother Rebecca Soteros somehow find herself not able to care for her daughter, there would not be a need for a court to appoint a guardian since the young girl’s grandmother has already been appointed.”
It took a couple of months for Walker’s father to submit the will to probate (1). According to Irish publication Independent Woman, the elder Walker was appointed executor of the will (6), and the family did not particularly have to worry about rushing to being probate proceedings. “They took their time because they knew that the Paul William Walker IV Trust dated August 15, 2001 was there to protect the $25 million in assets that he intended for his daughter to enjoy. That’s another very convenient feature of estate planning; you don’t want your survivors to be surprised by over zealous creditors or frivolous lawsuits. When actors and other high net worth individuals pass away, there are often third parties and outsiders who rush to enter claims against estates; but, when they see the presence of a trust, they tend to back away. “
About Estate Street Partners (UltraTrust.com):
For 30 years, Estate Street Partners has been helping clients protect assets from divorce and frivolous lawsuits while eliminating estate taxes and probate as well as ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust® Irrevocable Trust. Call (888) 938-5872 to learn more.
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Phillip Hoffman’s Asset Protection Blunder Costing Family $10M

Posted on: March 28, 2017 at 7:23 pm, in

Boston, MA (PRWEB) February 20, 2014
Hoffman's Love for NYC even came out in his will

Hoffman’s Love for NYC even came out in his will
UltraTrust.com reviewed the tragedy of Phillip Seymour Hoffman and his estate planning blunders. He was 46 years old when a friend found him unresponsive in a rented New York apartment after trying to reach him numerous times. According to the New York Times, Hoffman was found with a syringe sticking out of his arm and surrounded by small bags of heroin (1). He was one of the finest American actors of the 20th and 21st centuries, and he was known to families and friends as a very nice guy who somehow managed to come across as a menacing villain in films such Capote, “Mission: Impossible III,” and “Before the Devil Knows You’re Dead.”
Hoffman was a prolific actor whose net worth was estimated by the Christian Post to be in the range of $35 million (2). He is survived by three young children and his long-time partner Mimi O’Donnell. According to his will that will eventually have to be probated, Hoffman’s assets will be placed in an irrevocable trust for the benefit of his son, Cooper Hoffman, upon his 25th and 30th birthdays. He has placed his life-long partner, Marianne O’Donnell, in the role as trustee of the trust and a backup trustee of Emily Ziff. In the will, he goes on to name Marianne O’Donnell as the guardian of the children and a backup guardian of Suzanne O’Donnell, Marianne’s sister.
top quote Since wills are public documents, we get this glimpse into the private life of a celebrity when probate petitions are filed. Wills do not provide the privacy and confidentiality of trusts. top quote
“Since wills are public documents, we get this glimpse into the private life of a celebrity when probate petitions are filed,” explains Rocco Beatrice, Managing Director of Estate Street Partners, LLC, parent company of UltraTrust.com. “Wills do not provide the privacy and confidentiality of trusts. More importantly, and the biggest blunder in his planning, Hoffman will be forced to pay $10-12M in Estate Taxes because all of the assets were titled in his name. An Irrevocable trust would have saved the family a lot of money and time avoiding probate and the estate tax.”
According to the Christian Post, although Hoffman has shuffled off this mortal coil, moviegoers have most recently seen him in the long-awaited sequel “Hunger Games” sequel, “The Hunger Games: Mocking Jay Part 2,” and possibly other films (2) such as “God’s Pocket” and “A Most Wanted Man.”
“Though he is no longer with us, Hoffman will certainly continue to earn income through the body of cinematic work he left behind,” explains Mr. Beatrice. “Trusts are not only smart substitutes for wills; they are legal structures that effectively pass more than just wealth and estate to beneficiaries. Trusts make the execution of artist contracts more efficient. In this regard, should Hoffman continue to earn compensation or royalties through the Hunger Games franchise or other films, payments can be easily deposited into a trust – avoiding future gift and estate tax issues if the family is guided in the right direction.”
Hoffman’s death has also called attention to his sad history of drug use. According to the Philadelphia Inquirer, one of the heroin dealers who allegedly catered to Hoffman has been arrested and is being held on a $200,000 bond in a New York detention facility (3). The New York Times has mentioned that Hoffman had previously spoken about issues surrounding his drug addiction, and that he had been able to get his demons under control more than 20 years ago (1).
“The possibility of a tragic relapse certainly makes Hoffman’s death even gloomier,” explains Mr. Beatrice. “Alas, death waits for no one; this is something that we should all keep in mind. When people are dealing with substance abuse, they should do everything in their power to get help. Whenever they get a moment of clarity, they should embrace it and think about important issues such as their mortality and what the difficulties that their loved ones may encounter in the absence of estate planning.”
“Estate planning professionals often get questions from clients concerned about leaving their assets to beneficiaries who suffer from substance abuse issues. To this effect, trusts can be constructed in a way that trustees will only distribute funds destined to pay for their beneficiaries’ recovery and rehabilitation (5).” What happens, however, when the grantor is the one afflicted by the throes of drug abuse?
“It’s a difficult question to answer. It bears mentioning that moment of clarity again, and it is helpful for addicted grantors to recognize those moments so that they can get their affairs in order,” answers Mr. Beatrice. It also helps when loved ones are supportive and realize the need for estate planning. Hoffman’s estate is certainly sizable and puts him in a high tax bracket; we certainly wished that he had a chance to set up an effective instrument such as an irrevocable trust so that his survivors did not have to bear the brunt of considerable estate taxation.”
“At least with a will Hoffman avoided intestacy. Everyone should try to avoid intestacy,” says Mr. Beatrice, “either by trust or, at the minimum, with a will, such as Hoffman executed. Intestacy can bring about major taxation issues and unwanted lawsuits by creditors and unknown parties.”
About Estate Street Partners (UltraTrust.com):
For 30 years, Estate Street Partners has been helping clients protect assets from divorce and frivolous lawsuits while eliminating estate taxes and probate as well as ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust® Irrevocable Trust. Call (888) 938-5872 to learn more.
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NFL Star, Vince Young Files Bankruptcy, Asset Protection Problem

Posted on: March 28, 2017 at 7:23 pm, in

Boston, MA (PRWEB) February 19, 2014

Professional Athletes and the Big Contracts that Don't Last

Professional Athletes and the Big Contracts that Don’t Last
Adam Molon of CNBC on January 31, 2014 reported on NFL quarterback Vince Young’s Chapter 11 bankruptcy protection filing in the Southern District of Texas (1). “CNBC underscored the unfortunate fact that Young is only the latest financial casualty among a string of NFL players who have gone from earning millions to coping with insolvency and limited prospects.” Says Rocco Beatrice, Managing Director of Estate Street Partners and parent company of UltraTrust.com; a firm dedicated to estate planning and asset protection for clients of all levels.
The inauspicious trend of professional athletes going broke picked up considerable interest in the midst of the Great American Recession thanks to a groundbreaking investigative report published by Sports Illustrated (SI) in March 2009. “How (and Why) Athletes Go Broke” (2) revealed that nearly 80 percent of NFL players fall into serious financial hardship three years after they stop playing. Their research goes on to say that the situation is marginally better in the NBA, where 60 percent of players are nearly penniless five years into their retirement. MLB players face a similar situation.
top quote When executed correctly, many players can protect their assets and defer most of their income taxes while they are in the highest tax bracket and make sure that they have enough money for the rest of their lives. top quote
On average, according the SI article, NFL careers tend to be short and lucrative. In just three years, players can earn $4 million and move on to the next stage of their lives. Vince Young is currently a free agent; he has spent most of his last two years away from the gridiron and embroiled in a couple of lawsuits related to a loan gone wrong. According to an MSN Money article, Young’s insolvency can be traced to bad investment choices, overspending and a lack of an effective asset protection strategy (3).
Yahoo Sports sheds some light into Young’s legal troubles: During the NFL lockout in 2011, Young reportedly obtained a $1.8 million cash loan through his financial advisor (4). Young claims that he never received the loan proceeds, and the amount he allegedly owes has ballooned to $2.5 million.
“Looking at the reported figures of Young’s Chapter 11 filing, it is clear that this judgment against him to recover the lockout loan is dragging him down,” explains Mr. Beatrice. “NFL players are often targets of lawsuits; for this, and many other reasons, and they should strongly consider setting up structured, personalized plans to protect their assets. Often that means the use of FLP or irrevocable trust.”
“The short careers of NFL players call for careful estate planning on top of the investment advice they usually receive. Financial stability is becoming just as important as good health and athletic skills for NFL players.” Mr. Beatrice explains: “On any given Sunday, NFL players take on considerable risk. They work hard and play hard, and they enjoy living the high life. The overspending and dubious investment choices have virtually become rituals for professional athletes; it’s almost as if they feel invincible when they come off the field, but they are actually vulnerable when it comes to their finances.”
“The financial turmoil experienced by many NFL players can take a toll on them when they take the field.” Mr. Beatrice comments and “It takes a lot of discipline to avoid overspending and making investment mistakes because the money is big and fast and these guys make a living on the field that requires them to believe they are invincible, which has a tendency to follow them off the field.”
Mr. Beatrice continued “Irrevocable trusts and other estate planning strategies can help in this regard thanks to their structured nature of asset management; these are instruments that actually encourage saving money and keeping it safe. The biggest mistake an NFL player can make in relation to their finances is to forego estate planning, which is something they should accomplish in their rookie season. When executed correctly, many of the players can defer most of their income taxes while they are in the highest tax bracket and make sure that they have enough money for the rest of their lives.”
“Young NFL players tend to live from one Sunday to the next without thinking about what life might have in store for them once they stop playing. For many of these players, playing at the professional level is a ticket to a very early retirement and a greatly diminished earning power. They need to establish a solid foundation for their finances, which is something that can be accomplished with thoughtful estate planning.”
Young is hardly the first NFL superstar quarterback to get financially sacked according to USA today; Super Bowl champion and Cleveland Browns legend Bernie Kosar (5) was yet another of the most notable players that was forced into a calamitous Chapter 7 liquidation back in 2009, more than ten years after his last game with the Miami Dolphins.
About Estate Street Partners (UltraTrust.com):
For 30 years, Estate Street Partners has been helping clients protect assets from divorce and frivolous lawsuits while eliminating estate taxes and probate as well as ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust® Irrevocable Trust. Call (888) 938-5872 to learn more.
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Tax Preparers Unprepared: Estate Planning, Asset Protection Advice

Posted on: March 28, 2017 at 7:23 pm, in

Boston, MA (PRWEB) February 13, 2014

Estate Planning, Asset Protection, and Income Tax Advice from your Accountant is generally a Bad Idea States a Recent NCLC Study

Estate Planning, Asset Protection, and Income Tax Advice
from your Accountant is generally a Bad Idea States a
Recent NCLC Study
A January 30, 2014 CNBC report by Herb Weisbaum (1) reviewed a comprehensive study and subsequent report by the National Consumer Law Center (NCLC) that uncovered widespread irregularities in the handling of financial guidance and tax returns by tax preparation professionals nationwide (2).
According to NCLC, a substantial portion of the NCLC report consists of mystery shopping evaluations of tax preparation professionals ranging from certified public accountants (CPAs) to enrolled agents and from major tax return shops such as H&R Block to lesser-known offices such as the colorfully named Mo’ Money Taxes.
top quote In general, accountants who only handle 1040s will not be a good choice for Medicaid planning, asset protection, wealth preservation, or estate planning advice. top quote
Some of the findings in the report (2) are alarming according to the NCLC. The NCLC found an uncomfortably high rate of incompetence and even fraud. Tax preparation shops are used far more frequently than CPAs and Enrolled Agents; these two are registered with the Internal Revenue Service (IRS) and thus fall under government oversight, but only four states have a regulatory body overseeing tax preparers: California, Maryland, New York, and Oregon. With this report, the NCLC said that they hope to call attention to their support of legislation to regulate tax preparation services.
According to the NCLC, the report uncovered data entry errors as well as major mistakes such as incorrect filing status and bungled Earned Income Tax Credit (EIC) calculations. UltraTrust.com sees another problem insofar as individuals relying on CPAs for financial planning: How can they trust CPAs with their estate planning and asset protection needs when they can’t even get their 1040 filings right?
“Tax returns are the bread and butter of many CPA offices,” explains Rocco Beatrice, managing director of Estate Street Partners, parent company of UltraTrust.com, “and they limit their scope of taxation practice to processing returns during the busy season. It’s a good business for them, but sometimes they offer other services outside of the season for the purpose of maintaining a steady flow of income. In addition, many people depend on their accountant as a knowledgeable sound board for their entire financial planning, estate planning, and asset protection. In many instances, we find clients asking for their accountants to give second opinions on the advice we give, and very few are experts in all of these fields of expertise, but that does not stop clients from asking. It is scarey when the accountant does not know what he does not know.”
Through UltraTrust.com, Estate Street Partners, LLC offers a range of wealth preservation, asset protection and estate planning services. Mr. Beatrice holds the requisite certifications to offer and perform these services, but also leverages the attorney’s on staff to do the legal work, and the firm has 31 years of experience in this regard. “CPAs can follow a professional path that will allow them to offer estate planning and asset protection services, but not all of my colleagues choose this career option.”
“In general, accountants who only handle 1040s will not be a good choice for Medicaid planning advice, asset protection, wealth preservation, or estate planning,” explains Mr. Beatrice. “It is important to review the firm’s certifications, qualifications and experience. Just about any CPA will be able to set up a basic irrevocable living trust because they are completely revocable, but proper construction of more sophisticated tools such as an irrevocable trust agreement requires knowledge, expertise and accountability.”
“CPA firms that handle estate planning and asset protection services typically also offer taxation advice. In fact, it is a good idea to allow them to handle tax preparation as well. Tax planning is also part of estate planning and wealth management.” finishes Mr. Beatrice.
The American Institute of CPAs (AICPA) recently issued a statement (3) on the standards that their professionals must follow when dealing with clients who request personal financial planning services with regard to their retirement and estate issues. AICPA reports that the number of members who provide these services has increased by 32 percent since 2009.
Although there is strong demand for CPAs who also offer personal financial planning according to the AICPA report, not all accounting professionals are pursuing these certifications. For this reason, Mr. Beatrice recommends that potential clients should ask their CPAs if they hold the proper certifications before asking for advice in areas that may be outside of their expertise.
About Estate Street Partners (UltraTrust.com):
For 30 years, Estate Street Partners has been helping clients protect assets from divorce and frivolous lawsuits while eliminating estate taxes and probate as well as ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust® Irrevocable Trust. Call (888) 938-5872 to learn more.
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