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Domestic Asset Protection Trusts v. Prenuptial Agreements

RANDALL H. BORKUS, JD, JAMES W. COLLINS, JD, AND RICHARD J. SHAPIRO, JD WEALTHCOUNSEL MEMBERS SINCE 2011

Divorce is an unfortunate reality these days as 40% - 50% of first marriages and 60% of second marriages end in divorce.' Without appropriate planning, a ...

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Act Now! There’s Still Time to Avoid the New IRS Regulations That Might Raise Taxes on Your Family’s Inheritance

The IRS recently released proposed regulations which effectively end valuation discounts that have been relied upon for over 20 years. If the IRS’s current timetable holds, these regulations may become final as early as January 1, 2017. Although that date isn’t set in stone, we expect that the regul...

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Are You Listening Hard or Hardly Listening?

There are some universal, timeless truths in this brief piece regarding which we all need fresh reminders and wake-up calls on a regular basis.  Allow me to set the stage with a personal memory.  I grew up in a home in the Midwest where my father owned a small meat market and grocery store.   I bega...

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A “Tax Day Primer”: A Brief Recap and Hope in New Jersey

By Attorney James W. Collins, Borkus Collins Law, PA.  April 15, 2016   The manner in which the various states in the U.S. handle their state level estate tax (aka “death tax”) and inheritance tax, in addition to the federal estate tax realities that affect citiz...

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Big Changes May Be On The Horizon

An IRS attorney from the Estate and Gift Tax Office of Tax Policy created quite a stir at the American Bar Association’s Section of Taxation meeting in May. The IRS attorney noted the Service’s intent to release new proposed regulations by mid-September that would likely include new “disregarded res...

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How to Properly Title Your Inherited IRA

This short article will shed light on the titling of an inherited IRA and the maneuvering of retirement assets through the disclaimer process.  First and foremost, it is always recommended that you work with a competent, educated, and experienced advisor to keep your retirement funds safe and secure...

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Annuities Can Be Complicated…

First, for income tax purposes, if the beneficiary is an irrevocable trust, the annuity must be paid within 5 years of H's death, unless the annuity has been annuitized.  However, if the RLT is the owner, the incapacity of H will leave the successor trustee in control of the annuity.  That may be pr...

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How to Stop Worrying About Running Out of Money in Retirement

Many retirees today worry about having enough money for their retirement. Of special concern is if there will be enough money to provide for the surviving spouse. This is called “shortfall risk,” and it is a valid concern. People are living longer and health care costs continue rising, especially lo...

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How to Get Organized to Meet With Your Estate Planning Attorney

OK, great!  You’ve finally decided it’s time to meet with an estate planning attorney and get your affairs in order.  It’s time to make sure your family is protected. Now that you’ve scheduled the first appointment, what’s the next step? You can do one of two things: (1) Simply wait for the me...

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Will Your Revocable Living Trust Avoid Probate? It Depends.

If you’ve set up a Revocable Living Trust, congratulations!  You’re definitely on the right track. But…you’re only half way there. Many believe because they took the time to create a Trust, their estate will automatically avoid probate.  Unfortunately, this is a false sense of security. The key t...

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