The Trust Advisor - Latest Comments

Re: Apple’s $2 Billion Tax Dodge Gets Tax-Free States Worried

Jackson Pollack — Tue, 15 May 2012 14:03:18 -0000

Wow, a business that is trying its hardest to make the most profit! What a crazy f***ing concept! If California wants to attract more business maybe it should consider charging a lower tax rate, or become more business friendly. Of course then they would have to sacrifice spending...

Re: Apple’s $2 Billion Tax Dodge Gets Tax-Free States Worried

Robert Pollard — Mon, 14 May 2012 11:09:34 -0000

Seriously? The reporters have got to be out of articles to write and people to bash. Just when a company finally comes back from all the struggles that Apple has gone through, you get the vultures that are there to try their best to bring them back down. It's like a bucket of crabs. Apple is trying to get out and they keep grabbing them and pulling them down to their level.
Leave them alone!!! Let them grow and prosper!!! Since all these other companies are doing this same thing and you're not writing articles about them, you are obviously trying to bring them down again on purpose. And to what end? Does it benefit you in the slightest? Is it worth it? I hope not!!!

Re: The High Price of Celebrity Suicides to Family and the Heirs

Larry Starr — Mon, 07 May 2012 10:48:11 -0000

Scott,

I am quite surprised by your comment "Surprisingly, states like California make insurance companies pay out on suicide, as long as the policy was purchased at least two years before the death".

I'm pretty sure from my "prior life" that every state has an incontestability clause (which is what you are actually referring to) as part of the standard, legally required terms of insurance would uses the two year contestable period as the standard.

Here is a good partial discussion/definition of the incontestability provision from
http://legal-dictionary.thefre... :

A provision in a life or Health Insurance policy that precludes the insurer from alleging that the policy, after it has been in effect for a stated period (typically two or three years), is void because of misrepresentations made by the insured in the application for it.

An incontestability clause prevents an insurer from denying benefits on the ground of Misrepresentation in the application. The clause applies only when the policy has been in effect for a specified period of time. This time period, the contestability period, is usually two or three years.

Most states maintain statutes that require an incontestability clause in life and health insurance contracts. The incontestability clause strikes a balance between providing predictable coverage and protecting the right of insurers to select the precise risks they seek to insure.

Most incontestability clauses are limited by a provision stating that the contestability period must be completed within the lifetime of the insured. With this nuance the insurer is able to contest a claim for benefits after the contestability period has lapsed if the insured dies before the end of that period. This protects insurers from providing benefits to someone who was already so ill at the inception of the policy that he or she died less than two years later. It means that the insurer may contest the flow of insurance benefits to the insured's heirs.

Re: 3rd Annual Domestic Asset Protection Trust State Rankings Chart Released

Steve Oshins — Wed, 02 May 2012 01:17:21 -0000

Horder7-

Thank you for your comments regarding my DAPT State Rankings Chart. However, there is nearly zero weight put on protection from child support in the chart. Child support just happens to be listed in the same column as divorcing spouses which is the class of creditor that our clients are most worried about and thus gets a lot of weight.

I think that anyone who would try to cheat a child support creditor is immoral and dispicable 99% of the time. [I leave open the 1% of the time that there truly is an attempt by a parent to fleece someone with a large, baseless child support claim.]

I will consider your concern and see if there is anyway to put child support in a different column in next year's chart. However, as you can see, there is no more room for additional columns.

The great thing about rankings is that they generate discussion. It would be great if you would attend the June 5th webinar The Trust Advisor is hosting. On the webinar, I will spend some time going through the material differences among the top jurisdictions and some of the structural options. Provident Trust Group will also provide some great information for the attendees that I'm sure will be helpful to you.

Thank you again for your comments. I appreciate them.

Steve Oshins
www.oshins.com
soshins@oshins.com

Re: Why Hiding Money From Your Spouse Has Gotten a Lot Harder

test — Tue, 01 May 2012 14:29:57 -0000

testing testing

Re: Estate Planning Conundrum: What to do when a beneficiary has a substance abuse problem

Arokahr — Tue, 01 May 2012 09:46:38 -0000

Cat, You should consider setting up the trust in South Dakota. It has the most flexible laws on giving the trustee discretion for distributions and has the best asset protection you can find in any other state. It allows the Corp trustee work with the family trustee because the family member can act as the advisor--and not have the fiduciary role of managing the investments. Plus, with a written directive as an additional guide to direct what kind of distributions you would want, it makes it a great fit.

Re: New Hampshire Sets Sights on Becoming the New Delaware of the East

despondent1 — Mon, 30 Apr 2012 13:54:57 -0000

NH is looking for the employment that comes with each Trust Co. that relocates here. With employment comes business taxes, more spending in the local economy and a better business climate. It's a pleasure to be part of it!

Re: Amy Winehouse Didn’t Have a Will After All, But Did Have Millions

Bill Krupar — Sat, 28 Apr 2012 18:41:20 -0000

dumb bitch - lawyers, the jackals, will get most of her $$$

Re: Twitter Can Actually Generate New Business While Retaining the Old

Ian Freeman — Thu, 26 Apr 2012 12:25:55 -0000

Based on my own experience, I think that twitter can really generate new business while retailing the old one. I know that many people make use of the benefits of twitter. I think that twitter has help a lot of business owners to succeed already.

Re: 3rd Annual Domestic Asset Protection Trust State Rankings Chart Released

Horder7 — Mon, 23 Apr 2012 13:08:03 -0000

Providing protection for deadbeat parents who renig on child support is counted as a positive in your scoring system? Really??? It seems to me that at a certain point, an asset protection statute can be so aggressive it faces a higher risk of being overturned, in which case it would do no good for anyone.

Re: GlobalBridge Launches “Unified Managed Accounts Made Simple” Campaign

Craig Iskowitz — Sat, 21 Apr 2012 13:48:25 -0000

There has been tremendous growth in UMAs and model-based programs, but the process for exchanging model data is fraught with risk due to manual processes and the Tower of Babel that exists between model receivers and model providers. This makes it increasingly difficult to provide the services required to support the programs at the same level as traditional SMA programs.

There was an excellent panel on this topic at the MMI Tech & Ops Conference. You can read a summary of it here: http://wp.me/pPor1-hd

Re: UMA Providers Dazzle Wealth Advisors with New Upgrades that Manage Market Volatility Risk

Craig Iskowitz — Thu, 19 Apr 2012 23:03:15 -0000

There was a great panel on this topic at the MMI Tech & Ops Conference and you can read a summary of it here: http://wmtoday.wordpress.com/2....

Re: New York Times: More Help for the Wealthy

None — Thu, 19 Apr 2012 18:51:16 -0000

This editorial is pretty ignorant. I'm not sure they have ever created a job in their life. Otherwise, they might have more respect for small business.

Re: Zsa Zsa’s Heirs from Past Marriages Line Up at Deathbed, Get Ready for Probate Court

Heiress — Thu, 19 Apr 2012 01:39:49 -0000

Zsa Zsa's estate is in California

Re: New York Times: More Help for the Wealthy

LeonDiJusticia — Wed, 18 Apr 2012 05:29:37 -0000

Most of us living in the real world know for a certainty that the members of the Congress club are each seeking their own interests and are completely out of touch with reality and the plight of the citizens of the United States.

Government is getting larger AND more costly by the day resulting in larger and larger national deficits which translate directly to consumers as less and less purchasing power.

If the Congress club had ANY concern about the people they would begin with a deliberate and systematic dismantling of government agencies. There are currently so many agencies in existence that no member of Congress can recite the names of all of them, much less have a clue as to their purpose.

If Congress were to give private businesses a tax credit for each displaced governmental worker they hired, the problem of the national debt would begin to disappear.

After all, it is the private sector which creates wealth. When governmental workers pay taxes, it is akin to taking money from one pocket and putting it in another. So it does nothing to reduce deficits. When private sector workers pay taxes it is NEW money. If enough new money is added eventually the pockets fill up.

This arguement about the need to 'tax' the wealthy more does not solve fiscal issues and in many cases has proven to worsen circumstances. The arguement should be 'use the wealth to build the tax base of the private sector or pay more in taxes.

QUESTION: How much 'wealth' is tied up in Government Bonds (loans to Uncle Sam) so that the wealthy can enjoy tax benefits on these funds?

Re: New York Times: More Help for the Wealthy

Autishieldtx — Tue, 17 Apr 2012 23:11:51 -0000

I could not disagree more. This is just liberal jibbersh, same old talking points and opinion that is free of most factual data.

Re: New Hampshire Sets Sights on Becoming the New Delaware of the East

Bealegal — Tue, 17 Apr 2012 09:37:13 -0000

Having a trust business in the state means tax revenue as the trust companies have to pay taxes based on AUM. It also brings jobs and many believe that the get the best protection, you do need connections and at least some assets in the state. This creates additional business.

Re: Why Are Family Members Disinherited?

Joe Gordon — Mon, 16 Apr 2012 10:39:08 -0000

Why anyone in most states would not pre-nupt if getting married at over age 50 is a good question, especially if significant wealth is on the table! Broken marriages result often in the spouse who brought nothing financially to the table making out like a bandit! Pay to play?

Re: Does Hartford’s Annuities Exit Signal the End for Others?

Grumpoldman — Fri, 13 Apr 2012 00:33:55 -0000

Jackson will probably wait for the others to pull out of the market, but the company's over WEIGHT in the annuity space just means larger profits. If they have to pull back benis as Lincoln National has done, so be it.
(You really should have an adult proof-read your posts)

Re: Steve Jobs Estate Gains $20 Million Windfall from New Apple Dividend

Richard Grant — Thu, 12 Apr 2012 08:37:20 -0000

Hello, I am requesting information in order to ask for a donation to the Narrow River
Preservation Association. It is a reach but I have decided to make the effort. NRPA
symbolizes in its 42 year history a multitude of grassroots environmental groups. I, of course, can provide information, beyond Narrow River.org, but for now I am just
trying to establish contact with Jobs, Sculley and Turner. Yes, big targets for a small
watershed, but NRPA is looked up to on a national scale. At least you could inform
me of the contact for applying for a grant. Thank you, Richard Grant, NRPA president.
richard@rbgrant.com

Re: New Hampshire Sets Sights on Becoming the New Delaware of the East

TrustGuy — Wed, 11 Apr 2012 13:00:48 -0000

Perhaps I am missing an important point, but what is the real "advantage" gained by a state, like NH, in changing its laws to make it a more trust-friendly jursidiction? If the assets being brought to the state are not taxed and there is no requirement to have a physical presence in the state, what is the objective to be gained by the state? The small amount received in initial and annual processing fees?

Re: Twitter Can Actually Generate New Business While Retaining the Old

Chaliceusa — Mon, 09 Apr 2012 14:04:40 -0000

That a great idea, but i cant twitter

Re: Estate Planning Conundrum: What to do when a beneficiary has a substance abuse problem

cat — Sun, 08 Apr 2012 12:22:47 -0000

We are currently trying to help mom set up a trust for our substance abusing, mentally questionable brother. As sibling, I don't want want to have power over him and repsonsibility to keep remotely apprised. Corporate trustee seems best. Can family be co-trustee somehow? ML wants to be one and only and written into trust. Where should we look for the right kind of trustee?

Re: Steve Jobs Estate Gains $20 Million Windfall from New Apple Dividend

planner — Tue, 03 Apr 2012 10:30:56 -0000

i posted a comment yesterday. Why should I bother taking the time to write a comment if you are not going to post it?

Re: Steve Jobs Estate Gains $20 Million Windfall from New Apple Dividend

Ken — Mon, 02 Apr 2012 10:29:36 -0000

This story repeats the assertion of the prior story that Jobs removed the Disney and Apple stock from his taxable estate. As others have pointed out, this would only be possible if the wealth (in excess of his exemption) went to a charitable foundation (charitable deduction) or his wife (marital deduction, in which case the tax is deferred rather than eliminated).