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Fund Your Trust

The California courts are becoming quite lenient in ruling that assets are in a trust. Here is the State Bar of California Trust and Estate Section's summary of Carne v. Worthington, filed April 13, 2016, Fourth District. Decedent executed a revocable trust in 1985 (the “1985 Trust”), and real property located on Via Regla was transferred to the 1985 Trust. Decedent executed an irrevocable trust in 2009 (the “2009 Trust”) which stated,…

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Do What You Are

I am a huge 49er fan, so today, the NFC Championship game, is a big deal. I'm ready to see what the Niners and quarterback Colin Kaepernick can do against the Atlanta Falcons. The 49ers have significantly changed their offense to exploit Kaepernick's unique talents. Coach Jim Harbaugh knew what Kaepernick could do (run like a gazelle and throw laser beam passes down field) and he adjusted his offensive scheme  to match.…

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Real Entrepreneurs – No VCs Needed

Great post from David Katz about what a real entrepreneur is and what it is not. After describing the glorified gamblers and their venture capitalist enablers, he says: This whole picture of entrepreneurship reeks. It’s only true for a small subset of entrepreneurs - ones that make high risk plays with VC capital and years without profitability. Founders who make these plays are really half entrepreneurs, half gamblers. If you build your life…

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Sell Now – Capital Gains Tax Goes Up in 2013

From the Tax Prof Blog citing the WSJ. George Lucas isn't alone. Business owners race to their sell businesses in 2012 to avoid higher capital gains tax in 2013. Wall Street Journal:  Looming Tax Hike Motivates Owners to Sell, by John D. McKinnon: A looming increase in the capital-gains tax rate next year is fueling sales of some privately-held businesses. Many business owners—mostly founders who could gain a lot from a sale—are looking to close…

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Death Tax Resurrection

The Wall Street Journal editors have written a short piece on the death tax. In the swirl of the election, no one is talking about the estate tax (well, we have been), and they should. They start with this: For all the worry in Washington and Wall Street about the January tax cliff, almost no one is paying attention to the impending reincarnation of the death tax. This is one more tax…

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Lifetime Exemption Trust

Forbes has a great article on lifetime exemption trusts, aka spousal lifetime access trusts. This is a great trust strategy to gift assets to your spouse and children and remove the assets from your taxable estate, but still receive benefits from the assets.    

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Gift Now Before It’s Too Late

One of my clients send me a terrific article from Concannon Miller about the urgency to make gifts and how to make gifts before December 31. It is so good, I'm posting the whole article. When it comes to making a decision about gifts and protecting assets, the main message is that, if appropriate for you, make gifts before the law changes in 2013; however there are many important nuances to the…

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Advice from Jeff Bezos

From the 37 Signals blog (via GeekWire). Jeff Bezos says smart people change their mind. The smartest people are constantly revising their understanding, reconsidering a problem they thought they’d already solved. They’re open to new points of view, new information, new ideas, contradictions, and challenges to their own way of thinking. This doesn’t mean you shouldn’t have a well formed point of view, but it means you should consider your point of view…

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