Harvey was recently quoted by CBS News in an article entitled: Tax Avoidance by the Ultra-Wealthy is Perfectly Legal – CBS News The very recent New York Times article attacked the Trump family (Fred Trump, the President’s father) for using aggressive tax planning tactics which are, in fact, entirely legal. These techniques, including the Grantor Read more about In the News: CBS News[…]
For most people, an IRA is a “set it and forget it” portfolio item. Contributions to the account are usually automated, and the investments making up the IRA—typically stocks, bonds, CDs, and mutual funds—require little account holder oversight. That’s all fine and good, but limited risk means limited returns. For those who want to take Read more about Using a Self-Directed IRA to Grow Your Retirement Nest Egg[…]
When the U.S. Supreme Court issued its 5-4 decision on South Dakota v. Wayfair Inc., the days of dodging sales tax by shopping online came to an end in America, with a few minor exceptions. Twenty years ago, such a change in e-commerce tax rules would have sent shockwaves across the still-novel Internet. Yet the Read more about New Internet Sales Tax Rules – Is Wayfair Way Fair or Way Unfair?[…]
A Life Estate is a simple, best-of-both-worlds tool that includes an ironclad guarantee that the current owner of a home (the life tenant) will never jeopardize his or her lifetime right to occupy and enjoy the home, and provides for a swift and effortless transfer of the home when the life tenant passes away. What Read more about Using a Life Estate Deed for Lifelong Security and Tax Savings[…]
A well-structured estate plan facilitates the smooth and efficient transfer of assets to a decedent’s heirs without the long, grueling process known as probate, and ensures that loved ones are well provided for financially. What Is Probate? Derived from a Latin word meaning to prove, probate is the formal legal process through which the validity Read more about The Best Ways to Avoid Probate and Streamline Estate Transfer[…]
Harvey was recently quoted in a MarketWatch article entitled “Tax and financial adviser to the stars offers 5 down-to-earth money tips.” If you call Harvey an accountant he may be insulted. Why? Because he is no ordinary CPA. He is an elite Financial “Fixer” and is known in the business world and the media as The Read more about In the News: MarketWatch[…]
I have previously written about the benefits of forming an LLC for golf cart and other asset/vehicle ownership as an asset protection strategy to insulate your accumulated personal wealth. A properly established LLC or corporation exists as a separate entity from its members or owners for both legal and tax purposes. The resulting asset protection Read more about The IRS Alter Ego Doctrine and Piercing the Corporate Veil[…]
Humans are not the only Americans enjoying longer lifespans than a century ago. Thanks to progress in nutritional science and veterinary care, many of our four-legged and feathered friends are remaining strong, active, and alert well into and even beyond the traditional “golden years” of their species. As a result, it is more important than Read more about Pet Trusts: Protecting Your Pet After Your Death[…]
In a recent post, I examined some of the potential impacts of the Tax Cuts and Jobs Act of 2017 (“the Act”) on professional sports teams and team owners, and now look at what professional athletes and entertainers (“the players”) have gained and lost under the Act. At first glance, the losses may seem to Read more about Taxation of Athletes and Entertainers Under the New Tax Law[…]