Back in the old days when income tax rates were as high as 91% (Holy Mama!) income-shifting was the flavor-of-the-month as high-net-worth taxpayers took steps to get income attributed to persons or entities in lower brackets.  A popular depository was a trust which, back then, was taxed at much lower...

The greatest distinction of criminal Alphonse “Scarface” Capone is that he is, still, the best-known person ever to appear on the FBI’s “Ten Most Wanted List.”  But what is not as well-known is the reason why he was eventually imprisoned in 1933.  “Public-enemy No. 1” was jailed for tax evasion. ...

Come gather ’round people/ Wherever you roam/ And admit that the waters/ Around you have grown . . . For the times they are a-changin’ For those long-enough-in-the-tooth to remember, it is hard to believe that Bob Dylan wrote and released these iconic lyrics more than half-a-century ago.  Beyond...

People of Planning – Trusts were used long before Wills!  They are still so important today that every insurance advisor should be skilled in a few definitions. Trust – A creator (or maker or grantor) puts legal title of his/her property in the name of a person (trustee) to hold and manage...

In the 2000 comedy flick Family Man, the investment guru played by Nicolas Cage is asked if he likes kids.  His response:  “On a case-by-case basis!” But when minors are to be a party to a life insurance policy we can’t be so selective. Every case is a potential problem and contracts must...

My Mother didn’t tolerate gambling in any form. I couldn’t even play marbles for keeps. If someone solicited her for a lottery ticket, she simply donated the money to the cause.  Her conviction still resonates in my life choices. Her influence was strongly tested when I found myself in the Florida...

Whenever life insurance is proposed the first two client-questions that inevitably follow are:  first, how much will it cost and then, are the premiums deductible (especially if the client is a business-person).  Let’s deal with the second. In a business situation life insurance premiums are never...

How much is a life insurance policy worth when the insured passes away?  Easy question, right? Just look at the amount of the death benefit on the contract.  Most think that, because the proceeds are received income tax-free, what you see is what you get.  If the policy says $100,000, then the beneficiary...