What a nightmare. And that’s not the only problem. I always tell people, today it’s a lot more common for people to live together and not be married, but once again, I say if people really understood it, they would never do it. Legally, it’s a nightmare; they’re not protected, they don’t know what liabilities they have, they don’t know what kind of tax issues they’re facing. [...more]
We are informing our listeners, the commissioner of the IRS has outlined some new information reporting tools. New added to their arsenal are some information. Basically payment by credit cards; those are going to be added to the IRS database. So, payments by credit card, all those people. We talked about PayPal and the Internet people getting money on the Internet. Credit cards are going to be there, basis reporting. So, your stock cost. Before, you were kind of just coming up with a number. Now, they’re going to have the number because the brokerage companies are going to be required to give the stock basis. [...more]
Rex: Okay. Well, there are five key asset protection rules that if you understand these rules and how they work, you will know more about asset protection planning than most lawyers. Rule number one is what we call the property rule. You can always reach property that causes a liability. Rule two: you can always get to the owner of that property. Rule three: you can always get to what the owner owns. Rule four: you can always get to the operator of a property. Rule five: you can always get to what the operator owns. [...more]
Jeff: Yes. It's easier to do it in the hedge fund example. So the hedge fund manager gets a bunch of people together and they put their money into this hedge fund. And the guy says okay, I'm going to get compensated based on however much the performance of the hedge fund does. So the hedge fund makes $100 million, the guy gets $15 million. And everybody's happy because he made $100 million; maybe he started off with $50 million. So, the hedge fund guy gets $15 million as capital gains. Well this law is going to change that so that he is going to have much of that be ordinary income, so he's going to be taxed at the highest rate. [...more]
Rex: Incapacity is something that your will doesn’t plan for. We’ll talk about that a little bit. Leaving your spouse high and dry – a lot of people think if I give it all to my spouse, I’ve taken care of them. It may not be true at all. Bullet number three is what I call getting even with your minor children. Leaving minor children property in your will is not doing them any favors. The other thing that happens is the law of title. Most people don’t realize we have a will that expresses exactly how we want assets to go, but what they don’t realize is there are other ways to pass assets that bypass the will. [...more]
We had a case one time where the surviving spouse hired us to help and her husband had always taken care of the money. When she wanted to hire us, she had to call us back and say I don’t even know how to write a check. [...more]
There are several possibilities. One is that maybe you’ve had a change in the marital status of one of the kids. They’ve either gone through a divorce, or they’ve gotten married, or maybe you’ve now got an extra grandchild you didn’t have before. [...more]
Patrick: Welcome to this Sunday’s edition of Tax Talk. This is Pat Dougher, Jeff Pickering, CPA, Rex Hogue of Bolinger & Hogue, an Attorney in the Frisco area and we’re here to answer your questions on estate tax planning. Today, we’re going to be talking about asset protection. We’re going to be talking about the ObamaCare and some of the issues that are coming up with that. [...more]
One of the things I want to do is I’ve never really introduced Rex Hogue for who he is and I wanted to take just a minute and talk a little bit about that because on today’s show, Rex has been a guest – actually, a co-host to this show since its beginning and you may not know that he’s a partner of Bolinger and Hogue, a law firm in Frisco. [...more]
We have April 15th coming up and although there are some normal deadlines, I want to point out some deadlines that people might not realize on April 15th. So, we’ve got the individuals partnerships, trusts, your first quarterly payments if you’re a quarterly payer. Extensions – the rule is extend, don’t amendd. So, extend don’t amend. [...more]
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