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What do you get when you play a country song backwards?  Your dog, job and trailer back.  This joke actually has some interesting parallels to one of the best estate planning and asset preservation strategies that you may have never heard of - the ILIT. If your estate is greater than the current estate/gift tax exemption, the legacy you leave for your beneficiaries may become a nightmare to manage and will be greatly reduced if you do not plan properly. State and federal estate taxes can reduce the assets you have worked to preserve for your family by as much
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Trusts serve as the foundation of effective, integrated estate plans, and can help preserve and keep your assets from going through the probate process when you pass.  Without the protection of a good trust, your accumulated wealth and family’s future are on shaky ground. There are many different kinds of trusts, including revocable, irrevocable, and other more targeted, strategic trusts. A QTIP trust, which is short for Qualified Terminable Interest Property trust, is an excellent option for married couples where one spouse has concerns about the future of their surviving spouse and assets after they pass away. A QTIP is
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One of the best ways to keep assets available for retirement in California is the statutorily authorized Private Retirement Plan (“PRP”), which is entirely exempt from judgments and bankruptcy if properly drafted and used for retirement purposes. Under California law, non-qualified retirement savings plans may be protected if certain requirements are satisfied. According to case law, PRPs must be carefully drafted and maintained to make sure they are in compliance with California’s strict rules and regulations, but they are also highly flexible and can include contributions that substantially exceed the limits under traditional qualified plans. Because they are not qualified, there
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