Asset Protection

Practice Management

Sleep Soundly with Data Security

Can you sleep soundly at night knowing your firm is safe from data security breaches? Security is a vitally important area that often is overlooked or taken for granted by accounting and law firms because it's not looked at as strategic, but rather one of those things that should and must be done "just in case."
AccountingWEB Life

Helping Clients Protect What They Have

Robert Keebler CPA, MST, AEP, works with clients with a net worth of $5 million to more than $100 million. Many have complex financial situations, and all want to protect what they have. While his firm doesn't offer any asset protection products, they do help guide clients along in the process of getting protected.
Practice Management

KPMG Repair Regulations Survey - Tax Execs Unsure of Business Impact

Tax executives are unsure what impact the IRS’s recently released “Repair Regulations” might have on their businesses, but they expect the new rules to be more difficult to administer or comply with in practice, according to results of a survey conducted by KPMG LLP, the audit, tax, and advisory firm.
Wealth management

Opportunities Created by 2011-2012 Federal Estate Tax Patch

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (The Tax Relief Act, or TRA) introduced a number of changes in the area of federal gift, estate, and generation-skipping transfer taxes among other items. These changes can have a significant impact on certain high-net-worth families. At the same time, they provide a great opportunity for advisors to discuss with clients their estate plans and help close the gaps where needed.
A&A

Liability insurance: Covering business interruptions when they happen

Disasters have plagued mankind for as long as we have records, and for just as long, smart people have sought ways to protect themselves against the liability of the unexpected.
AccountingWEB Life

Liechtenstein agrees to share information with IRS

On Monday, December 8, the Internal Revenue Service signed an agreement with the government of Liechtenstein whereby Liechtenstein will exchange information pursuant to IRS audits. At the same time, the current legal challenges against UBS, HSBC, and Credit Suisse for aiding tax fraud have placed U.S. owners of undisclosed "secret" foreign bank accounts at serious risk of IRS prosecution. This is especially true for U.S. owners of Swiss accounts.
AccountingWEB Life

Year-end tax planning for your business owner clients

By John H. Brown and Randy S. Williams, Business Enterprise InstituteCurrent tax rates are likely the lowest we will see in our lifetimes. At some point, burgeoning budget deficits, ballooning costs of social programs and war expenses must be paid. As year-end tax planning time for your business owner clients approaches, this article will discuss some planning initiatives you need to remind them to consider. They are not the usual IRA or compensation tips, but rather ones that can materially affect their net worth over time.
AccountingWEB Life

Protect client assets in an Alaska trust

Your clients have worked hard to amass their wealth. So it's unfortunate when the family fortune is exposed to creditors or litigious individuals. Fortunately, there's an innovative technique for safeguarding their assets.Strategy: Establish an "Alaska trust" that meets certain requirements (see box). This is a self-settled trust where the grantor and the beneficiary are the same person. Yet the trust receives the same protection normally afforded to other types of trusts.
AccountingWEB Life

A Conversation With Barry Goldwater: Are You Recommending Long-Term Care Insurance?

Who is the largest payer of long-term care assistance? It’s the general public who fund long-term care from personal savings and through public assistance programs. But the numbers bear out that CPAs and advisors are doing a poor job of referring their clients to asset protection long-term care programs. Why is this?
AccountingWEB Life

Legacy Assurance Financial Joins BKR Group

BKR Cornwell Jackson Group is pleased to announce the addition of Legacy Assurance Financial Group, L.P. to the BKR Group of companies.Legacy Assurance Financial Group, L.P. focuses on wealth management and business succession solutions designed specifically for entrepreneurs and closely held businesses owners. The managing director of this new division is Robert D. White, a chartered Financial Consultant and 19-year veteran in the financial services profession.
AccountingWEB Life

Federal Court Bars Three From Promoting 'Sham Trust' Tax Scam

The Justice Department announced last week that a federal court in Florida has permanently barred Fred J. Anderson and Deborah A. Martin, of Lehigh Acres, Florida; and Richard A. Walters, of Arlington, Texas, from promoting sham trust tax schemes or any other tax fraud scheme.The court also barred Martin, a tax return preparer, from preparing returns for customers that assert unrealistic positions. The court in January barred Tax Strategies, Inc., a company the three defendants ran, from promoting sham trust or other tax fraud schemes.
A&A

New Financial Designation is Geared towards Serving High Net Worth Clients

The College for Financial Planning (CFP) recently announced it’s enrollment for the College’s new Accredited Wealth Management Advisor (AWMA) Designation, is now open.John Sears, College President said, "As the leader in financial planning education, we are proud to offer this innovative new program for those who have high net worth clients and wish to serve them better, or financial professionals who seek to add high net worth clients."
Practice

Hold Your Managing Partner Accountable

By L. Gary Boomer, CPA, CITP, CEO
Tax

Federal Court Takes Action Against Illegal Tax Promotions

A federal court in Tampa, Florida has obtained a permanent injunction against tax-avoidance promoter Joseph N. Sweet and his organization, EDM Enterprises, of Bradenton, Florida ordering them to cease selling and promoting tax avoidance plans and tax shelters.
AccountingWEB Life

Good Planning Requires A Multi-Disciplinary Team

Comprehensive Planning Is Necessary To Best Serve Your Client - Good Planning Requires A Multi-Disciplinary Team
AccountingWEB Life

What Firms are doing to Increase Sales, with Karen Bergh

What Firms are doing to Increase Sales by Karen Bergh of RainMaker Pro Training and ConsultingSession Moderator: I want to welcome all of you to our workshop this afternoon. Feel free to ask questions anytime you like. Karen will answer them as she is able and I'll "collect" those we miss so we can come back to them.Now, I'll introduce Karen Bergh!
AccountingWEB Life

Protecting Assets From Nursing Homes

By JOHN J. SCIACCA, ESQ.Member NNA Preferred Provider NetworkClients who can afford Long Term Care Insurance (LTC) can usually insulate themselves from the expenses of a nursing home which can cost between $200-$400 per day.Clients who may be liquid or with limited income can be dismayed at these significant costs.

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