Updates from my WealthWISe e-letter. To receive WealthWISe, Sign Up Now
Check me out when I give my talk, FREE and Open to the public, “Are You Overtaxed — Let’s Make Your Taxes Less Taxing” at Talk Shoppe, Wednesday, November 11, 9 am, University of Phoenix, 65 Germantown Court, 1ST FL, Cordova, TN 38018.
As a tax attorney, I can help you avoid new danger with independent contractors.The IRS and the Department of Labor are cracking down on the improper treatment of employees as independent contractors. They are sharing information with state governments. The IRS and DOL use multiple criteria to determine whether a person is an independent contractor or employee. I help clients create the right relationship with the persons they hire, in writing!
Is your will still valid? For many years, the Shelby County Probate Court has accepted wills with a single set of witness signatures, on the Affidavit that proves the will. The recent Morris decision may invalidate a will with an Affidavit if the will and the affidavit are not signed separately. So if you have less than two sets of signatures I advise you to call me to get your will updated.
I am the Lawyer’s Lawyer! I will be speaking on November 3 to a Memphis Bar Association group on Business Tax Wisardry — How to pay the lowest legal taxes in your small business.
8/14/2015 From my July/August WealthWISe; If we were to put your assets in a revocable living trust, with your spouse and children as beneficiaries, their future creditors, even divorcing spouses, would generally be blocked from reaching said assets.
8/6/2015: Avoid unnecessary trusts. If your estate is worth less than $5,000,000, ask me about clearing unnecessary and expensive trusts from your estate plan. If your wills/trusts are designed to avoid death taxes, watch out! If you survive your spouse, you will probably find yourself dealing with and paying for a trustee for rest of your life, just to get access to your former spouse’s property. To find out more, Contact me for my *FREE 1/2 Hour Offer*
7/29/2015 Asset protection. In the July, 2015 WealthWISe I discuss how your revocable living trust protects its assets from creditors and even disgruntled spouses of family members who are beneficiaries.
7/20/2015 Divorcing. Did you know that most attorney fees for divorce are not deductible, but you can deduct the part of the lawyer’s fee that is attributable to setting alimony. Ask your attorney to break that portion out.
7/17/2015 Do it now! We are half way through the year, and if you are not following a plan to pay the lowest legal taxes, you are not going to succeed. Many of my most successful tax saving strategies require regular actions on your part. Example: at least once a month, collect items from your home that you no longer need, list them, put them in a bag and get them to your favorite charity and keep a receipt. Of course, you must have a plan. If your “tax adviser” did not give you a plan, maybe you need to talk to me.
7/13/2015 Are you a widow or widower faced with an expensive, cumbersome trust created by your deceased spouse’s will or trust? You can’t access the trust investments freely without dealing with a trustee, and the trust may be paying the trustee. These trusts often resulted from estate tax planning under older laws, and most of the trust is unnecessary! I can help.
In my June WealthWISe e-letter, I covered Summer 2015 tax savers, ways to put 2015 tax savings in your pocket now, how to write off Summer vacations, how to make estate planning easy, why taxes are essential in sales of a business and how to take the mysterious “net investment interest deduction.” Contact me if you would like a copy of that WealthWISe.