WealthWISe   

FEDERAL TAX  MATTERS,
TENNESSEE BUSINESSES & ESTATES 
 
July 2018

Focus On Estate Planning +

  
          
Do you want to make sure your life savings will  benefit you and your family to the fullest?  The focus of this issue is to avoid wasting your hard earned property  on  Probate costs, taxes and legal fees, so that your assets stay with  your family, NOT the government . I will also throw in some key income tax savers below.

Email me  to ask about a  Free 1/2 hour consultation .
Wis was voted a 2018 Top Attorney by  SUPERLAWYERS.COM

Estate Planning Primer

WHY PLAN YOUR ESTATE? 
Without planning, your family will face the expenses and aggravations if you die or lose capacity. Even if you have aa will, it will does nothing but transfer your property to the beneficiaries you name. Professional Estate Planning manages and disposes of your property for you and your family during your life and afterward. Estate planning is one of the most complicated areas of law, covering federal and state income, estate taxes and property laws. Don't use an amateur or a do it yourself will for your planning. As one of only seventeen Accredited Estate Planners in Shelby County, I am trained to protect your family and your estate.

It's Never too Early.  Many people think they have plenty of time to get their estate planned, but this is a common mistakeRegrettably, we have no control over when we need estate planning documents.  So the best option is to be prepared.  Read more .

Why does everyone want to avoid Probate? For a will to function the Probate Court must approve it. Meeting Probate Court requirements is an expensive hassle, loaded with legal fees -thousands of dollars! Without the help of an attorney, dealing with Probate court is practically impossible. An Executor has countless duties: * Proving the will, * Providing a bond *Preparing financial reports *  Dealing with the IRS, banks, brokers and insurance companies * Finding, managing and disposing of property * Satisfying creditors and heirs * Collecting income * Filing tax returns.The list goes on! Read more .
Why put your family through all this grief? Estate Planning provides much needed assistance in their time of need.

The Solution? The RLT Package.
For most clients, I recommend a Revocable Living Trust Package. The RLT Package consists of a Revocable Living Trust (RLT), backup will, durable power of attorney (DPOA) and advance care plan. 

DURING YOUR LIFE: the RLT and  DPOA avoid the cost and embarrassment of a conservatorship. The RLT package is easy to change while you are alive.

After you pass away, the RLT Package:
avoids Probate (even if you own property in another state), manages and protects your property for those you love,  is extremely difficult to challenge and  is private -- unlike a will.

Revocable Living Trust. The primary document in the RLT package is the RLT. A "trust" is a legal relationship under which you, as the Grantor, give money or property to a Trustee to manage for Beneficiaries you name. You create your trust with a trust agreement that I draft for you. During your life, because you are a trustee and beneficiary, you control the RLT on your own behalf while you are willing and able. An RLT is revocable, meaning that you can easily change it as you see fit.

What Can a Trust Do for You?
A trust gives you superior control over your property. You can put any instructions that you wish in the trust agreement. For example, after you are gone:
®name a successor trustee 
®distribute trust property to specified adult beneficiaries or to  your favorite charity.  
®use trust assets on behalf of those who need it -- such as children and the elderly. 
®specify how to use the assets: for a beneficiaries health, education or anything you prefer. 
®give more to beneficiaries who get an education, 
®distribute trust assets to a beneficiary at a certain age. 
®You can even provide for the care of pets!

Tax status. During your lifetime the IRS ignores the RLT. You are taxed on the RLT's income and it does not need a separate tax return or tax ID number.

Pourover Will . If any property remains in your name at the time of your death, it will require Probate. Thats why the RLT package includes a Pourover Will to transfer such property to your Revocable Living Trust.

Durable Power of Attorney.
If you lose legal capacity. the durable power of attorney (DPOA) helps avoid a conservatorship. It authorizes a "attorney in fact," to take legal actions on your behalf .

Advance Care Plan. The "Advance Care Plan"acts like a living will and health care proxy. It tells your doctor to withhold certain treatments, such as life support, if you end up with serious medical conditions. It specifies the people who make medical decisions for you in case you are unable to do so yourself.

Don't wait until its TOO LATE!  If you are ready to start your Estate Planning, check out my free  o nce you complete it so you can finally have true peace of mind! 
Income Tax Savings

Don't forget about tax savings.  I want to remind you not to forget about income tax savings. Did you know that you can take home much more money as a result of the latest Tax Reform? I can show you how to save taxes and put them in your pocket this month! If I prepared your taxes,  review the TAX MASTERY© report and 2018 Tax Forecast that I gave you. If I did not prepare your taxes, call or email today to arrange  a Free 1/2 hour consultation.


Harry W. (Wis) Laughlin III
1028 Oakhaven Road
Memphis, Tn
(901) 507-4274
wislaughlin@gmail.com

credentials

Wis has been selected again in 2018 as one of the top tax attorneys in Tennessee. He is a former IRS  l awyer and an Accredited Estate Planner  with over  35 years of practice. He is your legal advocate, not your accountant. 

Read more about Wis' credentials.

Learn with Ease
Contract Wizardry:  How To Make Agreeable Agreements 
Are you a member of an investment club, a civic group, or business group looking for a great speaker? Would your company like to reward good employees with valuable tax or estate information? If so, Wis can provide you with a informative and brief seminar that can save members of your group thousands--and they will have a blast learning it.

Call (901) 507-4274  to book Wis as your speaker. 


Testimonials
 
Why do clients prefer Wis over other lawyers? Lawyers prefer Wis as their tax and estate lawyer!    Find out here  

Our Services: 

TAXES
-Tax return preparation
- Tax Mastery© Analysis
-IRS Representation
-Tax Planning

ESTATE PLANNING 
-Revocable living trusts
-Wills
-Advance Care Plans
-Special Needs Trusts
-Power of Attorney
-Charitable Planning

BUSINESS CONTRACTS
- Negotiation
- LLC's &  Partnerships
- Employment
- Acquisition/Sale of Businesses 
- Leases
- Technology
- Licensing
- Confidentiality
- OEM Agreements

IRS Audit?

Have you been audited? Are you worried that you are likely to be targeted?  
The IRS examines taxpayers with incomes of $200,000 or higher more than twice as often as anyone else. Taxpayers with  significant income but 
a separate struggling business are also easy targets for the IRS. 

My advice:  Using a professional tax preparer reduces the chance of an audit.  I have over  35 years of experience in helping my clients avoid audits!
Valuable Discounts: 

Receive 15% off the next services rendered. All you have to do is refer Wis a new client or use him for a new service(one discount per year).

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