Making family gifts, donations pay: rewards include tax breaks and deductions now, investment growth later

Article Abstract:

Experts say most lawyers know the benefits of donating appreciated assets to charity and of making tax-free gifts to children or grandchildren, but few actually follow through. Paperwork and awkward regulations are to blame, but some help is available. Fidelity Investments offers a Charitable Gift Fund, which lets people donate cash or appreciated securities, take an immediate tax deduction based on the full appreciated value, and then gain interest on the donation for years before transferring it to a charity.

Taxation, Charitable contributions, Charitable donations

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Protect assets before lawsuit arises: financial planning can help preserve profits, dissuade claimants

Article Abstract:

The threat of lawsuits against lawyers seems to be increasing, making personal asset protection planning more important as a third line of defense. A variety of tools are available, each generally being appropriate for a different level of assets. These include exempted assets, titling options, and offshore trusts. The very use of such planning may dissuade claimants from filing a suit or seeking a more favorable settlement, and it should shield assets while permitting continued control over them.

Protection and preservation, Wealth, international

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Cleaning out your financial closet: simplify investments, get smart about credit cards and reap lifestyle benefits

Article Abstract:

Attorneys should follow simple investment programs and avoid maintaining extraneous bank or credit card accounts. Credit equity lines are preferable to keeping numerous credit cards. Investment in the multiple similar mutual funds is a duplicative strategy which should be avoided. A single custodial account can be used to consolidate and simplify stock holdings.

Evaluation, Investments, Attorneys, Lawyers

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