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The New York Times has reported that Joe Paterno has transferred the ownership in his home to a trust naming his wife as trustee for $1. The transfer took place in July, a few months before the Penn State sexual abuse scandal. Unfortunately, for Joe it may not work and if he's sued and found liable the house could probably be used to satisfy the judgment. This is because there are federal and state laws against "fraudulent conveyances" which is defined as the intent to defraud creditors. The creditor in this situation would be the victims if they're successful in court showing him to be personally liable for the abuse. However, the advice that Joe received is good strategic legal advice. There are many advance estate planning techniques that incorporate…

Renouncing Citizenship is One Way to Fight Higher Taxes read more The US Tax Policy is far reaching, to the point that US Citizens are taxed regardless of where they live in the world. Giving up your US Citizenship sounds a little extreme, but there are some people who are just plain tired of being scrutinized for tax evasion and simply being taxed. As well as exhausted by the way the US Government mishandles the tax revenue they do receive.Switzerland has had an increase in applications of Americans seeking to surrender their passports. In 2008, 235 Americans renounced their citizenship. Last year 1,780 gave up their nationality. A 657% increase!! I wonder if anyone inWashingtonis paying attention??? https://youtu.be/Na-KcwCB0Gc This web site is designed for general information only. The information presented…

https://youtu.be/Na-KcwCB0Gc We’ve all heard the saying that there are only two sure things, “death and taxes.” Unfortunately for the parents of Marine Lance Cpl. Andrew Carpenter, they’ve endured the shock of their son being killed in Afghanistan while serving his country, only to be presented with a tax bill. This seems to take the familiar saying to the extreme!!Lance Cpl. Carpenter had taken out student loans that his parents co-signed. The good news is that student loans that are backed by the federal government are forgiven for deceased veterans.  However, the IRS takes the position that the forgiven indebtedness is taxable income. This is not a new position by the IRS and actually it is part of the Internal Revenue Code which Congress created. Nevertheless the parents of this fallen…

The President is determined to raise taxes and demand the wealthy pay their fair share. Yet, a new report out by Ernst and Young indicates that allowing taxes to increase for every American earning over $250,000 ($200,000 for single taxpayers) would suck $200 billion out of the economy, cost 700,000 jobs (those most likely to need jobs) and also reduce wages by 1.8 percent. This report also addresses, in part, the taxes already scheduled to take affect under Obama Care. One of the significant tax increases from this law is the increase of the Medicare Tax from 2.9% to 3.8% and will extend to the unearned income (e.g. interest, dividends and capital gains). To top it off the tax collected on unearned investment income doesn’t even go to cover Medicare!!…

https://youtu.be/Na-KcwCB0Gc The Congressional Budget Office released a warning yesterday that if Congress fails to act on the impending tax hikes schedule for January 1, 2013, also known as “Taxmageddon,” the country will experience a deeper recession. Douglas Elmendorf, director of the CBO said, “The magnitude of the slowdown we’re discussing next years is significant.” The tax hikes are a return to the rates prior to the Bush era tax cuts. These tax hikes involve income tax increases, as well as estate tax increases. But on top of that are the tax increases contained in Obamacare, recently upheld as constitutional. There are numerous payroll tax increases, capital gains tax rate hike and new taxes on investment returns. So it’s not just the expiration of the Bush tax cuts, but the implementation…

I’m a huge Dallas Cowboy fan (for those of you who don’t know it) and today I was privileged to hear a Washington Redskin Legend share his passion for helping business and even current NFL Rookies with their financial success. The legend, Brian Mitchell, a ferocious punt and kick-off return specialist who played 14 years in the NFL and is 2nd All-Time in All Purpose Yards of 23,330, behind Jerry Rice. What intrigued me about the story of Brian Mitchell was his overall mindset, but specifically how he had a plan, a succession plan, for when his football career was over. The average NFL career last less than 3 years, Brian knew this and he knew that his career could end in one play. So he planned for that. He realistically…

The IRS just announced that the 401(k) contribution limits will rise from $17,000 a year to $17,500 a year beginning 2013. If you’re 50 or older you can contribute $23,000 a year. A 401(k) plan is not just for big business. Small business owners who have no employees an “individual” or “solo” 401(k) is available and can be a great tax planning strategy. Another consideration is to hire your spouse and have them contribute to the 401(k). Now a 401(k) requires more administration than other company retirement plans, but it may very well be worth the “investment” of administration to reap the tax savings. Let us help you with a Proactive Tax Plan, give us a call or request our free Tax Book for business owners. This web site is…

Philip Seymour Hoffman was a wonderful actor. I enjoyed his talent in Moneyball, Hunger Games, and Charlie Wilson's War to name just a few. He prepared a Will in 2004 and there appears to be some potential problems, namely that he left out two of his children, yet planned a testamentary trust for his oldest child. You can find more details in this article by the Reuters. Don't make these mistakes with your estate plan. This web site is designed for general information only. The information presented at this site is not, nor is it intended to be, legal advice. Your use of this site does not create an attorney-client relationship. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your…

We all have probably received those phone calls from the "IRS"--actually identity thieves/scammers who are looking to take as much money and assets from you that they can latch on to. Today--Monday, May 13, 2019--we were alerted to a new scam in our region, and this is one we want to make you aware of. A good friend and client of ours called to say that they had received a phone call from the "Social Security Administration". Not unusual, you say? This time, they were saying that the Social Security number has been suspended and they want you to VERIFY your Social Security number! In fact, Debbi—in our offices, also received the same phone call today as well. At Field Law, pc, we want to take the time to remind you…

Our world is being hit by unknown threats and uncertainty combined with fear. It is in the midst of this crisis that we begin to ask ourselves what matters most in life. We believe that faith, family, life and freedom are the fabric of our community. Here at the Field Law Firm, we work diligently to protect our clients’ legacies for future generations, and our work has never been more crucial. As we attempt to navigate these unprecedented times, we want to provide you with some helpful insights about estate planning and how you are affected by the current mandates. Therefore we will be sharing tips on estate plans, court closures, power of attorney documents, and much more. The Field Law team is inviting you to journey with us as…