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Estate Planning Basics

Discount for Lack of Marketability

Discount for Lack of Marketability

There is a concept in estate and tax planning called Discount for Lack of Marketability. Basically, it says that assets in a company are not as valuable as assets owned directly by a person.  This can save a family a ton of money in estate taxes if […]

How Long Does a Power of Attorney Last?

How Long Does a Power of Attorney Last?

The question of how long a power of attorney lasts has two different answers–a legal one and a practical one. First, the legal answer is however long you set it up to last. If you set a date for a power of attorney to lapse, then it […]

Shift Taxes to Someone Else

Shift Taxes to Someone Else

It may seem impossible to shift taxes to someone else, but it is a long established tax planning technique of the wealthy. Income is moved away from family members in a higher tax bracket to family members in a lower tax bracket.  Shifting income is still a […]

Child Exemptions in Divorce

Child Exemptions in Divorce

One of my clients is going through a miserable divorce, and she asked me what to do about filing her taxes in the coming year.   She has been separated for seven months and has been the sole caretaker of the children. She does not want to be […]

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We wish everyone in America had the means to obtain the knowledge that Attorney Lee Phillips is attempting to impart in the Accumulation and Preservation of Wealth course. We are thankful that there is a legal system that is designed to protect people’s assets, no matter how little or how much.
~ Ed, Dallas Texas