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February 09, 2012 - Image 3

Resource type:
Text
Publication:
The Detroit Jewish News, 2012-02-09

Disclaimer: Computer generated plain text may have errors. Read more about this.

frontlines

Estate Tax Savings
and Creditor Protection:
A Winning Combination

Full Disclosure

M

y fellow readers, in this
I was selecting bagels out of the bagel
important election year I've
bin. (Think Seinfeld when Jerry con-
decided that, despite the
fronted that old lady in a bakery over
remote possibility I may enter the 2012
the last marble rye.)
presidential race as an independent
I have never served my country, BUT
candidate, it is essential that I go public I was on the Safety Patrol at Schoenhals
now with information from my past
Elementary School in Southfield and
that may be used against me
often was on the win-
later. My hope is that this
ning team during the War
preemptive measure will limit
Games at Camp Tanuga.
the media and my political
Admittedly, this next one
foes from digging up "dirt" on
may cost me any chance of
yours truly. So here we go ...
occupying the Oval Office.
In the early 1960s, I snuck
Despite what my birth
out of the High Holiday chil-
certificate says, I may not
dren services at Adas Shalom
be an American citizen. I
to buy candy at Kay's market
was born in February 1955,
on Livernois. In 1971, my
"nine months" after my
Alan
buddies and I climbed a fence
parents returned from a
Muskovitz
and snuck into the Michigan
trip to Paris. My parents'
Jewish
News
State Fair. I habitually list
friends to this day call me
Columnist
my weight as 5 pounds less
"Pierre" — and that is the
than my actual weight when
absolute truth!
renewing my driver's license. In 1993,
I categorically deny having any "off-
I uncharacteristically used profanity
shore" holdings, although I lost a pair
when confronting an elderly New York
a flip-flops in the Dominican Republic
woman at Brother's Delicatessen in
a couple of years ago. I don't have any
Pompano Beach, Fla., for an obnoxious
substance abuse problems, however,
remark she made to me about the way
last month I "borrowed" a couple

JN CONTENTS

However, as an asset protection planning attorney,
I quickly recognized an opportunity to blend tax
planning with high level asset protection planning
through the use of domestic asset protection
trusts (a "DAFT"). In its
simplest form, a DAPT
is a trust to which the
client transfers property
and, thereafter, the
client's future creditors
cannot access the trust
property for payment of
the client's debts. The key
to a DAPT is that the
Howard B. Young
client is able to remain a
beneficiary of the trust and receive distributions
at the election of a Distribution Advisor, who is
selected by the client.

Alan Muskovitz is a writer, speaker, emcee

Many of my clients have been receptive to the

and voiceover talent. Visit his website at

idea of transferring property to their descendants
in order to take advantage of the $5 million
gift tax exemption amount before it expires on
December 31, 2012. However, some clients are
concerned that if the economy takes another
nose dive, they might need to access those
funds that were given away. How can they have
their cake and eat it too? That is where the
utilization of a DAPT comes into play. Properly
structured as a completed gift that satisfies all
IRS requirements, a DAPT can achieve multiple
goals including estate tax savings and creditor
protection while allowing the client to remain a
trust beneficiary.

laughwithbigal.com . This column is dedicat-

ed in loving memory of Daniel "D" Crane.

JEWISHNEWS,corn

Feb. 9-16, 2012 I 16-22 Shevat 5772 Vol. CXLI, No. 1

Stay in touch. Add your insight. Be informed. Go to thejewishnews.com .

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Our JN Mission

The Jewish News aspires to communicate news and opinion that's useful, engaging, enjoyable and unique. It strives to
reflect the full range of diverse viewpoints while also advocating positions that strengthen Jewish unity and continu-
ity. We desire to create and maintain a challenging, caring, enjoyable work environment that encourages creativity
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Like other estate, business succession and tax
planning attorneys, I was excited about the 2010
legislation that increased the gift and estate tax
exclusion amounts to $5 million per person.
This new law provides significant tax planning
opportunities for many of my clients.

Naprosin anti-inflammatory pills from
a family member to relieve pain in
my shoulder. The closest I've come to
sexual harassment was when, as Prince
Charming in a camp play, I kissed my
leading lady, as called for in the script,
despite her objections.
I have never asked my wife to be in
an open marriage. Although, and this is
very painful, I did, as my "Big Al" char-
acter on the Dick Purtan Show, have a
14-year "relationship" on the air with a
pretend girlfriend named "Claudia." We
had no "pretend" children that I know of.
Finally, in the interest of full disclosure,
I will release my tax returns, but I will
never ever reveal my SAT score. EVER!
So there you have it. I've come clean.
Now if I do decide to seek your vote, I
can do so with a clear conscience. All I
ask now is that you respect my privacy
while my family and I begin the heal-
ing process. God Bless You, and God
Bless America! [1

If you feel you might benefit from consulting
with an estate and asset protection planning
attorney, please give me a call or email me at
hyoung©wyrpc.com .

By: Howard B. Young, Esq.

You may read Howard's blog at
www.michiganassetprotedionlawyerblog.com .

WEISMAN, YOUNG & RUEMENAPP,

P.C. is a full service business law

firm. Formed in 1980, our continuing
mission is to provide legal services to
our clients with a solid commitment to
effectiveness, efficiency and excellence.

WEISMAN,
YOUNG &
if&
RUEMENAPP, P.C.

ATTORNEYS AND COUNSELORS AT LAW

Page design, Deborah Schultz

The Detroit Jewish News (USPS 275-520) is
published every Thursday at 29200 Northwestern
Highway, #110, Southfield, Michigan. Periodical
postage paid at Southfield, Michigan, and
additional mailing offices. Postmaster: send changes
to: Detroit Jewish News, 29200 Northwestern
Highway, #110, Southfield, MI 48034.

30100 Telegraph Road,
Suite 428
Bingham Farms, MI 48025
Phone: 248.258.2700
Fax: 248.258.8927
Website: wyrpc.com

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February 9 2012

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