William J. Warnkin , Master Elite Estate & IRA Tax Planner

12/04/2024

Understanding common life insurance riders and how they impact trust-owned policies to better manage your client's TOLI portfolio.

04/25/2024

The IRS's three-year look-back policy, commonly known as the three-year rule, poses a significant challenge for those looking to transfer existing life insurance policies to an Irrevocable Life Insurance Trust (ILIT). Under this rule, if an insured individual transfers a policy to an ILIT and passes...

02/15/2024

Best way to pay Death tax at an 80% discount.
Best way to pay income tax on IRA and 401(k).
Best way to recoup Roth conversion tax .

Estate planning is one of the most important aspects of managing your client’s financial legacy and ensuring that their loved ones are well taken care of after they are gone. One powerful tool that individuals often overlook is the Irrevocable Life Insurance Trust. In this blog, we will explore th...

07/12/2023

Most Popular Locations for Offshore Trusts- Visualized.

Your legacy isn't a game of chance - it's a calculated strategy. When the IRS changes the game, change your tactics. Offshore trusts are the masterstroke you need. Harness their strength, embrace the invincibility. Assert your resilience.

https://nomadcapitalist.com/offshore-trust/

06/15/2023

🌟 Stop Cutting Corners: The Era of Risky Schemes is Over! 🌟

Today, we have just one thing to say: stop cutting corners. We mean it. The days of clever but potentially risky schemes are behind us. Let's discuss an important issue that has caught the attention of U.S. citizens and residents – personal retirement schemes in Malta.

Under Malta's Retirement Pensions Act of 2011, individuals have been setting up retirement schemes without limitations based on earnings. They have even been making contributions in forms other than cash. At the time, it seemed like an ingenious loophole. But as the saying goes, if it looks too good to be true, it probably is. Now, questions are arising about whether these personal retirement schemes qualify as "pension funds" under the U.S.-Malta Income Tax Treaty.

The IRS has taken notice and is scrutinizing the interpretation of the U.S.-Malta Income Tax Treaty. Many individuals have claimed tax-free contributions of appreciated property to Maltese pension plans and expected tax-free returns upon asset sales and distributions. However, the IRS is now challenging the validity of these arrangements.

The Malta pension plan was once seen as a "golden ticket" to tax reduction. It was aggressively marketed, leading people to believe they could stay in the U.S., contribute to a pension plan, and magically reduce their taxes.

But the reality check has arrived.

We have stressed repeatedly that this Malta pension plan was a BAD IDEA. Our elite tax advisors have warned against falling into this trap, and now we are witnessing the IRS's scrutiny unfold.

Far too many people are solely focused on tax savings without taking substantial actions. It's no longer the 80s; this is 2023. You need to move your assets and yourself. For Americans, sometimes it's enough to just move their... let's say, "sitting apparatus."

So here's the bottom line: Stop falling for aggressive schemes because the IRS is coming after them. Do you want to risk advice from those promising magical shortcuts? Or would you prefer the straight, well-lit path that actually saves money without the constant fear of what's looming around the corner?

06/14/2023

05/19/2023

05/16/2023

Planning for life after selling a business is as important as preparing to sell

05/16/2023

How Ben Mallah Avoid Real Estate Investing Taxes - Full Video Here: https://youtu.be/Z2kM-zKRSsk

05/10/2023

A British politician lays out a few truths about the Financial system and how it has structures to it which would otherwise be criminal. Topics covered inclu...

04/04/2023

One trend our team sees with Trust Owned Life Insurance (TOLI) is that life insurance is getting harder to manage. While servicing over 25,000 TOLI life insurance policies for corporate trustees and law firms, we have noticed a considerable decline in servicing departments within life insurance comp...