Law office of Lance Denha

Law office of Lance Denha

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  • http://www.denhalaw.com/?p=850

    Lance Denha Law Office

    For over a decade, the future of the federal estate tax has been uncertain. Both Republicans and Democrats have sharply different strategies, with some calling for an increase in federal gift and estate taxes and others advocating for total elimination. Even if you have never done estate planning, this year is a good time to start. Remember that in 2001, Congress increased the estate tax exemption in measured steps until December 31, 2009. Everyone assumed there would be comprehensive reform, but Congress failed to act.

    However, one thing is sure, for the remainder of 2012, each individual can transfer up to $5,120,000 million free of gift tax or leave up to that amount tax-free to anyone he chooses at death. Assuming an individual plans to live through the remainder of the year, the lifetime giving option is the most viable. At the very least, individuals should consider making gifts of their annual exclusion amount ($13,000 per donee in 2012 and increasing to $14,000 as of January 1, 2013) or gifts on an unlimited basis for tuition and/or medical expense payments. Such gifts can be made over and above the gifts that will take advantage of the gift tax exemption.

    Despite having a multitude of gift giving strategies to choose from, many clients are still reluctant to make transfers for various reasons. Whether due to possibly needing the money again or distrusting the beneficiary or the environment the beneficiary oper...

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    Denha & Associates, PLLC http://www.denhalaw.com/?p=855 Faced with the potential of foreclosure, many homeowners are turning to legal mediation. Ever since the housing crisis of 2007, homeowners across the nation have lived with the reality that foreclosure is more prevalent now than ever before. Even as the market makes tenuous strides toward recovery, many homeowners remain afraid that an inability to make payments will result in the loss of their cherished property. As you may know, there are legal alternatives to foreclosure, some of which might enable homeowners to reach more satisfying solutions that do not entail the loss of their home. One such alternative to foreclosure is that of a legal mediation—which may or may not prove effective, depending on the specific situation the homeowner faces.

    Legal mediation comes with noble intentions—namely to put borrowers, lenders and an impartial third party in the same room to negotiate a way to help owners keep their homes– or get out of them as painlessly as possible. Mediation can be extremely promising even if it does not result in positive action for each and every client.

    While the success of a mediation attempt is somewhat dependent on local regulations and access to legal counsel, there are further steps that a homeowner can take to improve his or her chances of a positive outcome. Being well equipped with the proper documentation and understanding of the mediation process will only help assist the homeowner ...

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    http://www.denhalaw.com/?p=760

    Since 1997, 13 states have enacted laws permitting self-settled trusts (often referred to as “asset protection trusts”). A self-settled trust is one wherein the settlor establishes a trust in which the settlor is a permissible beneficiary and trust assets are also protected from the creditors of the settlor. Not all jurisdictions are equal; therefore, when a client is contemplating creating a self settled asset protection trust, it is imperative to go to the jurisdiction with the most favorable laws. The following chart gives a state by state ranking of the various asset protection trust states:

    http://www.oshins.com/images/DAPT_Rankings.pdf

    As reflected in the chart, Nevada offers several key advantages and therefore should always be the go to state for creating and forming a self settled trust. Specifically, Nevada (along with South Dakota) has the shortest statute of limitations period, which is two years. This means, assuming there are no pre-existing creditor issues, two years from the date assets are transferred into the trust they should be protected from the settlors creditors (assuming there are no fraudulent conveyance issues). Further, Nevada is the only jurisdiction that does not provide for exception creditors. All other jurisdictions provide for some type of exception creditors, such as divorcing spouses or preexisting torts. Essentially, this means that in other jurisdictions, even if you have made it past the statute of li...

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    Lance Denha Law Office

    Since 1997, Randall A. Denha, formerly a partner at a large and nationally respected law firm, has built his practice on word-of-mouth referrals among both clients and their trusted advisors in the fields of financial services, accounting and legal. Today, Denha & Associates, PLLC, continues to build its practice and reputation from the clients and trusted advisors who demand practical, professional and knowledgeable representation. At Denha & Associates, PLLC, we don’t just respond to a client’s needs.

    [ View Related: http://www.authorstream.com/Presentation/ameliasaunders75-1735976-law-office-lance-denha/ ]

    We anticipate them. Because we work hard to understand each client’s business, industry and unique situation, we can be more proactive about protecting their interests. Because we are committed to frequent communication and ready accessibility, we can obtain client input quickly and move forward in an expeditious manner. Because we embrace the highest standards of professionalism and integrity, we can be trusted to do the right thing for every client. We are grateful to our clients and fellow trusted advisors for their confidence in our firm, and for allowing us to build our practice into one of the most respected and trustworthy practices in the area. It may sound cliché, but at Denha & Associates, PLLC we care about our clients. We consider them to be not only our partners in business but a ...

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    Denha & Associates, PLLC http://www.denhalaw.com/?p=871 In a cruel twist of legislative wrestling, while the citizenry raced to complete year-end tax planning and complete year end gifts that were put off combined with the media frenzy of whether we were going off the “cliff”, Congress passed the “American Taxpayer Relief Act of 2012″ (“the 2012 Act”) on New Year’s Day. President Obama signed the 2012 Act into law on January 2, 2013. The new law has important – and mostly positive – consequences for the federal estate, gift and generation-skipping transfer (GST) taxes. Overall, the 2012 Act prevents tax-rate increases for the vast majority of taxpayers by making permanent many of the Bush-era tax breaks that had been scheduled to expire at the end of 2012. Higher-income taxpayers (defined in the 2012 Act as individuals with income above $400,000 or married couples with income above $450,000) will face significant tax increases through a combination of higher rates and limits on itemized deductions. Since the passage of the 2012 Act, much has been reported in this area so the following is a very brief table that shows the various income tax rates for 2013:

    A Key point worth mentioning is that a “stealth tax” called the Pease provision was included as part of the 2012 Act. In effect, this sleight of hand increases tax liability without increasing tax rates. How? It operates as an income-based reduction in the amount of itemized deductions higher-income ta...

  • Denha & Associates, PLLC | Profile

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    http://www.denhalaw.com/?page_id=2

    Lance Denha Law Office

    Since 1997, Randall A. Denha, formerly a partner at a large and nationally respected law firm, has built his practice on word-of-mouth referrals among both clients and their trusted advisors in the fields of financial services, accounting and legal. Today, Denha & Associates, PLLC, continues to build its practice and reputation from the clients and trusted advisors who demand practical, professional and knowledgeable representation. At Denha & Associates, PLLC, we don’t just respond to a client’s needs.

    [ Related Article: http://www.linkedin.com/pub/dir/Lance/Denha ]

    We anticipate them. Because we work hard to understand each client’s business, industry and unique situation, we can be more proactive about protecting their interests. Because we are committed to frequent communication and ready accessibility, we can obtain client input quickly and move forward in an expeditious manner. Because we embrace the highest standards of professionalism and integrity, we can be trusted to do the right thing for every client. We are grateful to our clients and fellow trusted advisors for their confidence in our firm, and for allowing us to build our practice into one of the most respected and trustworthy practices in the area. It may sound cliché, but at Denha & Associates, PLLC we care about our clients. We consider them to be not only our partners in business but a part of our family as well.

    Lance Denha...

  • Law office of Lance Denha: RANDALL A. DENHA

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    Randall A. Denha, J.D., LL.M. is the founding member of Denha & Associates, PLLC. Mr. Denha, a former partner at one of the most prestigious estate planning firms in the country, specializes in the areas of estate and personal tax planning, business and succession planning, family wealth planning, asset protection planning and integrating all of the foregoing into a truly comprehensive plan. Mr. Denha counsels high net worth individuals and families on a daily basis and is frequently called upon by these same individuals and families to assist in developing business policies and structures that will succeed to the next generation.Mr. Denha attended Wayne State University and graduated with honors with a degree in Corporate Finance. After college, Mr. Denha then went to University of Detroit School of Law where he graduated with honors with his law degree. Feeling that he still needed more education, he then attended the University of Miami School of Law and completed his masters in law (LL.M.) in estate planning.

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Denha & Associates, PLLC offers a comprehensive array of legal services for the individual, business owner, physician and any one in between.

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Law office of Lance Denha

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