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The Gangnam Style Tax Dance

When PSY became the overnight hit music sensation, many looked at the tax consequences of his newfound wealth. His music video ironically comments on the concept of at-risk-wealth, and some even say his video criticizes wealth redistribution via taxation.

Whether onlookers are new to wealth, or have had it in their family for centuries, the Gangnam Tax Dance has heads turning because its controversial stand for 'What's Mine Should be Mine'. This becomes especially relevant when considering the magnitude of residual royalties on album sales.

Suppose PSY were to make his income taxes fall as easily and as quickly as his rise to global fame. The taxation experts at the Legacy Advisor Group, in Barrington, Illinois consider some steps celebrities like PSY could take to predictably and substantially reduce income taxes before, during, and after the rapid accumulation of wealth. Not that these celebrities would exercise this right in every jurisdiction, but if they wanted to, the detailed and specific types of structures they could create to make their wealth more invisible to predatory taxation.

This perspicuous report does not constitute legal advice, and no legal representation is assumed. The complementary pdf report is available for a limited time and provides immediate access to 5 rare and unique questions wealth holders may have never asked of the structures that house their money.

Press Send to View Your Free Special Report Now

A working knowledge of basic business entities is encouraged, but not required to benefit from this report, and the author assumes there are two systems of taxation in the United States: a system of taxation for the informed, and a system of taxation for the uninformed.


How and When INCOME TAX May Affect Your Family

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Estate planning offers the peace of mind to families that can only come from preparing for the inevitable. With proper planning, you can assure that:

1) you will not be indefinitely stranded on life support;

2) guardianship court proceedings will be avoided should you become unable to make financial decisions for yourself;

3) probate court proceedings will be avoided that could last from 1 to 3 years and cost from $2,500 to 8% of your estate;

4) your estate will be distributed with privacy, efficiency and in a timely manner;

5) the fraudulent claims of creditors and predators cannot take assets away from your loved ones;

6) young beneficiaries will receive their inheritance over time and in a manner that will not harm them and will remain protected from creditors; and

7) all estate taxes which could otherwise take about half of your estate will be eliminated.

None of us knows the time of our passing. If you wait to complete your plan until you are ill or too feeble, it could be extremely difficult or impossible. If you take the time to complete your plan while you are healthy, you will be prepared whenever your plan is needed. Everyone would have an appropriate and up-to-date plan if they knew the consequences of not doing so.

Since your initial meeting is complimentary, and since at the end of that meeting you will know exactly what you should do, why you should do it, and what it will cost, why not take the first step toward an orderly transition and page an attorney, or contact us.

 

Lead Counsel Rated Estate planning attorney Rodney Piercey, a member of the Legacy Advisor Group can assist with all estate matters, including:

  • Wills

  • Trusts

  • Business Succession Planning

  • Estate Tax Reduction

  • Power of Attorney for Health Care

  • Power of Attorney for Property

  • HIPPA Authorization Forms

  • Family Limited Partnerships

  • Bypass Trusts

  • Dynasty Trusts

  • Charitable Lead Annuity Trusts

  • Charitable Remainder Trusts

  • Grantor Retained Annuity Trust

  • Self Canceling Installment Notes

  • Limited Liability Companies

  • Irrevocable Life Insurance Trusts

  • Grantor Deemed Owner Trusts

 

 


Legacy Advisor Group
1525 South Grove Ave, Suite 204,
Barrington, IL 60010
224-848-4642
legacy_support@legacyadvisorgroup.com

©2017 Legacy Advisor Group. All rights reserved.

Featured Estate Planning Attorney Rodney Piercey

  • He limits his practice to only estate planning.
  • He guarantees your satisfaction, or he doesn’t get paid.
  • He coordinates your team of attorneys, financial planners, accountants, and insurance experts to help you get your estate plan in order and eliminate unnecessary delays, expenses and all estate taxes.