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Announcing the Asset Protection Professor Channel on YouTube. Check out the trailer.

Announcing the Asset Protection Professor Channel with Darol Tuttle BoomX Academy presents the Asset Protection Professor channel with Darol Tuttle, who breaks down estate, asset protection, and long-term care planning. No le...

The motto of the IRS, according to tax lawyers. Pigs get fed. Yes, taxpayers are the pigs in this scenario. That is ok. Pigs are smart animals, smart enough at least to double their estate tax exemption when married to another pig. Dogs? They write down the wrong social on their tax return.

The real problem is the hogs. Hogs hide assets in dumb places. (The IRS can follow EVERYTHING). Hogs expense family vacations, deduct $50,000 for hair products and treatment (Trump actually did that), and get away with scamming people out of fourteen million but go to jail for failing to report it on their 1040.

The IRS is King Hog. If you own even a life insurance policy, the death benefit that pays to your kid, is included in your taxable estate. If you are the beneficiary of someone else's policy, when the insured dies, you receive an income tax-free payout. BUT, if you die before receiving the check, the amount is in YOUR taxable estate.

If you live in any of the twelve states with their own state death tax, such as Oregon and Washington, just replace IRS with "Department of Revenue" because all states have the same rule on this issue as the IRS. So, in Washington, life insurance could be taxed four times: once when the policy owner dies, again when the beneficiary dies even if not received, by the IRS, and then again by the state. Wow!

I just did a Masterclass on state-specific tax estate tax. I also wrote an article on Washington's three taxes on wealth. Any takers? Seriously, I will send you the link. Bueller. Bueller.

Geesh. Tough crowd.