Get to Know Bullock Law

By: Bruce Bullock

When my wife Kelly and I received our first edition of “Newport Coast Living” magazine we were fascinated to see so many aspects of our beautiful neighborhood we had never known of before.  And we were even more excited when publisher Kym Whitney showed us there was also a Newport Beach Living magazine.

 Our Unique Neighborhood

 Where we reside is unique.  It is probably the best place to live in the entire world.  With that come unique issues for every family that has been blessed to enjoy life here.

 So we agreed that as perhaps one of the very few retirement planning tax strategist attorneys, I would contribute a monthly article helping our neighbors find solutions to many financial and tax issues that affect us more than most other California residents.

 Reducing Taxes

 This first article will simply point out what we have seen those issues to be. Then each month we will break one down in more detail and suggest legal strategies to offset, defer or even avoid the costs using tax and financial strategies, many that have been created for the wealthiest families in America.  These strategies were baked into the law when our current tax code was enacted April 15, 1913. The same laws that have benefitted the Astors, Fords, Fricks, and Rockefellers are available to all of us now.

To take advantage, all we need is two years of income over $100,000 or $2 million of net worth.  This means virtually all of our neighbors qualify to benefit from the very same laws and strategies, including having major banks fund 75% of private, non-taxable retirement plans, even for our adult children.

 The Luxury Home Sale Dilemma

 We have seen homes that sold for $1.6 million in 1996 soar to $8 million or even $12 million in value.  That is wonderful.  But with that comes the highest taxes in the country.  37.1% on all the capital gains.  How do we avoid, defer and postpone these taxes and instead create lifetime, guaranteed six-figure incomes, much of them non-taxable or taxed at lower rates?

 Roth Conversions Done Properly

 Another strategy we will disclose is how to get the new carrier of our Roth IRA conversions to pay the taxes for us so our fully taxable incomes become tax-free and guaranteed for life.

 Private Pension Plans

 We will look into “private plans” that exclude the IRS, Franchise Tax Board, market risks, age and contribution limits and in fact pass multiples of our current wealth tax-free to heirs.

 What About Our Health Concerns?

 We will discuss how to add 10 different health benefits to a private, tax-free plan to help eliminate concern about chronic and critical illnesses, Alzheimer’s dementia, cancer and more.

 Making it Last for Life

 We want every family to know not only how to legally avoid taxes but also guarantee that all their retirement incomes increase for inflation and last for the lives of both spouses even if they “run out of money”.

 Is That Right for Us?

 We will help you analyze others’ proposals to see if they are legal, safe and in your best interest.  Is a Delaware Statutory Trust or a Deferred Sale Trust or an installment sale best for you or best for the people proposing it?  You should know the questions to ask.

 Major Enhancements to Current Plans

 We will do an article showing how to add 25-40% to any savings you plan to use for present or future income.  This is a direct result of the unprecedented rise in interest rates in 2023.  It may be time for some of us to “refinance” our wealth and retirement accounts entirely.

 What are Your Concerns?

 We also want to be open to your requests and suggestions for topics that affect you and other Newport-area families.

 It is our hope that each month you will have a few “I didn’t know that” or even “That sounds too good to be true” reactions.  Of course, a real plan never “sounds” like anything . . . it is written.

 How Can We Serve You?

 Our question for our neighbors will be, “How can we serve your family?”

And should you choose to learn more, we will offer every Newport-area family a complimentary 60-90 minute in-person meeting to answer questions unique to you and your family members.

We are excited to embark on this adventure with both Newport Coast & Newport Beach Living magazines and to share 35 years of experience with our neighbors.  We hope to meet many of you in the coming months and years.

To contact Bruce Bullock and his team, please call (888) 979-2326