Prof. Victoria J. Haneman
Tax law professor; commentary spanning tax, policy, and intersections with business/legal systems.
Prioritize Emergency Fund, Debt, and Investing Before Trusts
I was contacted today by someone making $20/hour who is asking about setting up a trust for asset protection purposes. At that income level, focus on wealth building. The real priorities: • Build an emergency fund • Pay down high-interest debt • Invest consistently (even small amounts) • utilize employer benefits + retirement accounts Leverage insurance as your asset protection tool to hedge risk (renters, auto, health, disability). Trusts are powerful, but they’re not step one.
Aggressive Tax Schemes Reveal Deep Ethical Concerns
Quoted in The New York Times on a piece examining the intersection of wealth, power, tax and estate planning in the orbit of Leon Black and Jeffrey Epstein. When tax and estate structures get this aggressive, the legal questions are only...
Bachelorette Contracts Demand Full Risk Disclosure, Indemnify Producers
Lawyer thoughts on The Bachelorette being canceled? Reality TV lead agreements are usually loaded with “representations and warranties” clauses that require the participant to disclose any material facts that could impact production, reputation, or insurability—think prior conduct, ongoing investigations, or anything...
Law Lags Behind AI’s Endless Digital Resurrection
Excited to be quoted in this Fast Company article on AI & digital resurrection. The legal problem isn’t just the tech—it’s that existing contracts & doctrines weren’t built for a world where identity can be replicated indefinitely https://www.fastcompany.com/91500169/ai-digital-resurrection-actors-deepfakes?fbclid=IwZnRzaAQn_6xmZGlkFlAytLRTttuVO_GJmkr_NRhIV3ISA_BleHRuA2FlbQIxMQBzcnRjBmFwcF9pZAo2NjI4NTY4Mzc5AAEeSLbMV2HLT9ucc9r7IyaXGVaZRNfHz0Wz9kOuJzYPyeSoxipZubKs8W10uik_aem_xM7kmfiU0B8c07sWBR03rg
States Tax Cars Where They’re Garaged, Not Registered
Let’s talk about the Montana car tax strategy. The idea is simple: Montana has no sales tax. So people form a Montana LLC, buy the car through the LLC, register the car in MT, and—poof—no sales tax. Is it legit? There...
Misguided Trust Advice Leads to Tax‑free Delusions
I’ve been making a stuffed head of everyone who enters my life and says they were told a trust means they never have to pay taxes again.
IRS Audits Dog-Dependent Claims, No Wins
The IRS has audited people for claiming their dog as a dependent. The dog did not win.
Beware: 5 Red Flags of Fake Tax Advice
The top 5 warnings signs that tax content on social media is not credible: 1. No credentials, just vibes. If their bio says that they are a tax guru, wealth hacker, 7-figure strategist, or financial architect, but there are no...
Asset Protection Means Changing Ownership, Not Hiding Wealth
The first rule of asset protection is simple: If you still own it, a court can probably reach it. When done correctly and legally, asset protection is not focused on secrecy and hiding wealth. It is about changing the legal relationship...
Fund the Trust, or Probate Defeats It
My biggest estate planning tip when it comes to trusts? Fund the trust. So someone can pay thousands of dollars to draft a beautiful trust document and still end up with a full probate estate. Creating a trust is only half...
Trusts Aren't Tax Tricks—Structure Determines Benefit
I don’t need to hear this, but “put it in a trust” is not a tax strategy. It’s like saying “put it in a box.” What kind of box? Who controls the box? Who benefits from the box? That’s where the tax answer...
Wealth Isn't Punished—Lack of Asset Protection Is
We don’t actually punish wealth. We punish people who don’t know how to ring-fence it. And this is why asset protection becomes so important when you pass a certain level of wealth.
Unsigned Client Agreements Foreshadow Upcoming Problems
When a client says, “Technically, I didn’t sign it…” I know that nothing good is soon to follow.
Audits Expose Fake Tax Hacks From Self‑proclaimed Gurus
Every tax strategy works until an auditor appears like: “Interesting BS theory and big nope.” And this contributes to some truly terrible social media tax advice by faux pros.
Criminalizing Cheating Invades Private Life and Liberty
If we criminalize cheating, we are inviting the government into the most intimate parts of adult life. And that should make everyone pause. Yes, marriage is a legal contract. But it’s a family law contract, not a criminal code provision. Here’s...
Legal Help Requires Awareness, Resources, Not Just Willingness
It’s always fascinating to watch people say, “Why didn’t she just hire a solicitor?” as if that’s a normal, frictionless life choice. Of course a poor 18-year-old will not run to hire a lawyer. The legal system (then and now) is navigable...
Rent to Your Business Tax-Free—Only With Proper Paperwork
Influencers: “Rent your house to your business and boom — tax-free money.” What they don’t tell you: 📂 Fair market rent. 📝 Real agendas and minutes. 👥 Actual humans in attendance. 💼 A separate legal entity. 📸 Documentation that doesn’t look like it was created during...
Know Your Business Meal Deduction Risk Levels
A guide to business meal deductions Lower Risk • Occasional client lunch • Modest amounts • Clean documentation • Clear business relationship Moderate Risk • Frequent meals but defensible revenue • Slightly aggressive % of expenses • Documentation exists but is thin High Risk • Large meals relative to income • vague “business meeting” notes • No attendee names • Receipts missing • Pattern suggest disguised...
Gift High‑basis Assets Now, Transfer Low‑basis at Death
I can think of half a dozen reasons why it is NOT a mistake to gift a house to a child before passing. Why? Because these decisions are fact and portfolio dependent, and always/never advice is rarely reliable when it...