As a high net worth individual with a robust balance sheet, you may find yourself the intended recipient of an inheritance and for the purposes of generosity and tax efficiency, would rather pass on to other family members. This may be especially true if you have an asset base in excess of the Federal estate … Continued
Trusts are commonly-employed structures for wealthy families. To manage estate taxes as part of an overall estate planning strategy, it is common to transfer ownership of a home from an individual to a trust. However, this well-intended strategy can have potentially disastrous outcomes by creating exposure to potential uninsured claims. In the event of a … Continued
The term “robo-advisor” has been getting so much press lately you’d think we were facing the rise of the machines. Images of an “advisor” who looks and sounds like C3PO from Star Wars asking, “When do you plan to retire? I repeat, when do you plan to retire?” run through my mind. Actually, robo or … Continued
Real estate, farmland, artwork, closely-held stock of C or S corporations….these are all highly valuable assets, especially here in the Land of Founder’s Stock. If you’re philanthropically minded, it might make sense to consider incorporating these valuable, less liquid assets in your strategic gift and tax planning. With the memory of tax season still fresh, … Continued
We’ve all heard the horror stories of siblings who are no longer speaking to each other after settling their parents’ estate. The feeling that one child got more than their fair share of assets can serve as “the last straw” in the ultimate game of sibling rivalry. Perhaps you’ve even experienced this painful break-up in … Continued
For those who want to pursue inter-generational transfers of wealth to assist their family while they are still living, two rather simple techniques stand out for their general ease and effectiveness; annual exclusion gifts and 529 plan contributions. Both offer significant help to children and grandchildren, and provide meaningful estate planning opportunities. Direct gifting may … Continued
In planning for the event of your passing, you’ve thoughtfully established a living trust, generously gifted to family members along the way, invested wisely, and intend to leave a sizable estate for your heirs. Included in your financial planning has been the purchase of a life insurance policy to provide replacement income at your death. … Continued
While it is commonplace for our clients to craft thorough estate plans and trusts with focus on attorneys and legal documents, the follow up process of engaging and educating the successor generation is often overlooked. By actively discussing your intentions with family members or an executor tasked with settling your estate, you can gain significant … Continued
In my house we are running either the theme song from The Lego® Movie or the hit ballad from Disney’s Frozen on a continuous dizzying loop. Either my daughters are parading around the kitchen with their princess capes on – “letting it go” – or my son is pumping his fists in the air shouting … Continued
It has become a common practice to take advantage of the charitable deduction when gifting highly appreciated stock to qualified non-profits and charities. What is unknown to many (and now a permanent option thanks to the American Taxpayer Relief Act of 2012), is that gifting appreciated stock to individuals who qualify for the 0% Federal … Continued