Avoiding probate, reducing taxes, providing for heirs, and protecting a family business. These are the more popular reasons that most clients share when they start talking about why they want to establish an estate plan. However, there are several other less-discussed reasons that might prompt you to establish an estate plan. Recently, WealthManagement.com published an… Read More »
Posts Categorized: Estate Planning
Your Estate May Be At Risk!
Long standing estate planning strategies which are used to help you reduce “estate tax”, and increase the inheritance you can leave for your family, may be changing and your estate may be at risk! On August 4, 2016, the IRS proposed regulations that will, if adopted, have the most comprehensive effect on the Estate Tax… Read More »
How a Trust Protector Can Be Your Forever “Watchdog”
Estate plans don’t always sync up with real life. If you don’t make a point of keeping your plan current, let alone adaptable to the future, changes in family circumstances or even the law can prevent your plan from achieving what you intended. Wouldn’t it be great to have someone to fill the gap, if… Read More »
Private Foundations: Doing Good While Doing Well
Making Philanthropy Both Personal and Smart The purpose of life is to discover your gift. The work of life is to develop it. The meaning of life is to give your gift away. — David Viscott Ever sit down to watch “Downton Abbey” or the latest Masterpiece series and see the words “With funding by… Read More »
Love Your Pet? Guarantee It Can Live the Good Life without You
Why You Should Include Your Pets in Your Estate Planning People may have laughed at Leona Helmsley, and more recently Joan Rivers, for setting up her dogs to live the (very) good life without her. But the fact is, including furry family members in estate plans is on the rise: a good thing, given an… Read More »
Wise Guy’s Estate Plan Not So Wise
Most memorably known as mob boss Tony Soprano on the HBO series The Sopranos, actor James Gandolfini died in June at age 51. He left behind an estate worth an estimated $70 million. But to many advisors, the way he divided his estate would have gotten the fictional wise guy knocked off for not shielding… Read More »
Three Ways the DOMA Ruling Can Affect Financial Planning for Clients
The June 26 Supreme Court ruling that struck down the 1996 Defense of Marriage Act by a 5-4 vote not only gave same-sex couples legal recognition at the federal level, it leveled the playing field financially, too. With this decision, married gay couples living in states that recognize same-sex marriage are eligible for over 1,000… Read More »
The Recession, Financially Troubled Beneficiaries and Your Client’s IRAs
As our struggling economy tries to sputter back to life, we still see its impact on our clients’ families. The stress of the real estate market crash and the wreckage of the lingering recession has left deep financial scars. There is still a desire by better off (note, not well off) grandparents and parents to… Read More »
Should Granddad Still Keep His Guns?
Convincing a client’s elderly parent or grandparent with eyesight problems that it’s time to turn over the car keys can lead to family squabbles. The elder, who has driven for decades, can resent the loss of independence that giving up the keys represents. Now try to take away his guns — and any fight over… Read More »
New Tax Laws Explained
When Congress passed and President Barack Obama signed into law the American Taxpayer Relief Act in the first week of January — averting the so-called fiscal cliff — it made permanent the previous two years’ exclusions on estate and gift taxes. And those exclusions have been adjusted for inflation. As reported by Bloomberg, this means… Read More »