The Wealth Advisor With the political and economic climate as it is in the summer of 2008, we are not likely to see total repeal of the federal estate tax in the foreseeable future. However, both Republican and Democratic Presidential candidates support estate tax reform. Realistically, such reform is at least one year away, but…
DetailsThe Wealth Counselor This month’s issue of The Wealth Counselor examines the unique planning requirements of families with children, grandchildren or other family members (such as parents) with special needs. There are many misconceptions in this area that result in costly mistakes in planning for these special needs beneficiaries. It is therefore incumbent upon us…
DetailsThe Wealth Counselor This month’s issue of The Wealth Counselor examines the unique planning requirements of families with children, grandchildren or other family members (such as parents) with special needs. There are many misconceptions in this area that result in costly mistakes in planning for these special needs beneficiaries. It is therefore incumbent upon us…
DetailsActor Robin Williams’ widow and three children recently settled a dispute over his estate that began just months after his death at age 63. At the heart of the matter was a question over the meaning of specific words in the trust paperwork – including which personal items should be considered “memorabilia” and “jewelry.” Questions…
DetailsThe Wealth Counselor Your estate plan undoubtedly includes trusts that will continue for the benefit of your spouse’s lifetime and then for the benefit of several generations of your family. Implementing and maintaining trusts that will cover the administration, investment, and distribution of trust property over the span of multiple decades is challenging and generally…
DetailsThe Wealth Counselor Whether your client is a parent with future educational obligations for young ones, or perhaps a loving aunt, uncle, grandparent, or stepparent, now more than ever 529 plans are an attractive tool for the escalating costs of education, as well as for income and estate planning purposes. This is because one of…
DetailsThe Wealth Counselor Whether your client is a parent with future educational obligations for young ones, or perhaps a loving aunt, uncle, grandparent, or stepparent, now more than ever 529 plans are an attractive tool for the escalating costs of education, as well as for income and estate planning purposes. This is because one of…
DetailsWhile most Baby Boomers have wills in place, millions of soon-to-be-retired Americans haven’t yet established estate plans and made critical decisions about future care. Many also don’t appreciate the sheer diversity of planning instruments available to ensure their wishes, protect their assets and prevent fighting among beneficiaries. A living trust, for instance, provides a slate…
DetailsIn a previous post, we explored three key ideas about living trusts. Here are four more fascinating insights into how to make the most of these instruments to plan for your future. What a Living Trust Can and Can’t Do for You A living trust can prevent your estate from going through probate court, delaying…
DetailsMore than 10,000 people turn 65 in the U.S. every day according to Aging.gov (http://www.hhs.gov/aging/), a new website recently launched by the Obama administration. The goal of this website is to act as gateway for older Americans and their families, friends and caregivers to locate information about leading a healthy lifestyle, options for health care,…
DetailsThe Wealth Advisor Almost everyone knows someone who had a problem and lost everything. Claims can, for example, allege professional liability, responsibility for a car accident, or unpaid creditors. Whether meritorious or not, defense can be enormously costly. With our litigious society, with limited risk for those making liability claims, asset protection planning has become…
DetailsThe Wealth Counselor Our clients expect their estate planning will cause their property to go to whom they want, the way they want, when they want and that it will minimize the impact of taxes, professional fees and court costs. They also expect their estate planning will help them keep control of their property while…
DetailsThe Wealth Counselor Asset protection planning is a growing area of practice for many members of the estate planning team. But, it is not something that one member of the team can do alone. It may not take a village, but it does take a team. In addition to specific legal strategies that may be…
DetailsThe Wealth Counselor Only the very wealthy and those in high-risk professions need asset protection planning, right? That’s a myth. In reality, we all need asset protection. Why? Because we all can be sued and lose everything we have. A car accident, business failure, foreclosure, medical crisis, or injured tenant can result in a monetary…
DetailsThe Wealth Counselor Income Tax Options Run Out December 31 for Non-Grantor Trusts! Most clients and advisors have not yet caught up to the impact of soaring income tax rates on non-grantor trusts and on estates in administration. Trustees and estate administrators must be informed immediately to implement strategies to mitigate the 2013 tax rate,…
DetailsThe Wealth Counselor Income Tax Options Run Out December 31 for Non-Grantor Trusts. Most clients and advisors have not yet caught up to the impact of soaring income tax rates on non-grantor trusts and on estates in administration. Trustees and estate administrators must be informed immediately to implement strategies to mitigate the 2013 tax rate,…
DetailsThe Wealth Counselor The signing of the American Taxpayer Relief Act of 2012 (“ATRA”) on January 2, 2013, certainly marked a transition for wealth and estate planning professionals and their clients. Before ATRA, planning was often dominated by the volatility and uncertainty of the federal estate, lifetime gift, and generation-skipping transfer (GST) tax exemptions (referred…
DetailsWhether you’re an entrepreneur searching for ways to reduce risk associated with a venture, or you’re a professional curious about novel ways to protect your family and build equity, captive insurance might be a useful solution to explore. This exciting approach to insurance (yes, there can be such a thing) can help with both…
DetailsOne common way to avoid probate of real estate after the owner dies is to hold the title to the property in joint names with rights of survivorship with children or other beneficiaries. This is accomplished by adding the names of the children and certain legal terms to a new deed for the property and…
DetailsOne common way to try to avoid probate of real estate after the owner dies is to hold the title to the property in joint names with rights of survivorship with children or other beneficiaries. While the best way would be to set up a revocable trust and fund the trust with the property, it can be accomplished…
DetailsThe Wealth Counselor In fact, their unique needs—and their growing numbers—demand attention Handing down your accumulated wealth to your children is a long-held tradition that many consider a cornerstone of the American dream. But what about those individuals who, whether by choice or due to circumstance, do not have direct descendants to whom they can…
DetailsThe Wealth Counselor You want a satisfying, long-term relationship with clients, meaningful recurring revenue and referrals from existing clients. Your clients want a trusted advisor relationship with you and they want coordinated estate, financial and tax planning that protects them, their family, and their business interests. A client update process or financial control system is…
Details(Note: Originally published on October 7, 2014) Does Your Revocable Living Trust Reduce Your Estate Tax Bill? Many people believe that once they set up and fund a revocable living trust, property held in the trust will avoid estate taxes after they die. In reality, this may or may not be true depending on your…
DetailsThe Wealth Counselor Washington’s negotiations about 2013 tax laws are getting lots of press. As estate planning professionals, we are often asked our opinions about what the 2013 estate tax laws might be and the resulting implications for our clients. But for the vast majority of Americans, what the estate and gift tax laws will…
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