You may have spent decades building up your sports memorabilia collection. Maybe you have some rare cards and autographed pictures that have steadily gained value over the years, and now they are worth a significant amount of money. You go to great lengths to keep these items in mint condition. But are you protecting [...]
A vacation property can be one of the most valuable things you can pass down to your loved ones, from both a sentimental and financial standpoint. However, mixing money and family can be tricky. Without a well-thought-out strategy for the ownership transition, hard feelings and disputes could arise, and the vacation home could be [...]
Too little estate planning can put your heirs in a bind and tie up your estate in time-consuming and costly probate litigation. But as the legal saga of Aretha Franklin’s estate shows, too much estate planning—in particular, planning that introduces uncertainty about your final wishes—can also be problematic.After her death, there are lessons to learn [...]
We are at the precipice of what is being called “The Greatest Wealth Transfer in History,” as baby boomers are set to pass down $84 trillion to younger generations.1 Every parent wants to see their children succeed. But some may wonder whether an inheritance will help promote or hinder the future success of their children. [...]
Lucille Ball was the queen of television comedy to an older generation of Americans. Today, more than 70 years after I Love Lucy premiered, reruns still air on late-night networks, making it the longest-broadcasted TV show of all time and endearing Ball to a new generation of fans. Rankings of the best I Love [...]
You may have considered creating a trust to transfer wealth to your grandchildren and great- grandchildren. But you may not have considered how the generation-skipping transfer (GST) tax could affect this inheritance. To better explain how the tax would impact a gift in trust, we are going to do some math.Generation-Skipping Transfer Tax Rate The federal [...]
If you have significant wealth, things like estate, gift, and generation-skipping transfer (GST) taxes need to be discussed. If you want to make a gift or leave a large inheritance to a grandchild (while your child is still alive) a more in-depth conversation surrounding the GST tax, the impact it can have on the inheritance [...]
Read on if you plan to skip a generation (your children) and make your grandchildren the beneficiaries of your estate plan.Many people are familiar with the existence and some aspects of estate and gift taxes. If you are part of a high-net-worth family, it is important to also understand the generation- skipping transfer (GST) tax [...]
Dynasty trusts have played a crucial role in preserving wealth and fostering a lasting financial legacy for many affluent families throughout history. One excellent example is the Rockefeller family, whose strategic use of dynasty trusts has made them one of the most prosperous and enduring family dynasties in the world. Who Started It? The [...]
Valentine’s Day is approaching and many people express just how much their loved ones mean to them by giving gifts and cards. But this year you could try something different to show your love: think about your estate plan and how you can protect and provide for your loved ones. Preparation can help guide your [...]
