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 [...]
If you have significant wealth, one of the best ways to protect your family and transfer your wealth is through a dynasty trust. However, setting one up requires considerable financial and estate planning knowledge. Who Could Benefit from a Dynasty Trust? If you have worked hard to grow your money, property, or business and [...]
Some of us may enjoy games like fantasy football that allow us to assemble our own star team with the players we think will provide the most value. While fantasy football is fun to participate in, have you thought about the importance of establishing your own dream team? Just like in fantasy football, each player [...]
As with any roll call, when assessing an estate plan, several legal tools, or documents, should be in attendance to accomplish the goal of a complete and comprehensive plan. You have likely heard the term estate planning, but you may not be familiar with which legal tools typically comprise a complete estate plan. We outline [...]
Although we live in a world where information is easily accessible through the internet, there are still many misconceptions surrounding estate planning. Most of us do not dedicate our time to learning more about topics like estate planning, because we may not know that we need an estate plan or realize the benefits associated with [...]
Estate planning is important for everyone. It is about protecting yourself, your loved ones, and your hard-earned money (even if you do not have a lot of it). However, the numbers do not lie: most people do not see the importance of estate planning. Whether you need to create an estate plan or update an [...]
Friction between family members can escalate during a scorching summer heatwave. Likewise, a flawed estate plan has the potential to breed conflict, mistrust, and financial turmoil among your beneficiaries in several ways. Lack of a plan. If you fail to create an estate plan altogether, it can lead to significant disputes and confusion among your [...]
