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 [...]
If you have a severe illness or accident or pass away, who will you trust to look after your pet? There are many ways to ensure your pet continues to have a loving home. Guardian of Your Minor Children In Virginia, if you have minor children, you can designate a standby guardian to take [...]
As of 2023, 66 percent of US households own a pet.1 A Forbes Advisor survey of more than 5,000 dog owners found that 41 percent of dog owners spend between $500 and $1,999 a year on their dogs and 8 percent spend more than $2,000 annually.2 In addition to the annual cost of care, there is always [...]
Pets sometimes outlive their owners. If you suffer an accident or illness, it could leave your cat, dog, horse, iguana, or any other pet without a caregiver, which, without proper planning, could result in your beloved pet being sent to an animal rescue or shelter that is not of your choosing. Take a few [...]
When we lose a loved one, we often have memories of special events and occasions, support they provided us, or specific qualities of that person we will never forget. They continue to live on in our memories. An epitaph, by definition, is a brief phrase or sentence expressing a sentiment, often inscribed on a tombstone. [...]
When we hear the phrase “trust fund kid,” words like “entitled,” “privileged,” and “financially irresponsible” might come to mind. But another word we should associate with “trust fund kid” is “protected.” What Is a Trust Fund Kid? According to a Forbes article published in 2021 about trust fund kids, three of the most common misconceptions [...]
