Year: 2015
There are tax breaks to be had while you are living and those that can benefit your heirs after you have passed. Knowing which ones work at what time is key to help mitigate tax liability. While you are living, giving appreciated assets held in a taxable account is a good way to go. When […]
The expressions change from country to country, but the sentiment remains the same: passing family wealth from the first generation to the second generation is difficult, and extending it to the third generation is nearly impossible. Described as “clogs to clogs in three generations” by the British, “from shirtsleeves to shirtsleeves” from the Americans, and […]
The expressions change from country to country, but the sentiment remains the same: passing family wealth from the first generation to the second generation is difficult, and extending it to the third generation is nearly impossible. Described as “clogs to clogs in three generations” by the British, “from shirtsleeves to shirtsleeves” from the Americans, and […]
Technically speaking, whenever you give a gift to someone, you have to follow the gift-tax rules. You don’t have to file a gift tax return every time you give someone a birthday present or a bouquet of roses, but it’s useful to know when the gift tax – embodied in IRS’ Form 709 – needs […]
Reports of the failure of Americans to have their wills properly prepared are frequent. But one survey revealed that we don’t like to do wills because the entire process is daunting. We’re not sure what we need to know, we don’t understand how the process really works, and we are afraid that an attorney will […]
According to a homeless man in New York City, the executor of his long-standing friend and host is refusing to give him his rightful inheritance of $100,000. The three year battle is not yet over. Raphael Lebron lived with his friend Winfield Huppuch, a publishing executive, for twelve years. When Huppuch died, Lebron was locked […]
Most estate planning attorneys go into the practice area because they are ethical and caring individuals who enjoy helping people. However, whenever any professional, an attorney, a financial advisor or a CPA, asks clients to transfer money to them personally, this should be a warning sign. An estate planning attorney from Wisconsin is now facing […]
People who write their own wills, often in an effort to save money, end up leaving a mess when they pass. In many cases, their wishes are not carried out because the wills do not adhere to tenets of law. If you want your wishes to be followed, the best path is to work with […]
Bill Wurst, a 1959 alumnus in electrical engineering left $4 million to the MSU College of Engineering as a gift from his estate. The gift was designated for the greatest needs of the college, giving the family and the college the flexibility to apply it where it would do the most good. Wurst had spoken […]
Whether it’s a farm or a manufacturing facility, family businesses are a key part of the global economy. Family business owners are not always very good about keeping their estate plans up to date. Circumstances change: the value of the business may grow or shrink, relationships within the family may change, and tax laws change. […]
