Category: Estate Planning
While battles over image and likeness rights are reserved for the rich and famous, the others are common battle-grounds for dysfunctional families, especially in second-marriage situations. Many people mistakenly believe that only the wealthy end up fighting. Sadly, it’s far more common than most people realize — even for families of very modest wealth. Is […]
When you really think of it, who is better equipped to serve your interests under such dire circumstances than you yourself? Estate planning is not meant to be something done solely in the last chapter of life. Think of it as a plan for all the chapters of your life—a plan that you should start […]
Children almost always interpret unequal inheritances as an expression of unequal love, Witt told her clients, and giving one child more than another may make them feel slighted and angry. When planning to pa ss on your estate, you may feel like all will be fine as long as everyone gets a piece of the […]
Family businesses account for much of this country’s domestic product and are core to the American Dream. Whether it is a century-old international automobile manufacturer or a group of local dry-cleaners, family involvement in the business is a common goal. Like anything worth keeping, it takes work to preserve. A business is not merely a […]
At the recent annual Heckerling Institute (the leading conference for estate pros) Paul S. Lee, a Bernstein wealth manager, called for a new approach to planning he puckishly described as “freebasing”–because it frees survivors to get the most potent income tax savings from the step-up in basis of the deceased’s property. The estate tax is […]
They are relatively older, they are probably inheriting from financially conservative parents and they are dealing with deep emotional reactions. Leaving behind or receiving an inheritance includes several planning points to ponder, including tax questions and legal questions. In addition to all the details, one must not forget the emotional aspects as well. Indeed, the […]
As for the last conspiracy theory – elite families passing their wealth from generation to generation – evidence suggests that it is the exception rather than the rule. If you were able to create some wealth through the family business, how do you keep it going in future generations? It seems as though very few […]
A life estate is a deed that entitles you to remain in your home for the rest of your life and allows your designated heirs to inherit it without the hassle of probate-court proceedings when you die. How can you avoid probate when it comes to the transfer of your home after death? Maybe you […]
New York’s governor, Andrew M. Cuomo, took a step toward bringing the state’s estate tax in line with the federal one. And he is not alone among governors of cold-weather states (along with the District of Columbia) that have realized affluent residents are moving to states without estate taxes (and in some cases, income taxes) […]
Whichever way you pass on your retirement account assets, leaving an IRA can provide a grandchild with a significant financial foundation. Think of an IRA as a potentially powerful estate planning tool. Properly structured, an IRA may transfer wealth to younger generations. In fact, the younger, the better. Kiplinger raised this point in its January […]
