Category: Probate
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 […]
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. […]
Trusts are the misunderstood poor cousins of wills. They do not have to be overly complicated and, depending on the circumstances, may be better than a will for achieving certain estate planning goals. More people than you would think should consider using a revocable trust to dispose of assets, as discussed in MoneyWatch, “5 reasons […]
Sitting down for “that conversation” with family members is never an easy thing when it comes to planning for the next generation to take over the family business, especially when the business is a farm. But succession planning for farm families is a critical piece to ensure that the land and the business continue for […]
Trusts are a time-tested pragmatic tool to help individuals and couples achieve specific goals, whether they are related to transferring assets, managing tax liabilities or protecting yourself or your family from other financial threats. Trusts are not just for the wealthy. However, they are not do-it-yourself projects. There are many different kinds of trusts, and […]
Estate planning may sound like something that only fabulously wealthy people need to do, but nothing could be further from the truth. If you are an adult, you need an estate plan. If you have children, you really need an estate plan. And if you own something that you would like to give to someone […]
For farmers, land is far more than an asset to be valued and sold. Land is a legacy to be protected, a resource that generates income and, if land has been passed down from generations, the cornerstone of their family’s heritage. The goals of estate planning for farm owners involves planning for the needs of […]
Death is truly our final frontier. Most of us like to imagine a story-book ending: lying in our bed at home, surrounded by those we love, with a skilled hospice worker tactfully hovering in the background. Sadly, 70 percent of Americans die in a hospital, nursing home or long term care facility. Why don’t we […]
