To maximize wealth preservation and minimize tax liabilities, many legal strategies are developed for high-net-worth families. However, tax laws continually change and can impact new and existing estate plans. For example, the SECURE and SECURE 2.0 Act presents some challenges…
Some people seek estate and wealth transfer strategies that preserve assets while providing lifetime financial benefits. One such strategy is the grantor-retained income trust (GRIT). GRITs offer a unique opportunity for individuals to retain an income stream from tax-advantaged assets…
We all know someone who, at some point, will need help with declining health. Many times, family members or friends will step in to help. Depending on the family’s dynamics, determining who should handle the role and what type of…
During wealth transfer, one party or entity transfers wealth or assets to another party. The transfer can happen either during your lifetime or after your death. Wealth transfer strategies use various methods to create the most tax-efficient and effective reorganization…
Generational wealth can only be built with careful planning and time spent over multiple generations. Without specific plans to create and transfer your legacy, statistically, 70 percent of wealthy families will lose that wealth in the subsequent generation, and 90…
In the aftermath of your death, your loved ones should not be forced to inherit assets only to find that they cannot access them for cash expenditures. Most retirees’ assets are in homeownership and retirement accounts, requiring a sale to…
In most cases, young parents do not imagine they might die or become seriously ill or injured. As unlikely as such a serious event is when we are young, it is a possibility. This is why we pay for medical…
Getting divorced can be an emotionally challenging experience (especially when children are involved), and it usually results in financial hardship. Rarely is the division of assets an amicable process. While your estate plan may be the furthest thing from your…
In the United States, probate refers to the legal process of formalizing a will and appointing a personal representative (executor) to administer the estate. Navigating the probate process will vary according to state law. Therefore, it is good to contact…
The majority of older adults believe estate planning is important, but less than half of those over 55 have a will, a living will, or health care directives. These documents help guide your representatives to provide the end-of-life wishes you…