After the passing of a loved one, coping with emotions while receiving an inheritance can be a complicated experience. The loss of a loved one is sad but the influx of funds can bring joy or relief. It can be…
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…
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 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…
As the Internet of Things (IoT) increasingly permeates our lives, it is more necessary than ever to identify the digital property you own and manage it. From smart home devices to online investments and bank accounts, we’ve gone way beyond…
Estate planning is most commonly associated with wills, trusts, and passing assets to the next generation. However, there is another part of estate planning that doesn’t get as much attention. It concerns advance health care planning. Have you thought about…
The IRS adjusted the portability strategy of deceased spouse unused exclusions on July 8, 2022. This adjustment made it easier than ever for high-net-worth married couples to avoid paying federal estate taxes. Understanding the Portability of a Deceased Spousal Unused…
The probate process is the formal recognition of a will, the selection of a personal representative (executor), and the distribution of the estate's assets to those who are intended to benefit from them. It also requires paying the decedent’s outstanding…