“The Administration’s proposed tax rate increases would significantly alter the investment and planning behavior of HNWIs, potentially increasing the need for planning to mitigate and manage income tax liabilities….These proposals only reflect a Presidential “wish list” for future tax legislation and cannot take effect without Congressional approval, which may be difficult to achieve with a Republican-controlled Congress.”
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“A lawyer’s institute takes a more personal approach to trusts, encouraging clients to craft them in a way that is not destructive to beneficiaries.”
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“Originally an oral tradition to pass on wisdom from a family patriarch or matriarch, ethical wills today are more likely to be videos or Facebook pages.”
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“IF there is a boogeyman when it comes to family conversations about inheritance, it is not death. That happens whether people talk about financial plans or not. It’s the $40 trillion that financial advisers say their baby boomer clients are going to pass to their children either in an orderly way — or in a chaotic mess.”
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“What’s wrong with inherited wealth? First, let’s consider why parents leave bequests to their children. I believe that this decision is based on three principles”
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?The looming threat of a sharp cut in the gift- and estate-tax exemption spurred many wealthy families to set up trusts in a hurry in late 2012.? To see the full article, click here:
“It is getting easier to tinker with irrevocable trusts, thanks to a process known as ‘trust decanting.’ Such trusts used to be difficult and costly to alter even if the trustee thought a change could be in the beneficiary’s best interest. But decanting lets trustees change certain terms by figuratively pouring the assets from an old trust into a new one.”
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This is a pretty basic article trying to explain the rise in popularity of survivorship (second-to-die) life insurance. It seems counter-intuitive that couples would have strong interest in this product since the significant increase in estate tax exemptions limits. Yet, I am receiving a surprisingly high number of inquiries in my own practice. While 80% of my clients have ultra-high-net-worth ($15 million+), the new found enthusiasm seems to originating from those with net worth from $5 to $15 million…for all of the reasons listed in the article. Additional reasons – educational funds for grandchildren, guaranteeing inheritances for the next generation while permitting the spending down of one’s current assets, attractive tax-free returns on death benefit, etc.
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“Prenuptial agreements aren’t just about protecting assets in case of a divorce. Increasingly, such contracts are being used as an estate-planning tool…”
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“With the U.S. federal estate-tax issue settled – at least for now – investors need to contend with growing state estate and inheritance taxes. Here’s what you need to know.”
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