Category Archives: Estate Planning

“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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Some experts have criticized the late James Gandolfini’s estate plan for exposing much of his legacy to taxes. Are they right?

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?The future of a family home should be addressed before an illness or accident forces the issue?Except in the case of the superrich, the apartment is most likely the parents? major asset, and their children understandably want its future resolved while their parents are still in good shape mentally and physically. They want to avoid unnecessary estate taxes, capital gains taxes and other financial penalties should the parents die or move to smaller, easier-to-manage quarters.?

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In its annual Wealth and Worth study, released this week, U.S. Trust said 45 percent of the high-net-worth people it polled had not organized passwords and account information for their digital lives in a place where heirs or an executor would find them. (By contrast, the bank said that 87 percent knew the location of important documents and most had a will.)

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??People are calling ?family meetings? nowadays not only to deal with their parents? health issues but increasingly to sort out their finances as well.?

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