Posts Tagged ‘Financial assets’
Heritage Planning: The 3rd Element of Successful Multi-Generational Planning
Planning for your money is not the same as planning for your family. For centuries, “comprehensive planning” for most families has consisted of financial and estate planning. And, for centuries, that planning has failed and families have been unable to keep the family and fortune together of more than two or three generations. The difference…
Read More500 Years of Generational Success or Shirtsleeves-to-Shirtsleeves: How Long Will Your Legacy Survive?
The fact that family wealth rarely, if ever, survives through more than three generation is a belief that spans the globe and almost all of recorded history. As far back as 2,000 years ago, Chinese philosophy was that “Wealth never survives three generations.” Medieval England put it this way: “Clogs to clogs in three generations,”…
Read More500 Years of Generational Success or Shirtsleeves-to-Shirtsleeves: How Long Will Your Legacy Survive?
The fact that family wealth rarely, if ever, survives through more than three generation is a belief that spans the globe and almost all of recorded history. As far back as 2,000 years ago, Chinese philosophy was that “Wealth never survives three generations.” Medieval England put it this way: “Clogs to clogs in three generations,”…
Read MoreIRS Rules that Bitcoins are Not Money
One of the main principles of modern currency is that it must be “fungible” to be considered as money, which means that one unit, say a $100 bill, is able to replace or be replaced by any other $100 bill; that the two are, in essence, identical and mutually interchangeable. Based on that fact, the…
Read MoreSpecial Needs Trusts Raise Unique Issues and Concerns for Trustees
As we have previously discussed, a special needs trust provides for the care of a beneficiary that is unable to care for themselves. It is often set up to provide for disabled people. It can also be set up to anticipate the needs of an elderly parent. As Ohio attorney Katherine N. Barr duscusses in…
Read MoreNew IRS Tax Laws Increase Many Trusts' Tax Bills
We recently discussed changes proposed in President Obama’s 2015 budget that would modify Estate and Gift Tax provisions established in the American Taxpayer Relief Act or ATRA, which was passed by Congress in 2013. The proposal, which would take effect in 2018, would restore the Estate, Gift, and Generation-Skipping Transfer (GST) tax rates and parameters…
Read MoreExploring Myths & Misconceptions About Wills and Trusts
As much as we try to simplify the process for you, it can be difficult to sort through all the confusion about estate planning documents and the probate process. In an article posted on TCPalm.com, Florida Trust Attorney Robert D. Schwartz provides an insightful explanation of common misconceptions about wills and trusts. According to Schwartz,…
Read MoreNew Mississippi Bill to Allow Dynasty Trusts for First Time
The Jackson (MS) Clarion Ledger reported last week that a bill before the state Senate would allow the establishment of “Dynasty Trusts” designed to avoid or minimize estate taxes for the first time. The bill has already passed through the House.1 House Bill 891 has to be approved by the full Senate for the bill…
Read MoreOverview of Virtual Estate Planning System (VEPS)
Our online Virtual Estate Planning System (VEPS) is your portal to securely create, store, update, and share an estate plan that will help protect your legacy and your family for generations to come. The first step of the legacy planning process is to create the traditional set of estate plan documents that will cover the…
Read MorePhilip Seymour Hoffman's Unexpected Death Raises Numerous Estate Issues
When Oscar-winning actor Philip Seymour Hoffman died unexpectedly on February 2, he left more than his legacy of notable performances. He also left an estate estimated to have a net worth of $35 Million. Unfortunately, like many celebrities before him who passed away “before their time,” he left the fate of that estate in less-than-optimal…
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