Posts Tagged ‘Inheritance’
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 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 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…
Read MoreYou Can Now Distribute Estates Very Quickly
The need and expense of federal and state death tax returns is gone! For almost every Hoosier household, as much as 50% to 60% of estate inheritance fees and long waiting times for return approval should be a thing of the past. In Indiana, only creditors’ claims need to be negotiated before an estate is…
Read MoreYou Can Now Distribute Estates Very Quickly
The need and expense of federal and state death tax returns is gone! For almost every Hoosier household, as much as 50% to 60% of estate inheritance fees and long waiting times for return approval should be a thing of the past. In Indiana, only creditors’ claims need to be negotiated before an estate is…
Read MoreIndiana and Congress Just Revolutionized Estate Planning
In Spring 2013, Governor Pence signed legislation that eliminated Indiana’s inheritance tax. Earlier in 2013, the US government approved a $5.25 million federal estate exemption with “portability”. Portability means that on the first spouses’ death, the estate can file a return that transfers any unused portion of the first spouse’s exemption to the surviving spouse.…
Read MoreIndiana and Congress Just Revolutionized Estate Planning
In Spring 2013, Governor Pence signed legislation that eliminated Indiana’s inheritance tax. Earlier in 2013, the US government approved a $5.25 million federal estate exemption with “portability”. Portability means that on the first spouses’ death, the estate can file a return that transfers any unused portion of the first spouse’s exemption to the surviving spouse.…
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