Estate Tax Relief for Family Businesses – Sec. 6166

Now that the gift, estate and generation-skipping transfer (GST) tax exemptions have more than doubled to an inflation-adjusted $11.18 million for 2018 ($22.36 million for married couples), fewer people are subject to transfer taxes than ever before. But these taxes continue to place a burden on families with significant amounts of wealth tied up in… Read More

Educate Your Children on Wealth Management

If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money…. Read More

For Unmarried Couples: Estate Planning is Indispensable

When married couples neglect to prepare an estate plan, state intestacy laws step in to help provide financial security for the surviving spouse. It may not be the plan they would have designed, but at least it offers some measure of financial security. Unmarried couples, however, have no such backup plan. Unless they carefully spell… Read More

2 Ways to Transfer a Family Business

For many people, a family-owned business is their primary source of wealth, so it’s critical to plan carefully for the transition of ownership from one generation to the next. The best approach depends on your particular circumstances. If your net worth is well within the estate tax exemption ($11.18 million for 2018), for example, you might… Read More

Retiring abroad? Review your estate plan before making the move

If you dream of spending your golden years in a tropical paradise, a culture-rich European city or another foreign locale, it’s important to understand the potential tax and estate planning implications. If you don’t, you could be hit with some unpleasant surprises. Avoiding the pitfalls If you’re a citizen of the United States, U.S. taxes… Read More

Estate Planning Solutions For Members Of The “Sandwich Generation”

Are you familiar with the term “sandwich generation”? If you’re currently caring for your children and your elderly parents, all the while trying to save for retirement, consider yourself a member. As a member of the sandwich generation, it’s critical that you be sure your estate plan reflects your current situation.   A Balancing Act… Read More

You’re Getting Divorced

If you’re divorcing, it’s important to review your estate plan as early as possible, for two reasons: First, you may wish to revise your plan immediately to prevent your spouse from inheriting or gaining control over your assets if you die or become incapacitated before the divorce is final. Second, although a divorce judgment or… Read More

New Pass-Through Deduction Creates Estate Planning Opportunities

The Tax Cuts and Jobs Act (TCJA), enacted late last year, is best known for slashing income tax rates paid by C corporations and temporarily reducing individual rates. It also created a new 20% deduction for certain entities, effective through 2025, to help them compete with lower-taxed corporations. The deduction — which is available to… Read More

Thinking About A Roth IRA Conversion?

Now May Be The Ideal Time Roth IRAs offer significant financial and estate planning benefits. If you have a substantial balance in a traditional IRA and are considering converting it to a Roth IRA, there may be no better time than now. The Tax Cuts and Jobs Act (TCJA), enacted late last year, reduces individual… Read More

Is a Significant Portion of Your Wealth Concentrated in a Single Stock?

Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfer to the next generation. One of the best ways to reduce your investment risk is to diversify your holdings. But it’s not unusual for affluent people to end up with… Read More