Consider trusts for asset protection
Investors often think of trusts as a way to transfer wealth or avoid probate. But certain trusts can be used for asset protection.
Investors often think of trusts as a way to transfer wealth or avoid probate. But certain trusts can be used for asset protection.
Intra-family loans can help borrowers save on costs and lenders may have a tax advantage.
With more stringent mortgage lending rules, children may look to borrow money from parents to buy a house.
Financial planning strategies affect multiple generations more often than families realize. College funding, retirement, and tax efficiency can involve children and future heirs. Here are some ideas for conversations that support intergenerational planning and may encourage the whole family to participate. College funding Parents and grandparents may already be helping to support higher education for
Despite projections of a significant transfer of wealth from baby boomers to heirs in the coming decades, many investors may not be talking about estate planning with their financial advisors. In fact, a 2014 study found that only 35% of investors said their advisors provide family wealth management defined as a specific service.* Financial professionals
The next great wave of wealth transfer in the United States has already begun. More than $30 trillion in assets held by the baby boomer generation will shift to the next generation over the next 30 years, according to research firm Cerulli Associates. For many financial advisors, this wave represents a business-building opportunity. For others,
With the establishment of a historically high $5 million federal estate tax exemption (indexed for inflation), many taxpayers believe they do not have to plan for their estates. But federal estate taxes are only one aspect of estate planning. It’s critical to have the right documents in place and plan for potential state estate taxes
Some estate-planning strategies require action before the end of the year — and clients may want to consider taking advantage of them before they lose the opportunity. Chris Hennessey explains some end-of-the-year gifting and estate-planning advantages. Gift tax exclusion — use it or lose it An individual can gift up to $14,000 per year without
When thinking about estate planning, clients may not consider assets held behind firewalls and encrypted passwords on the Internet. But so-called “digital assets” — including online entrepreneurial ventures, music and photography collections, copyright work, digital currency, and bank accounts — may be lost forever without advance planning. Many of these online “properties” have monetary value
With firmly-established exemption levels for estate and gift taxes, clients have more clarity on what they can do to limit taxation of their estates. The estate and gift tax exemption is the dollar amount that an individual can transfer to heirs that is sheltered from federal estate or gift taxes. Individuals may take advantage of