Generation Skipping Transfer Tax

Generation Skipping Transfer Tax

For high net worth individuals, estate taxes can be hefty. In the past, one strategy to reduce estate taxes was to “skip” a generation of heirs. But many people are unaware of an additional tax that could apply when transfers are made to their descendants. The generation-skipping transfer tax (or GSTT) is a federal tax on gifts and inheritance above the estate/lifetime gift exclusion. This tax prevents you from deliberately […]

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An Estate Plan Designed to Last For Generations

Design an Estate Plan that Will Last for Generations to Come

As the American expression “Shirtsleeves to shirtsleeves in three generations” goes, family legacies have long been haunted by the fear that future generations will mismanage their inheritances. Now there is data to back up this expression. The Williams Group, a wealth consultancy firm, conducted a groundbreaking 20-year study of over 3,200 families and found that seven in ten families lose their fortune by the second generation, while nine in 10 […]

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How your perception of money and wealth changes with age

How Your Perception of Money and Wealth Changes with Age

Did you know that age influences your perception of wealth and how you use it? The impact of wealth can also significantly affect how we view things, including future perspectives on money. Understanding how our attitudes toward money changes with age might be the key to good financial planning. If you were fortunate you were introduced to money in your childhood, most likely as a gift or a birthday check […]

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Inheriting Crypto the Right Way

Inheriting Cryptocurrency the Right Way

Legal documents, such as wills, can be a sensitive topic for many of us. Yet, we must plan them carefully to properly safeguard our family members’ inheritance successfully. For the vast majority of cryptocurrency or bitcoin owners, the last thing on our minds is what happens when we pass, let alone how inheriting cryptocurrency plays a part in our estate plans. However, just like your conventional assets, it’s critical to […]

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Are you too old for an estate plan

Are You Too Old for an Estate Plan

Ask a person in their 20s or 30s whether they need an estate plan; more than likely the answer will be no. Why? They might say that estate planning is just for the wealthy, or they might suggest that they are too young to worry about such matters. But what about people who feel that they are too old for an estate plan? The fact is a person cannot be […]

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Common high net worth estate planning mistakes

Common High Net Worth Estate Planning Mistakes

HNWI or High-net-worth individuals’ estate planning can be quite complicated. These individuals and families tend to have more multifaceted financial circumstances, which might expose them to taxes and other limitations which median to lower-income households do not face. The bottom line is that HNWI’s estate plans are complex and prone to costly financial mistakes. The greater an estate, the more critical it is to recruit a specialist in the estate […]

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Are you too young to have an estate plan?

Are you too young to have an estate plan?

You are young and healthy, which means you are too young to have an estate plan, right? Why think about what happens to your assets after you have gotten to this stage of life? While this is a common perception, it couldn’t be further from the truth. There are a number of compelling reasons why it’s important to address estate planning, regardless of how old the individual is or the […]

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Protect Crypto Investment With Estate Planning

Protect Crypto Investment With Estate Planning

Nowadays, an increasing number of individuals are investing in Bitcoin, NFTs (non-fungible tokens), and blockchain tokens. Many have profited substantially from their crypto investments. Yet while crypto-assets may hold enormous family wealth, they also pose complex issues in terms of safeguarding, transferring, preserving, and distributing that wealth. The advantages of protecting assets with estate planning are well known, and cryptocurrency is a valuable asset. As with any other asset, it […]

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How to include valuable art in your estate plan

How to Include Valuable Art in Your Estate Plan

Angelina Jolie is a collector of antique knives. Johnny Depp owns dozens of limited-edition Barbies, and Tom Hanks has a collection of vintage typewriters. You may collect more common items, but regardless of specifics, valuable collections are considered part of your net worth, and should be addressed during legacy planning. Under Federal tax law, IRC Section 408(m), the IRS defines collectibles as works of art, valuable alcoholic beverages, antiques, metals, […]

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Build your estate planning dream team

Build Your Estate Planning Dream Team

As a high net worth individual, creating an estate plan is a complex and individualized process that takes both financial and personal goals into consideration. In addition to naming beneficiaries and putting protections in place to reduce estate taxes, your estate plan is also an opportunity to build a more personal legacy for your children and grandchildren. A thoughtfully curated estate plan can transfer more than inherited wealth to future […]

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