Why should every adult have a legally binding estate plan? A widely accepted myth is that your spouse will immediately receive the entirety of your assets upon your passing. This is not true in every jurisdiction and circumstance. In some instances, your spouse will inherit only a fraction of your worth, with the remainder passing to your heirs or other relatives. Estate planning is essential for ensuring that all of […]
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One of life’s greatest pleasures for a grandparent is having the means to provide a nice inheritance for the next generation and beyond. Passing wealth to grandchildren, while gratifying, must be carefully planned to avoid the beneficiaries losing a large percentage of the gift to estate taxes. For example, if you choose to leave your entire estate to your children, with the expectation that your grandchildren will eventually benefit, before […]
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Under a 2016 federal law, the per person gift and estate tax exemption amount was set at $11.58 million. As of 2021, a single person is now permitted to give gifts of up to $11.7 million during their lifetime without incurring any tax liability. Upon their death, the total amount of gifts they have made during their lifetime will be subtracted from $11.7 million to determine how much of their […]
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As you plan for the highest degree of asset protection, you may be considering working with a range of international financial service providers. However, there may be many risks as some countries are targeted as tax havens or centers of money laundering. One area that is emerging in the forefront of financial security in this era: the Cook Islands. A report from the Asia Pacific Group on Money Laundering (the […]
Continue readingWhen you have a sizable estate, creating a trust for your minor children makes sense. It controls how the money is distributed and keeps the burden of money management off their small shoulders. When your child is an adult, creating a trust for him or her may not seem as necessary. However, being over the age of 18 does not guarantee your child is great with money. Even for someone […]
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Dear Clients, Colleagues, and Friends, Life is full of little surprises. Wondering if you have enough money for retirement should not be one of them. Imagine this… You’ve worked your entire life to build a successful business, investing every spare penny back into your company. Your long-term plan? To sell the company when you turn 60 so you can live a life of leisure on the proceeds. Then, disaster strikes. You and your company […]
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