Putting Cryptocurrency in your Family Trust

Putting Cryptocurrency in Your Family Trust

Bitcoin and other assets supported by blockchain technology are part of a rapidly growing area of interest for folks looking for new ways to invest their wealth. If you own cryptocurrency, it’s particularly important to include it in your estate planning because it’s not a discoverable asset, like real estate holdings or mutual funds. Dying without explicit instructions regarding the fact that you own cryptocurrency, or without providing the private […]

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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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Offshore Bank Account Attorney

Offshore Bank Account Attorney

Offshore banking is a popular choice for individuals who are accumulated significant assets. Keeping these funds  in countries such as the Cayman Islands, Switzerland, or the British Virgin Islands can provide more protection than the U.S. domestic banking system. This is due to the more favorable tax laws in these jurisdictions. There are additional reasons for offshore banking in specific countries as they often offer better business environments, beneficial legal […]

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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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Estate Planning Benchmarks by Age

Estate Planning Benchmarks By Age

People often make the mistake of thinking they do not need an estate plan until they have reached a certain age or have a certain amount of money in the bank. This simply is not the case as there are documents which you are well-advised to have in place as early as when you gain independence from your parents in your 20s. The complexity of estate planning varies by age […]

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Millionaire Banking

Millionaire Banking Investments

The substantial majority of millionaires have earned their money through entrepreneurial pursuits rather than through inheritances and protecting their money for the present and building a legacy for future generations. Some have a misconception that the ultra-rich do nothing but spend money. In reality, many are frugal, choosing instead to place their funds in investments that will continue to grow. Common investment strategies favored by millionaires and billionaires include putting […]

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Make your wealth last more than 3 generations

Make Your Wealth Last More than 3 Generations

Have you heard the stats regarding passing down wealth? The data is actually quite concerning, particularly for affluent investors. By most accounts, wealth barely lasts for up to 3 generations for most HNWI. The latest research indicates that in too many instances 70% of wealth is lost when it’s transferred from the wealth-generating generation to the next. From there, an estimated 90% is lost after that. Why does this happen? […]

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2022 Tax Changes That HNWI Should Plan Ahead For

2022 Tax Changes That HNWI Should Plan Ahead For

President Biden’s budget proposal includes a number of provisions that would enact campaign promises. If passed, it will result in key 2022 tax changes of interest to those holding significant wealth. Specifically, the proposal aims to end some of the exemptions and deferrals instituted in the Tax Cuts and Jobs Act, many of which applied to higher net worth individuals. One potential law, Build Back Better, is off the table […]

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