Newsletter Category: The Wealth Advisor

The Wealth Counselor Estate Planning Awareness Week: Don’t Let Your Clients Fall Victim to These Common Myths Next week is Estate Planning Awareness Week (October 18–24, 2021). To that end, this month’s newsletter is geared toward helping you, as a professional advisor, gain awareness and understanding of the most common estate planning myths. Left unaddressed,…
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The Wealth Counselor Three Things You Can Do to Help Clients with National Moving Month The month of May means not only the end of the school year and the beginning of summer but also the beginning of the busiest moving season of the year. That’s why May is National Moving Month. Your clients have…
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Volume 1, Issue 1 The Wealth Advisor New Law Creates Exciting Planning Opportunities The purpose of this newsletter is to inform you of changes in the law and to provide planning information and general financial news. These newsletters also give me a chance to share new techniques to enhance your planning, as well as to…
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Volume 1, Issue 2 The Wealth Advisor Planning for Disability No one likes to think about the possibility of their own disability or the disability of a loved one. However, as we’ll see below, the statistics are clear that we should all plan for at least a temporary disability. This issue of The Wealth Advisor…
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Volume 1, Issue 3 The Wealth Advisor Understanding the Significance of Trusts This issue of The Wealth Advisor addresses a topic that is important to many Americans yet is sometimes misunderstood – trusts. In the right circumstances, trusts can provide significant advantages to those who utilize them, particularly in protecting trust assets from the creditors…
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Volume 2, Issue 1 The Wealth Advisor Planning for Pets For many pet owners, pets are members of the family. These individuals often say that if something happens to them, they are more concerned with what will happen to their pets than to their children or spouse. This issue of The Wealth Advisor examines the issues…
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Volume 2, Issue 2 The Wealth Advisor Planning for the New “Zero Percent” Tax Bracket & The Need for Life Insurance Planning for the New “Zero Percent” Tax Bracket The Need for Life Insurance Planning for the New “Zero Percent” Tax Bracket There was a recent change in the tax law that you might not…
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Volume 2, Issue 3 The Wealth Advisor “Portability” of the Federal Estate Tax Exemption – What does it Mean? With the political and economic climate as it is in the summer of 2008, we are not likely to see total repeal of the federal estate tax in the foreseeable future. However, both Republican and Democratic…
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Volume 2, Issue 4 The Wealth Advisor New FDIC Rules: Are You Protected? With the rash of bank failures, you may wonder whether – and to what extent – the FDIC (Federal Deposit Insurance Corporation) will protect your bank accounts. Fortunately, new rules from the FDIC clarify how you can ensure maximum FDIC insurance coverage….
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Volume 3, Issue 1 The Wealth Advisor Planning You Should Consider Now These are difficult times. The “experts” now acknowledge that we are in a recession – and that we have been so for some time. Consumer confidence is low. As a result many of us are concerned, wondering what planning we should do now,…
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Volume 5, Issue 4 The Wealth Advisor The Debt Ceiling Debate and the Estate Tax, Pets, Guns, and Alimony…What Could They Possibly Have in Common? Actually, they do have something very important in common: your estate plan. In this issue of The Wealth Advisor, we will look at what the recent debt ceiling debate can…
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Volume 6, Issue 1 The Wealth Advisor An Introduction to Asset Protection Planning Almost everyone knows someone who had a problem and lost everything. Claims can, for example, allege professional liability, responsibility for a car accident, or unpaid creditors. Whether meritorious or not, defense can be enormously costly. With our litigious society, with limited risk…
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Volume 6, Issue 2 The Wealth Advisor Estate Planning – A Process, Not an Event You have signed all of your estate planning documents and, if your plan includes trusts, completed their funding. You sit back, relax, and enjoy the peace of mind that comes with completing that task. But don’t bask in that feeling…
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Volume 6, Issue 3 The Wealth Advisor The Door Is Closing – Unique Gift and Estate Planning Opportunities in 2012 2012 is truly an exceptional year to do estate planning. The estate, gift, income and generation skipping transfer (GST) tax laws are the most favorable to taxpayers since the 1940s, or possibly ever, and are…
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Volume 6, Issue 4 The Wealth Advisor The Top Ten Reasons You Need to Do Estate Planning in 2012 Visit EstatePlanning.com for free resources, including a one-hour webinar on Planning Opportunities Not to Miss in 2012, November 16, 2012, at 2 p.m. E.T. Does it seem like you are hearing more about estate planning lately? Well, you…
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Volume 7, Issue 1 The Wealth Advisor What the New Tax Law Means to You The law passed to deal with the so-called “fiscal cliff” included revisions to estate, gift and generation-skipping transfer (“GST”) tax laws and income tax laws that will affect estate planning for the foreseeable future. In this edition of The Wealth…
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Volume 7, Issue 2 The Wealth Advisor Why Estate Planning Is Still Important Did you know that April is National Financial Literacy Month? This is the perfect time to sit down with your loved ones to discuss your financial and estate planning objectives.  To help you move the discussion forward, we would like to suggest…
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Volume 7, Issue 3 The Wealth Advisor Life Expectancy and Health Care Planning The aging, healthcare and special needs conversation is vitally important to you and your family. Except for government employees and Social Security, retirement plans that pay benefits until death are pretty much a thing of the past. Plus, people today are living…
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Volume 7, Issue 4 The Wealth Advisor Planning with Execution Financial planning has become a generic term. You find it mentioned across media channels from banks to brokerages to accounting firms to personal finance. While the term itself may be diluted, planning is the first step in securing your long-term security. But this security is…
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Volume 8, Issue 1 The Wealth Advisor Three Top Reasons to Update Your Estate Plan in 2014 Make this your top New Year’s resolution — update your estate plan this year. If you didn’t update your estate plan last year when the federal tax laws changed, 2014 is the year to make some important changes…
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Volume 8, Issue 2 The Wealth Advisor The Most Important Parts of Estate Planning Can’t Get Legislated Away There is always a media swarm around the death of a celebrity, especially when they’re young, active in their careers, beloved, and tragic. The death of actor Philip Seymour Hoffman in early February is no exception. Hoffman…
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Volume 8, Issue 3 The Wealth Advisor Warning: What You Don’t Know About Income Tax Basis Could Hit Your Bottom Line Income tax basis may not be the most exciting topic to read about.  However, it is a critically important topic to anyone who owns significant assets. Gaining an understanding of the basics of basis…
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Volume 8, Issue 4 The Wealth Advisor How to Protect Inherited IRAs After the Clark v. Rameker Decision In a landmark, unanimous decision handed down on June 12, 2014, the United States Supreme Court held that inherited IRAs are not “retirement funds.” This ruling is important to you and your family because it means you…
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Volume 8, Issue 5 The Wealth Advisor Yes, Your Family Needs Asset Protection Planning If you’re like most people, when you hear “estate planning” or “asset protection planning,” you think of someone like JR Ewing of the 1978 show Dallas, Bill Gates, or the Kennedys. WARNING:  Common Misconception A very common misconception is only wealthy…
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Volume 8, Issue 6 The Wealth Advisor Seven Trust-Based Asset Protection Strategies for You and Your Family You don’t have to make your family’s assets easy for creditors to reach.  Protecting your hard-earned assets for the benefit of yourself and your family can be accomplished through careful planning. These seven trust-based asset protection strategies can…
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Volume 8, Issue 7 The Wealth Advisor Trust-Focused Strategies for Reducing Income You or Your Trustee Can Use Now With the end of the year approaching fast, now is the time to consider ways to reduce your 2014 income tax bill. In this issue you will learn: How charitable trust-based planning can be used to…
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Volume 8, Issue 8 The Wealth Advisor How to Create a Successful, Multigenerational Wealth Transfer Plan Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third.  Don’t let your loved ones become part of these statistics. You need to understand,…
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Volume 8, Issue 9 The Wealth Advisor How to Avoid a Disastrous Will or Trust Contest A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart.  But with proper planning, you can prevent a disastrous will or trust contest.  In this issue you will learn:…
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Volume 9, Issue 1 The Wealth Advisor 5 Ways to Modernize Your Estate Planning Using Flexible Trusts Your estate plan undoubtedly includes trusts that will continue for the benefit of your spouse’s lifetime and then for the benefit of several generations of your family.  Implementing and maintaining trusts that will cover the administration, investment, and…
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Volume 9, Issue 2 The Wealth Advisor It’s Not Just Death and Taxes: You Need an Incapacity Plan That Works When It’s Needed Estate planning is not only about having a plan in place to deal with what happens at your death, it is also about having a plan in place to deal with what…
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Volume 9, Issue 3 The Wealth Advisor How to Easily Integrate Asset Protection Trusts into Your Estate Plan Asset protection has become a common goal of estate planning.  Asset protection trusts come in many different forms and can be used to protect property for your use and benefit as well as for the benefit of…
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Volume 9, Issue 4 The Wealth Advisor Three Liability Planning Tips for Physicians You Can Use Too The practice of medicine is a profession fraught with liability.  It’s not just medical malpractice claims either – employment related issues (wrongful termination, sexual harassment, and discrimination), careless business partners and employees, and contractual obligations (personal guarantees, leases,…
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Volume 9, Issue 6 The Wealth Advisor The Shocking Truth About Asset Protection Planning Some view asset protection planning with a skeptical eye.  They believe there is a moral obligation to pay one’s debts.  They think that asset protection planning is immoral because it prevents a creditor from collecting on a judgment entered by a…
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Volume 9, Issue 7 The Wealth Advisor How Will the 2015 Supreme Court Decisions Affect You? While approximately 10,000 cases are appealed to the U.S. Supreme Court each year, only 75 to 80 make it to oral argument.  Of those 75 to 80 cases, there are usually only a few that grab the media’s attention. …
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Volume 9, Issue 8 The Wealth Advisor What’s Hot in Estate Planning Right Now May Surprise You Estate planning has truly evolved over the past 20 years. Gone is the uncertainty about federal estate taxes and the absolute requirement for married couples to use complex trusts to minimize these taxes. But also gone is planning…
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Volume 9, Issue 9 The Wealth Advisor The Lifetime QTIP Trust or How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy Estate planning for couples in a second or later marriage can be tricky, particularly when one spouse is significantly wealthier than the other. One solution for allowing the well-to-do spouse…
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Volume 9, Issue 10 The Wealth Advisor Don’t Miss Out on These Year-End Tax Planning Strategies Now is the ideal time to start year-end tax planning so that credits and deductions can be maximized before the December 31st deadline. Below you will find a variety of tax-saving strategies you should consider using immediately so that…
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Volume 9, Issue 11 The Wealth Advisor Is There an Income Tax Time Bomb Lurking in Your Estate Plan? As the federal estate tax exemption has ballooned from $1.5 million ten years ago to $5.43 million today, the need for estate tax planning has drastically decreased.  Instead, higher income tax rates that were ushered in…
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The Wealth Advisor How to Avoid Sending Your Assets and Loved Ones Into Probate Court Over the years, we’ve discovered that many people make a BIG mistake, catapulting their assets and loved ones right into the court system. Most of our clients want to avoid probate because it has a reputation for being expensive, time…
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The Wealth Advisor How to Protect Your Retirement Account Shocking to most people, your retirement accounts can be seized once they pass to your loved ones. During your lifetime, your retirement funds have asset protection, meaning they can’t be taken in a lawsuit. Unfortunately, as soon as retirement accounts are inherited, the protection evaporates. This…
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The Wealth Advisor Wills vs. Trusts: In Plain English Everyone has heard of wills and trusts. Most articles written on these topics, however, often presume that everyone knows the basics of these important documents. But, in reality, many of us don’t – and with good reason – as they’re rooted in complicated, centuries-old law. Let’s…
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The Wealth Advisor Dispelling a Malicious Myth: Irrevocable Trusts Aren’t Irrevocable It’s counterintuitive, we know: irrevocable trusts are revocable (and amendable). Unfortunately, irrevocability is a malicious myth. The uninformed could spend years relying on an old, out-of-date trust that could be updated and improved without too much effort. Yes, the so-called “irrevocable trusts” absolutely can…
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2016-04-29 The Wealth Advisor The Only Constant in Life is Change When Circumstances Change, So Should Your Estate Plan Your estate plan was written to reflect your situation at a specific point in time –  and – as we all know – our lives continually change, unfolding in ways we might not have anticipated. Just…
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The Wealth Advisor Beyond Wills and Trusts: 3 Documents Everyone Needs When it comes to estate planning, you probably think of wills and trusts. But there are three other estate planning documents you should think about to make your plan complete:   A Living Will A Healthcare Directive, also called an Advance Directive, Medical or…
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The Wealth Advisor Expand Your Cast to Prevent Chaos How Adding a Trust Protector Can Help You and Your Family You probably remember the cast of characters in your estate plan. You were the creator of your trust, known as the grantor, settlor, or trustmaker. The trustee controls the assets in the trust. For most…
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The Wealth Advisor Planning for Blended Families: Second or Later Marriages and Divorce of Beneficiaries A brief look at statistics reveals that family structure has dramatically changed over time and that there’s an astonishing variety of family structures out there. Everything ranging from the “traditional” nuclear family to blended families of step-siblings and half-siblings headed…
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The Wealth Advisor Act Now, Save Later 10 Year-End Tax Planning Strategies to Discuss with Your Financial and Tax Advisor Before the Holidays As summer draws to a close, tax time seems like a world away for most of us. We’re preoccupied with squeezing in that last vacation and/or getting the kids ready to go…
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The Wealth Advisor Talk to Your Family over the Holidays about Your Estate Plan Many of us labor a lifetime to build up our assets and fight for causes that matter to us. Few things are more fulfilling than the thought of sharing wealth and legacy with our family. Of course, it’s impossible to plan…
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The Wealth Advisor Planning After the Election: What to Expect Under President-Elect Trump On January 20, 2017, Donald Trump will become the 45th President of the United States. Earlier in January, the Senate and House will convene with Republican majorities. How you update and manage your estate plan and financial plan under the Republican controlled…
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The Wealth Advisor The Flexible Protection of Trust-Based Planning Welcome to 2017! We hope you’re recovering nicely from the holidays and settling back into a routine. As you assess your goals for the year ahead, take a moment to review your legacy planning. You’ve hopefully already handled a few key pieces—set up and funded a…
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The Wealth Advisor Why “I Love You” Wills Really Don’t Say “I Love You” As Valentine’s Day brings heart-shaped chocolate boxes and roses by the dozen into your imagination, seize the moment to learn about the drawbacks of “I love you” wills and introduce yourself to the estate planning move that’s actually going to ensure…
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The Wealth Advisor Estate Plans for College Students and Other Young Adults Why It’s the Perfect Time to Set Your Kids Up for Success As spring break swiftly approaches, the parents of young adults experience a mixed bag of emotions. It can be exciting to see your children branching out and becoming successful adults in…
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The Wealth Advisor Are You Familiar With Community Property Trusts? Learn How These Special Trusts Can Help Reduce Income Taxes Community property trusts can save your family tens of thousands of dollars in capital gains taxes, and that’s just one of their many benefits. This lesser-known strategy isn’t right for everyone, but for households that…
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The Wealth Advisor Trump’s First 100 Days: Looking Back and Planning Ahead How We Can Future-Proof Your Estate Plan The recent political news cycle has been nothing if not lively. Are you concerned about how your taxes, healthcare, and trusts might be impacted by changes in our government under the new administration? If so, you…
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The Wealth Advisor Modernizing an Outdated Estate Plan What to do with a Confusing, Old Trust Estate plans evolve. Or at least they should. Any plan that fails to achieve your goals and doesn’t match your current financial and family circumstances is out of date and is in need of an overhaul. We can help…
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The Wealth Advisor Have You Considered a Dynasty Trust for Your Family’s Estate? Why You Should Think Twice Before Ruling One Out  When most people hear the term “dynasty trust,” they assume it’s something for only the wealthiest of families. However, dynasty trusts are not as out of reach as you might think, and can…
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The Wealth Advisor What if you don’t die? Why Ignoring the Importance of Incapacity Planning Can Have Serious Consequences It’s a common misconception that all your efforts to create a comprehensive estate plan are focused on what happens after your death. That is very much not the case, and it’s a dangerous misconception to plan…
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The Wealth Advisor Don’t Put Off Till Tomorrow What You Can Do Today: Why It’s Time to Talk with Your Family and Your Estate Planning Attorney There’s no perfect time to broach the subject of estate planning with your family. We all know that everyone passes away eventually, but many of us often want to…
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The Wealth Advisor End the Year on a High Note with Up-To-Date Trust-Based Estate Planning (Finally) Finishing Your Tax Returns Isn’t the Final Step You may already be done with your tax returns (or maybe you even finished them in time for the April deadline!). October 16, 2017 is the deadline to file your 2016…
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The Wealth Advisor Who Will Inherit Your Financial Wisdom? Passing on More Than Just Wealth Many people who inherit wealth or small businesses are at significant risk for essentially squandering the wealth. An Ohio University study shows that an astonishing 33 percent1 of all beneficiaries lose their entire inheritance within two years of receiving it….
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The Wealth Advisor How Tax Reform Will Impact You and Your Estate Planning In December 2017, Congress passed, and President Trump signed a sweeping tax reform bill commonly known as the Tax Cuts and Jobs Act. This Act contains significant changes that will impact your estate planning and income tax situation going forward. Estate Tax…
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The Wealth Advisor Does Your Family Know About Your Estate Plan? A Guide for How Much to Share and With Whom It’s the thick of tax season and you’ve probably been working on (or finished) your tax returns. Most of us don’t feel comfortable sharing the details of our tax returns, unless we have to,…
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The Wealth Advisor Keeping the Peace After You Are Gone Planning With an Aim Towards Building Unity A will or trust contest can wreak havoc on families. The conflict can result in possibly irreparable resentment and loss of familial communication. Old rivalries and disputes can resurface during the trying time that occurs after the death…
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The Wealth Advisor Have You Taken Advantage of the Tax Cuts and Jobs Act Planning Window? Important Estate Planning Tips You Should Act on Now Like all things, tax laws are constantly changing. Together, we need to respond quickly and strategically to the new developments in the tax law landscape. While you shouldn’t wait to…
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The Wealth Advisor Back-To-School Preparation: Not Just About the School Supplies Use This Time to Revisit The Parts of Your Estate Plan That Impact Your Children Most With all the considerations about your children’s wellbeing weighing on your mind from day to day, it can be easy to forget about some of the most important…
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The Wealth Advisor Back-To-School Preparation: Not Just About the School Supplies Use This Time to Revisit The Parts of Your Estate Plan That Impact Your Children Most With all the considerations about your children’s wellbeing weighing on your mind from day to day, it can be easy to forget about some of the most important…
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The Wealth Advisor What Do the New 199A Regulations Mean for You? New Choices and Opportunities for Tax Savings Are you a business owner curious about the new Section 199A deduction? Although the deduction became effective on January 1, 2018, guidance on how it would be calculated was delegated to the Internal Revenue Service (IRS)…
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The Wealth Advisor 2018 Midterm Elections: What Do They Mean For Your Estate Plan? Strategic Planning Guidance in Light of the Midterm Results Estate planning is meant to be an ongoing process, not a one-time transaction. In the same way that you never stop budgeting, saving, and investing as you go through life, it is…
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The Wealth Advisor Estate Planning Projects to Tackle in the New Year As the end of the year approaches and you begin to look back on 2018, what changes need to be reflected in your estate plan? Have you gotten married or divorced in the past year? Perhaps you’ve welcomed a new child or grandchild,…
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The Wealth Advisor 3 Estate Planning Secrets the Wealthy Use That You Can Too! Strategies to Enhance Your Success Estate planning is complex and continually evolving. Often, affluent families are “early adopters” of the newest and best estate planning strategies. Luckily, by working with us, you can benefit from the same estate planning strategies that…
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The Wealth Advisor Five Key Considerations for Your Estate Plan Maintaining your estate plan can feel overwhelming when faced with all the changes life can bring. Calling your attorney may not be your first instinct when you’re faced with a significant shift in income, investments, or employment, but consulting with us is a wise way…
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The Wealth Advisor Your Personal Property Memorandum: 4 Tips for Success What is a personal property memorandum? It is a frequently-used estate planning document that provides an opportunity to expand upon your will or trust. Many wills or trusts simply divide the whole of an estate equally between surviving family members.  But, what if you’d…
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The Wealth Advisor Want a Greater Sense of Purpose? Plan Your Legacy When you think about the legacy you’ll leave, what comes to mind? Perhaps it’s security for your family or a positive contribution to your community. It could also be a tribute to the arts. Whatever it is, you don’t have to wait until…
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The Wealth Advisor Your Vacation Checklist You’ve packed sunblock and a beach novel. You’ve planned your itinerary and bought plane tickets. But have you ensured that your estate plan is up to date? Don’t leave home without making sure your financial health and the future of your loved ones is provided for. It’s even more…
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The Wealth Advisor Niche Trusts: As Unique as You Are You’re not a carbon copy of your neighbor. Likewise, your estate plan shouldn’t be a carbon copy of theirs. A qualified estate planning team’s approach to counseling will be tailored to your specific needs. As your team works together to produce, tailor, or edit your…
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The Wealth Advisor When Is It Critical to Review Your Estate Plan, and Why? Just like other important life tasks, your estate plan deserves your time and attention. It’s important that you work with us to review your estate plan at least once a year. Think of this as your estate plan’s annual physical exam,…
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The Wealth Advisor Important Considerations for Beneficiary Designations of Life Insurance Policies Life insurance is often one of the most important parts of an estate plan. People usually purchase life insurance to prevent their spouse, children, or other dependents from suffering financial hardship if they die unexpectedly. You may think that all you need to…
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The Wealth Advisor Estate Planning Awareness Week: Having a Conversation with Your Family About Their Estate Plan In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according…
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The Wealth Advisor Steps to Take When a Loved One Dies As your estate planning attorneys, we are here to help you when your family member or loved one dies.  If you are simply too overwhelmed to call us during the first couple of weeks after your loved one passes away, it is important to…
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The Wealth Advisor Caregivers, You’re Not Planning Just for Yourself As a caregiver, you spend much of your time, money, and energy taking care of the needs of others. Those who have taken on the role of caregivers for ill or disabled spouses, aging parents, children, or other loved ones with special needs are typically…
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The Wealth Advisor Millennials, You Need an Estate Plan Too As millennials (born 1981 to 1996), you are well known for your distinctiveness as a group. Your generation has followed paths and set goals that are decidedly different from those chosen by previous generations. You are highly diverse, better educated, more socially conscious, and wait…
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The Wealth Advisor No Clawbacks Allowed: What Does This Mean for You and How to Take Advantage of This Gift The 2017 Tax Cuts and Jobs Act doubled the gift and estate tax exclusion amount—i.e., the amount that can either be excluded from your estate when determining if your estate will owe any taxes when…
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The Wealth Advisor Celebrate Single Parent Day: Take Steps to Provide for Your Kids’ Future In 1984, Congress issued a resolution, signed by President Reagan, establishing March 21st as National Single Parent Day: a day devoted to recognizing the dedication of single parents, who make self-sacrificial efforts to care for their children’s needs, and encouraging…
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The Wealth Advisor Financial Literacy Month: Are All of Your Financial Ducks in a Row? In March 2004, the Senate passed Resolution 316, which officially recognized April as National Financial Literacy Month. Both Houses of Congress have passed similar resolutions since then designed to encourage financial literacy so that individuals are better prepared to manage their…
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The Wealth Advisor Estate Planning as a Powerful Exercise in Optimism Many scientific studies have established that there is a wide range of benefits flowing from a positive attitude and positive thinking. At a time when many are focused on worst-case scenarios and gloomy predictions, you can resist the pull of negativity and embrace the…
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The Wealth Advisor Retirement Account Basics for 2020 The COVID-19 pandemic has led to volatile markets, and your retirement account may have a much smaller balance than only a few short months ago. In response to the economic fallout stemming from the pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act),…
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The Wealth Advisor Preparing Your Beneficiaries to Receive Their Inheritance When you hire an estate planning attorney, you are often looking for help with preparing your accounts and property to ultimately pass smoothly and safely to your loved ones. This is a key component of estate planning. An experienced estate planning attorney will put much…
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The Wealth Advisor Strike While the Rates Are Low: Low Interest Rate Planning Strategies for Passing on Your Wealth COVID-19 has deeply impacted the economy in the United States and will likely continue to do so for some time. While most would agree that this pandemic is not a positive development, there are nevertheless some…
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The Wealth Advisor Protect Your Family from Lawsuits with a Domestic Asset Protection Trust Conversations with family, friends, and colleagues can sometimes wander into the topic of lawsuits, divorces, bankruptcies, and other threats that put one’s property at risk of loss to a creditor. Such conversations often leave people shaking their heads, asking what the…
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The Wealth Advisor Protecting Your Significant Other’s Future October is a popular month for couples to tie the knot in the United States. While wedding planning most often includes tuxedos, dresses, rehearsal dinners, and guest lists, an often overlooked part of pending nuptials is estate planning. For young couples beginning a life together and getting…
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The Wealth Advisor Clarification to November 2020 Newsletter In our efforts to quickly provide you with the most up to date information on the potential tax ramifications stemming from these unique election events, we did not include the 2018 update of the Tax Cuts and Jobs Act (TCJA) limiting Section 1031 like-kind exchanges to real…
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The Wealth Advisor Election Update: Planning under the Biden Administration After several days of counting ballots, Joe Biden has been declared the winner of the 2020 Presidential election by many major news outlets. Although we await the official certification of the election by each state, an official concession by President Trump, and the outcome of…
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The Wealth Advisor Getting Ready for 2021 This year is quickly coming to a close. For many of us, December 31 cannot come soon enough, as 2020 has been anything but a walk in the park. The first quarter of 2020 brought a worldwide pandemic. Not only did this raise concerns about everyone’s health and…
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The Wealth Advisor Is Your Estate Plan Incapacity Proof? For most people, it is perfectly natural to think about estate planning only in terms of planning for death. While planning for your death is very important, if that is all you plan for, your planning can quickly become woefully inadequate. As medical knowledge and technology…
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The Wealth Advisor Creating a Treasure Map: The Benefits of Preparing an Inventory before Death If you have already done your estate planning, you have taken a significant step toward ensuring that your loved ones will know how to manage your affairs if you become incapacitated or die. However, simply having a will or a…
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The Wealth Advisor The Trust Protector: Your Guardian Angel What Is a Trust Protector? Traditionally, the three roles that must be filled when setting up a trust are the settlor (also called a grantor, trustor, or trustmaker), the trustee, and the beneficiary. All three roles are necessary to create a trust that functions properly. Although…
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The Wealth Advisor The Pros and Cons of Powers of Appointments An often misunderstood but common estate planning tool that can appear in estate planning documents is the power of appointment. Not to be confused with a power of attorney (the document that allows you to delegate certain powers to an agent to act on…
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The Wealth Advisor President Biden’s First One Hundred Days: Looking Back and Planning Ahead This year has been unprecedented from a political perspective in many ways. President Joe Biden stepped into office facing huge obstacles related to the COVID-19 pandemic, an economy battered by the pandemic, a crumbling national infrastructure in dire need of repair,…
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The Wealth Advisor How to Responsibly Leave an Inheritance to Your Grandchildren Estate planning attorneys frequently hear from their clients, “I’d like to leave something to my grandchildren. What’s the best way to do that?”  Naturally, grandparents love their grandchildren and want them to succeed in life. And when grandparents are in the twilight of…
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The Wealth Advisor Planning to Receive an Inheritance When we think of estate planning, we often think about preparing our accounts and property to go to our loved ones in a tax-efficient way, protected from probate, disgruntled heirs, beneficiaries’ creditors, divorcing spouses, bankruptcy, and the poor spending habits of children or other beneficiaries. We rarely…
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