Dynasty Trusts present a great opportunity to pass significant wealth on to future generations. If structured properly, the assets of a Dynasty Trust pass with minimal gift, estate or generation-skipping transfer tax consequences. As we approach the sunset of the temporarily doubled Applicable Exclusion Amount, practitioners and clients should consider whether a Dynasty Trust makes sense for them.
The outdated notion that women play a secondary role in financial and legal matters has been thoroughly debunked in recent times. In reality, women are pivotal to the estate planning process, not only participating actively but also being significantly impacted by its outcomes. The evolution of women’s roles over the past few decades has been … Read more
Matthew Perry died at the end of 2023. While it seems unlikely that Matthew’s estate will end up embroiled in a court battle as we see with other celebrity estates, that doesn’t mean that we can’t learn anything from his death and Estate Plan.
For unmarried couples, estate planning can present unique challenges. Without the legal framework of marriage, it’s important to make deliberate plans to ensure that your partner is provided for and that your wishes are respected. Here are some key considerations for unmarried couples engaging in estate planning. Early Planning Starting the estate planning process early … Read more
Some of my favorite blog topics come from headlines. In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune. It’s unclear whether the fight itself or the fact it could have been avoided is more unfortunate.
Anna Nicole Smith’s rise from a small-town Texas girl to a figure known worldwide is a tale of transformation and controversy. Originally Vickie Lynn Hogan, she hailed from a modest background near Dallas, Texas. Her life took a series of dramatic turns, from marrying at 17, facing a brief and turbulent marriage that resulted in … Read more
For newlyweds, estate planning might not be the first thing on your mind, but it’s an important part of starting your life together. It ensures that your assets are managed and distributed according to your wishes and provides security for your spouse in case of unforeseen circumstances. Here are some essential estate planning tips for … Read more
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us.
An estate plan is not a static document; it requires updates as your life evolves. Certain life events significantly impact your estate plan, making updates essential to ensure your wishes are accurately reflected. Regularly reviewing and updating your estate plan in response to these life events ensures that your wishes are respected and your loved … Read more
Gift annuities have emerged as an innovative tool in the realm of estate planning, bridging the gap between philanthropy and financial planning. By understanding its workings and benefits, individuals can incorporate gift annuities into a holistic estate planning strategy. Let’s dive deeper into the role and advantages of gift annuities in this context. Gift annuities … Read more