Studies have shown that the number of family businesses owned by second generations and third generations dramatically decline for a number of reasons. One large reason is the lack of business succession planning for the family business.
Although uncertainty surrounding the likelihood of tax reform continues for the moment, there are still several wealth transfer strategies that can be considered by those wanting to make gifts.
If you’re in a blended family, you’re already aware of the emotional and financial issues involved in your daily life. However, what about the future?
While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home.
A living will is a legal document that allows you to specify the kind of care you’d like to receive in end-of-life situations. This is different from an advance healthcare directive, though either one can be an important part of an estate plan.
By being very selective about who receives which type of money—whether Traditional or Roth IRAs, after-tax brokerage accounts, life insurance, etc.—you can dramatically cut the share that goes to the IRS and increase the amount going to your family.
Planning is one of the most important aspects of managing any business. This is especially true for farms and agribusinesses, due to their complexity and the inherent uncertainties associated with agriculture.
Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.
Some people are concerned that the new conservative 6-3 majority on the Supreme Court will roll back protections for non-traditional families. Regardless of the decisions at the Supreme Court, or the impact on the state family courts, there are many ways that non-traditional families can maintain control.
Estate planning can help you pass on assets to your heirs, while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply.
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