When you give assets to someone during your lifetime or through your estate, the gifts are subject to gift and estate taxes. Fortunately, current laws provide for a large gift and estate tax exemption—an amount you can give before you face any tax liability.
With the current pandemic, election year, and unsettled economy, now is the best time to consider scheduling an annual family meeting.
Lifetime gifting, to children or others, has been a popular technique to reduce estate taxes for a long time. Currently, with estate tax exemption amounts exceeding $11 Million per person, most people do not have an urgent tax savings motivation for making gifts. However, this doesn’t mean that sticking to a gifting program is without…
As trusted advisors, we see it as our job to alert you to strategies that can help build and protect your family’s wealth and the lifestyle it supports. From a macro perspective, we see an estate tax that takes essentially no wealth from the vast majority of families, historically high federal deficits, and a real possibility…
Protecting your assets from creditors (“asset protection”) is a topic you don’t think much about until a triggering event, and then it can jump to the top of your priorities. The triggering event may be an accident with personal injuries on your property, a contract commitment turning bad, or involvement in a financial project where…
Many folks have not considered holding a family meeting in a slightly more formal setting like one of your advisor’s offices. There can be many advantages to these. Confidence is an important outcome that we talk about here. Do your spouse and children know what to do if you are not there? Whether they articulate…
