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 it in advance or not, most families express a substantial improvement in their sense of security knowing there are caring professionals with knowledge of their situation who are there and ready to help at any point. This is also a great time to develop and perpetuate […]
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The 40th Annual Estate Planning Conference, held as usual in Kiawah Island, South Carolina, just concluded. Below are three takeaways we believe you’ll find useful in your practice. FLP Entities John W. Porter, an experienced tax litigator with Baker Botts LLP in Houston, Texas spoke on several topics including family limited partnership style entities. There were a number of takeaways but a good summary is still “respect the entity.” Too many families treat these as personal bank accounts rather than business entities and do not get the results they hoped for. If your clients have these LLCs or LPs and […]
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Have you been avoiding the “uncomfortable” topic of your estate plan with your children? You want to do what is best for your children but perhaps you are legitimately concerned that your children are too young or busy, the conversation will be perceived as morbid or will not deliver the message you intend, or you just think it is too personal or confusing to discuss. For these and many other reasons, it is certainly an easy discussion to put off. However, with the holidays and plenty of family time approaching, we want to review three important reasons to take the […]
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