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Wealth Transfer

Why You Should Have a Family Meeting

Family Generations

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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Passing More Wealth To Grandchildren

Pass Along Wealth To Grandchildren

Want to pass more wealth to grandchildren?  An idea to consider while exemption amounts are high for estate tax and Generation Skipping Transfer (GST) tax is to protect old trusts from the application of the GST tax that can take a big portion of a trust’s assets before they pass to a skip person, like a grandchild.  A common example of such a trust is an Irrevocable Life Insurance Trust (ILIT) that was set up when exemption amounts were lower.  Since the exemption amounts were not as generous, the advisors may not have recommended using “precious” exemption amounts to protect […]

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