Legacy Planning, Once Removed

<p>Estate and tax planning is often influenced by specific numbers and thresholds, such as the estate/gift tax exemption, the GST tax exemption, the annual exclusion amount and income tax brackets. These numbers are...

<p>An estate plan can address not only what happens upon a person’s passing but also how decisions are made if the person cannot make them during life. One set of documents — called a living will, healthcare power of...

<p>To make sure an estate plan can be administered effectively, it takes more than putting in place the right documents, structures and strategies. The executor, agent, trustee and other important figures must have...

<p>A power of attorney is a foundational document in an estate plan that names an agent to make decisions on behalf of the principal who, for instance, is disabled or not available. While it can be an important method...

<p>When donors make gifts — during their lives or upon death — they typically give up control. Trusts have long been a tool for donors to maintain influence over how assets are managed and distributed by choosing...

<p>Under current law, individuals have a high estate tax exemption. But if one spouse dies without using all of his or her remaining exemption, steps can be taken to allow the surviving spouse to pick up and use a...

<p>As part of their estate planning, many clients want to specifically provide sums for the education of their descendants or other beneficiaries. It is easy to understand why — many clients see education as a way to...

<p>The passage of the One Big Beautiful Bill Act provides some clarity around the laws related to estate tax, gift tax and generation-skipping (GST) tax — at least for now. This episode summarizes the key provisions of...

<p>Tax laws seem to regularly change, and clients face estate and tax planning challenges in the face of that uncertainty. For the last few years, estate and tax planners had one issue in mind: the scheduled “sunset” of...

<p>The One Big Beautiful Bill Act being considered by Congress serves as a reminder of the uncertainty of tax law. Although tax law should not be the only consideration in an estate and legacy plan, clients should adopt...

<p>The last two episodes discussed the challenges everyone faces with being purposeful and productive throughout the day. Part 3 of this series continues the exploration of this topic through the metaphor of golf and...

<p>As discussed in the last episode, a common feature of daily life seems to be that everyone in the family is busy, and everyone struggles with being productive. Part 2 of this series explores more lessons from sports...

<p>One common feature of daily life in every generation is that everyone is busy and struggles with being productive. This episode explores lessons from sports — in particular, golf — as a metaphor for helping us start...

<p>There are numerous ways to give or leave assets to beneficiaries, and each structure should be carefully tailored to be consistent with the client’s goals. Three common goals for estate planning are to protect...

<p>There is a lot of talk about fostering the right “mindset” to facilitate personal growth and fulfilment. The most popular seems to be a “growth mindset,” compared to a “fixed mindset.” This episode explores a related...