February 2, 2022 When we are young, it is challenging to appreciate an aging process that results in loss of mental capacity and/or death of our loved ones. This happens to some of us more quickly than others. The emotional difficulty of dealing with an ailing or deceased spouse is obvious, yet through client interaction, … Continued
November 2, 2021 Amassing wealth comes with many benefits, but having a substantial estate comes with the repercussions of elevated taxes. Gifting portions of your assets to mitigate tax ramifications is possibly a reasonable strategy to help ensure you optimize your estate’s potential. By employing tax and financial planning strategies, you can maximize gifts to … Continued
November 2, 2021 Dual residency is for many an excellent way to get the most enjoyment out of your assets. Having two homes in different parts of the country allows for maximum freedom in your lifestyle, and perks abound, depending on your interests. Select the location of your second home to take full advantage of … Continued
July 30, 2021 There are so many factors to consider when collecting art, not the least of which is what to do with it at the end of your life. Because it could grow to be a significant part of your taxable estate, careful planning is necessary during your lifetime to ensure that these valuable … Continued
April 22, 2021 It is often said that we never really “get over” the loss of a loved one, but we learn to live with it. We may prepare ourselves for that loss, but most of us are never truly ready for those final moments. Being practical during times of extreme emotion, especially during or … Continued
February 2, 2021 Since 2012, the lifetime exemption amount that every individual can transfer free of estate tax during their life or at death has increased, not only through congressional action but from inflation adjustments coming every January like a New Year’s gift. For the 2021 tax year, the number now stands at $11.7 million … Continued
February 2, 2021 There are many reasons people decide to build a great wine collection. You want that perfect bottle on hand to complement celebratory meals. You strive to develop a deeper appreciation of wine. Or, you may want to create something of value, anticipating that it will appreciate over time and can be sold … Continued
February 2, 2021 Long-term financial success usually requires many technical steps, like creating living trusts and living wills, but it should also involve a dedication to simply living well! Obviously, living well can mean different things to different people. Ultimately, though, it is about actually enjoying the one life that each of us has to … Continued
January 8, 2021 In the November 2020 election, California voters narrowly passed Proposition 19, a measure that impacts two major areas related to property tax and property transfer. First, it gives homeowners more flexibility to change residences anywhere within California while retaining their property tax base as long as the new home is purchased within … Continued
October 29, 2020 Time may be running out for high-net-worth families looking to implement advantageous estate planning strategies under current U.S. tax law as of the date of this article. We continue to see historically low interest rates1 and enjoy what many consider high gift and generation skipping transfer tax exemptions; however, interest rates, in … Continued