In the alphabet soup of estate planning jargon, the acronym QPRT is one of the more familiar — if not fully understood — terms and it represents a popular and rather common technique for potentially passing significant wealth amongst generations using family homes with little or no gift or estate tax consequence. The letters stand … Continued
We have lost several well-known artists this past year: David Bowie; Alan Rickman; Glenn Fry; Harper Lee; Garry Shandling; Prince; Gene Wilder; George Michael; and most recently Carrie Fisher and her mother Debbie Reynolds. These names are a few among a long list of sports and political figures, writers, musicians, actors and otherwise well-known celebrities … Continued
As a high net worth individual with a robust balance sheet, you may find yourself the intended recipient of an inheritance and for the purposes of generosity and tax efficiency, would rather pass on to other family members. This may be especially true if you have an asset base in excess of the Federal estate … Continued
Real estate, farmland, artwork, closely-held stock of C or S corporations….these are all highly valuable assets, especially here in the Land of Founder’s Stock. If you’re philanthropically minded, it might make sense to consider incorporating these valuable, less liquid assets in your strategic gift and tax planning. With the memory of tax season still fresh, … Continued
We’ve all heard the horror stories of siblings who are no longer speaking to each other after settling their parents’ estate. The feeling that one child got more than their fair share of assets can serve as “the last straw” in the ultimate game of sibling rivalry. Perhaps you’ve even experienced this painful break-up in … Continued
For those who want to pursue inter-generational transfers of wealth to assist their family while they are still living, two rather simple techniques stand out for their general ease and effectiveness; annual exclusion gifts and 529 plan contributions. Both offer significant help to children and grandchildren, and provide meaningful estate planning opportunities. Direct gifting may … Continued