After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.
Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?
We currently have the highest estate tax exemption and the lowest intra-family interest rates in history. That combination alone is significant, but when mixed with the potential for lower estate and gift tax exemptions and depressed business valuations, you have a potent catalyst for transitioning ownership.
As a business person you may have seen the term “durable power of attorney” in several situations. Power of attorney is a strange term because it’s not immediately clear what powers an attorney for the business may have.
To ensure a lasting legacy, you need to get your documents in order and have a clear plan for how your wealth will transfer, avoiding taxes and inheritor pitfalls along the way.
In today’s blog post, Brad Wiewel talks with NBC affiliate KXAN’s morning show, Studio 512, about estate planning tips for 2021. He and host Rosie
Trusts can be useful in estate planning for passing on assets to your heirs. A grantor retained income trust (GRIT) is a specific type of trust that allows you to transfer assets, while still benefiting from the income they generate.
Your real estate holdings, life insurance, bank accounts and retirement savings won’t magically flow into your trust.
A trustee is a manager of assets in a trust. The grantor creates the trust and appoints the trustee. A trustee has a ‘fiduciary duty’ to serve the grantor and not benefit personally.
