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Traditionally, people tend to think of their estate as comprising one big 'pot' of assets, focusing on the sum of all the assets rather than on each individual asset itself.
With this in mind, many financial advisors offer estateplanning guidance to clients. However, because few advisors are also legal professionals (who can offer more detailed guidance and draft legal documents), many often collaborate with estateplanning attorneys to ensure their clients' estateplanning needs are met.
In recent years, the Internal Revenue Code (IRC) has endured some drastic changes resulting from legislative action that have altered the strategies estateplanning professionals have recommended to clients.
While asset protection is a popular planning topic for High-Net-Worth (HNW) and ultra-high-net-worth clients, those who are not HNW are susceptible to the same threats to wealth. Notably, certain client assets have built-in creditor protection without the use of (often expensive) products or tools.
This article explores the impact of medical/LTC expenses on estateplanning objectives, and discusses strategies to keep assets flexible to address needs that may arise while satisfying the objective of transferring wealth to designated beneficiaries.
podcasts.apple.com) Eric Golden talks with Robbie Cannon is the founder of Horizon Investments about the blurring of lines between asset and wealth management. riabiz.com) Dynasty Financial Partners Dynasty Financial Partners just garnered an investment from Blackrock and JPMorgan Asset Management. (fa-mag.com)
One of the most important decisions you’ll make when designing your estateplan is who to name in the various fiduciary roles: trustee, personal representative, executor and agent. While a critical decision, it’s often given significantly less thought than the distribution of your assets.
morningstar.com) The biz Creative Planning was able to retain some 60% of the United Capital assets. riabiz.com) XY Planning Network is launching a new in-house RIA, XYPN Sapphire. obliviousinvestor.com) Estateplanning Changing an estateplan takes time.
nextavenue.org) Estateplanning Mistakes to avoid in your estateplanning. theretirementmanifesto.com) If you have a valuable collection you need a plan for its eventual disposition. marketwatch.com) Investing You're never going to turn stocks into a predictable asset.
Understand the basics first, and then create an estateplan. Wills and trusts are both important estateplanning tools with important differences. Know the Rules for Passing on Your Assets. If you don’t, these assets will likely be paid to your probate estate, possibly triggering income tax.
nytimes.com) How estateplanning for blended families can go wrong. investmentnews.com) Why organic asset growth is hard to find. citywire.com) Real estate issues aside, interval funds continue to take in assets. (wsj.com) McKinsey & Co. has hired former Orion CEO Eric Clarke as a senior advisor.
The role of estateplanning is most commonly considered to be about transferring assets from one generation to the next in the most efficient manner possible (e.g., how to minimize the burden of estate taxes and avoid the public spectacle of the probate process). at age 21 or 30) or stagger distributions at multiple ages.
The role of estateplanning is most commonly considered to be about transferring assets from one generation to the next in the most efficient manner possible (e.g., how to minimize the burden of estate taxes and avoid the public spectacle of the probate process). at age 21 or 30) or stagger distributions at multiple ages.
Your estateplan is the comprehensive guide to your wealth and property when you pass away or become incapacitated physically or mentally. it’s important that you update your estateplan to reflect those changes. As a physician, there are a few other areas to pay attention to when you’re working on your estateplan.
Estateplanning can be difficult to think about, let alone plan for. Maybe you’ve avoided putting together a concrete plan because you don’t want to think too far into the future when it’s time to pass on what you have. Or maybe you don’t think an estateplan is necessary because you’re not rich enough to warrant one.
Basic estateplanning is something that everyone should do, regardless of your age, marital status, the value of your assets, and if you’re a parent or not. adults (46%) have a will that dictates what happens to their assets when they die. An estateplan may not be all you need to help ensure your assets transfer quickly.
podcasts.apple.com) Asset allocation Small asset allocation shifts don't matter much in the long run. awealthofcommonsense.com) Why asset allocation matters. substack.com) Estateplanning for blended families is tricky. (podcast.moneywithkatie.com) Thomas Kopelman and Jacob Turner talk about finding your enough.
Retirement JP Morgan Asset Management's 'Guide to Retirement.' riabiz.com) Estateplanning is growing in importance for advisers. kitces.com) People undergoing divorce need a range of financial planning services. am.jpmorgan.com) How longevity literacy affect financial wellness in retirement.
Irrevocable trusts lie at the heart of a variety of estateplanning strategies, as gifts to irrevocable trusts can allow for the transfer of assets outside of an owner’s estate for estate tax purposes with more structure than an outright gift. the assets' original owner). the assets' original owner).
An estateplan is a legal document that outlines a person’s wishes for the distribution of their assets and property after their death. It is essential to create an estateplan to ensure that your family and loved ones are taken care of in the event of your passing. Contact us today to get started!
physicianonfire.com) Estateplanning A look at some advanced estateplanning techniques. rogersplanning.blogspot.com) Five mistakes any investor can make including asset mis-location. (savantwealth.com) A real-life example of balancing differing wants in retirement.
podcasts.apple.com) Thomas Kopelman and Jacob Turner talks estateplanning for business owners. riabiz.com) Advisers How Peter Mallouk built Creative Planning into a $300 billion AUM powerhouse. kitces.com) It seems like everybody is jumping on the private assets bandwagon.
By Beth Schanou, JD, CExP, Senior Wealth Planner Clients frequently ask whether they should leave their assets in a trust. If your net worth plus the death benefit of life insurance policies you own exceeds $13 million, putting your assets in specific types of trusts can be helpful for federal estate tax issues.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Dispatch (formerly OneAdvisory) recently raised $8 million in seed funding as it seeks to provide a centralized data warehousing solution for advisory firms and eliminate the need for point-to-point data integrations between individual (..)
No matter how few your assets or how extensive your properties, an estateplan will help you preserve your legacy and provide clarity to your surviving family. Our estateplanning checklist can help you start the process and tick those important boxes on your way to confidence about the future.
A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. Heres how stepped up cost basis works on stock and other assets at death. Understanding step-up in basis at death If youve received an inheritance you may have questions about the tax treatment of certain assets.
Jon is the Founder and CIO for Echo45 Advisors, an independent RIA based in Walnut Creek, California, that oversees $163 million in assets under management for more than 180 client households. My guest on today's podcast is Jon Henderson.
This month's edition kicks off with the news that estateplanning platform Wealth.com has launched Ester, an AI-driven 'legal assistant' that uses machine learning to help advisors quickly review and extract the key information from clients' estateplanning documents, as it joins FP Alpha in the competition to become 'Holistiplan for estateplanning (..)
Third, the IRA assets are directed to the T-CRUT as its funding source upon her passing, and fourth, that, at the end of the specified period, a minimum of 10% of the initial fair market value of the assets placed within the trust is transferred to a qualified charity (or charities) as the final remainder beneficiary. Read More.
Welcome to the October 2024 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!
peterlazaroff.com) Estateplanning Why you need an estateplan. thomaskopelman.com) Where you hold assets affects your ability to do bequests. (standarddeviationspod.com) Peter Lazaroff talks with Brian Feroldi author of "Why Does The Stock Market Go Up?:
Podcasts Rick Ferri talks estateplanning with Ryan Barrett and Mike Piper. advisorperspectives.com) IRAs Why asset location matters from a tax-perspective. wsj.com) Planning The ways that a financial planner can add value for a client are nearly limitless.
For individuals, a permanent life insurance plan can play a key role in estateplanning by helping reduce estate taxes. Offset Taxes in EstatePlanningEstate taxes can be a problem for high-net-worth individuals passing on more than the IRS estate tax exclusion, after which the tax rate on transferred money is 40%.
in an IRA or 401(k) plan) to contribute to the Charitable Gift Annuity, they would need to withdraw – and be taxed on – those funds first. Testamentary CGAs, on the other hand, can be established after a donor’s death, funded with IRA or other assets to provide income for another person. But the SECURE 2.0
(thinkadvisor.com) Lisa Shidler, "Farther is hoping the logic of creating a one-umbrella, one-brand RIA with a plethora of choice will draw good advisors and their clients' assets." advisorperspectives.com) A shocking number of people don't have a will or estateplan. thinkadvisor.com)
(advisorhub.com) How Creative Planningplans to integrate Goldman Sachs' PFM unit. citywire.com) Charles Schwab ($SCHW) is on track to retain ~95% of TDA assets. fa-mag.com) Substance abuse issues complicate the estateplanning process. kitces.com) M&A Acquisitions are hard to manage, for all parties involved.
Estateplanning touches two critical aspects of our lives: It can direct the distribution of property while providing a structure of guardianship and care for ourselves as well as those we love and care for. But many people feel like estateplanning happens when you’re older, and that’s a misconception.
In this guest post, David Haughton, the Team Lead for Advanced Planning at Commonwealth Financial Network, explores the importance of comprehensive POAs and how they can be constructed to avoid many of the common pitfalls that loved ones may encounter when accessing an incapacitated person's assets.
That occasion marked an agreement with the IRS on a $156 million value on Prince’s real estate and recordings for the artist who died in April 2016—without a will. What can we learn from celebrity estateplanning disasters like this? Such cautionary tales prove the value of proper planning. It turns out, plenty.
Choosing whether to fund a trust with your assets is an important decision in the estateplanning process. Here are three main reasons you may want to consider putting your assets in a trust. A will and a trust are two different estateplanning tools. Do I need a revocable living trust?
In this guest post, David Haughton, the Team Lead for Advanced Planning at Commonwealth Financial Network, explores the importance of comprehensive POAs and how they can be constructed to avoid many of the common pitfalls that loved ones may encounter when accessing an incapacitated person's assets.
The foundation of your estateplan is a Last Will and Testament. Without a will, you are leaving the disposition of your assets and the guardianship of your minor children to a court. Hire an EstatePlanning Attorney For most people creating a will, hiring an estateplanning attorney makes the most sense.
In this episode, we talk in-depth about how, even though it is admittedly more time consuming for her firm, Anh conducts extensive due diligence and analysis to integrate structured notes into her client portfolios and ladders them on a rolling quarterly basis so that clients can continuously reinvest at then-current rates and features, why Anh decided (..)
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