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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.
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. For instance, prior to the 2017 Tax Cuts and Jobs Act (TCJA), "A/B trusts" had become ubiquitous for spousal estatetaxplanning.
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 estatetax purposes with more structure than an outright gift. the assets' original owner).
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. billion in donor-recommended grants in 2023.
However, the caveat with current CGAs has been that they could only be funded with after-tax dollars before the donor’s death, meaning that if an individual only had tax-deferred funds (e.g., Second, they reduce the donor's tax bill in the year the CGA is created by excluding the amount contributed to the CGA from taxable income.
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.
morningstar.com) Early in retirement is the time to do some taxplanning. 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.
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.
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 estatetaxes and avoid the public spectacle of the probate process).
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.
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 estatetaxes and avoid the public spectacle of the probate process).
This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges. This allows the account to grow on a tax-deferred basis, with income to beneficiaries being taxed when distributions are made. Second is that the CRUT is testamentary (i.e.,
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.
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.
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.
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.
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.
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!
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 (..)
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.
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 estatetax issues.
million in assets to both retire and pass on a legacy interest (though many have yet to establish an estateplan), according to a recent survey. Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that affluent Americans believe they need an average of $5.5
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!
For individuals, a permanent life insurance plan can play a key role in estateplanning by helping reduce estatetaxes. 1,2 Some states have an estatetax as well, and they may have a lower threshold for when the tax applies. EstateTaxes.” Estate & Gift Tax FAQs.”
For example, an advisor may think of "risk management" in terms of life and property insurance coverage, whereas HNW clients may instead think of tax and estate-planning strategies as asset protection measures – particularly for the future wealth of their heirs.
In this guest post, Harness Tax Advisory Council member, Griffin Bridgers, J.D., covers some of the top estateplanning trends that tax advisors should be tracking during the second half of 2024. contained a number of changes relevant to estateplanning. citizens and residents. The SECURE Act 2.0
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
Which could prove to be a boon for the financial advice industry as more consumers are willing to entrust their assets to an advisor (while at the same time possibly making it tougher for some advisors to differentiate themselves primarily by how they put their clients' interests first?).
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. Planning can tackle everything from beneficiary designations and estatetax to life insurance and planning for potential probate.
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?
It’s a simple, human act – one that seems like it shouldn’t take too much planning to do it correctly. But when does gifting become a tax issue? What do you need to consider about gifting as it relates to your overall estateplan? Taxes on Giving??? Why do you have to pay taxes on money you’re giving away?
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.
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.
Your personal preferences and the potential good your bequests can do are factors to think about in your estateplanning. What Is Estate Equalization? Basically, estate equalization is the process of helping ensure fairness in your estateplan, whether that means leaving all your primary heirs the same bequests or not.
advisorperspectives.com) Vanilla is rolling out more AI tools for estateplanning. kitces.com) The SEC's examination priorities for 2024 include the marketing rule and alternative assets. riabiz.com) The upside of pro bono financial planning. wealthmanagement.com) Another example of an RIA adding tax capabilities.
Fortunately, financial professionals have tools and wealth transfer strategies that can help couples be intentional about the use of their assets in an estateplan. Why Focus on EstatePlanning for Blended Families A thoughtful plan and good communication can go a long way in heading off conflict in large families.
And if they’re unprepared—or worse, if the family estateplanning strategies are less than buttoned up—how will that affect your practice down the line? The Softer Side of Finance While it may seem easier to use structural solutions to control the transfer of client assets (think trusts, 529 accounts, etc.), Caregiving.
EstatePlanning isn’t fun to think about. But estateplanning is so much more than terminal actions – it helps set a stage for a rich life while protecting against unnecessary taxes and family feuds. . Who needs estateplanning? EstatePlanning in Your 20s . Craig Lemoine, Ph.D.,
Podcasts Christine Benz talks 2025 taxes with Ed Slott author of "The Retirement Savings Time Bomb Ticks Louder." humansvsretirement.com) Barry Ritholtz talks with Matt Hougan, CIO at Bitwise Asset Management, about how to get crypto exposure. apolloacademy.com) Taxes Some things to know about doing a QCD. Well, you should.
We’re coming up on the end of the year, and while it’s a time to take a break and enjoy the holiday season, it’s also a good time to consider tax strategies that may benefit you. Gift Tax Exemptions Each year, you can give up to $17,000 to any number of people tax-free.
Anyone who owns company stock will eventually have to decide how to distribute their assets — typically when there is a job change or retirement involved. When you transfer most assets to a taxable account, there will be income tax, but with company stock, you can take advantage of net unrealized appreciation (NUA). .
Understanding the intersection between financial assets and estateplanning is extremely important for maximizing wealth and enhancing asset protection. You will learn: The basics of estateplanning and its key components. Strategies for aligning different types of financial assets with your estateplan.
At its core, investment planning ensures that your financial resources are strategically allocated to various asset classes in accordance with your risk tolerance and investment objectives. Investment planning also plays a crucial role in tax optimization, enabling you to minimize tax liabilities and maximize after-tax returns.
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
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