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Ultimately, how well your wealth transfer plan fulfills your legacy and meets the needs of the next—and future—generations depends on whom you name as your trustee(s). This makes your trustee selection one of the most critical aspects of an already complex wealth planning process. To help navigate this selection process, work with a framework built...

The tax stakes are substantially higher in Massachusetts for the residents than they are for nonresidents. However, with the latest court ruling, Massachusetts estate tax can now apply to out-of-state trusts. The implications are significant, and they are a reminder that the Commonwealth takes an expansive view of its taxing authority in situations...

For families holding illiquid assets, anticipatory pre-liquidity planning can greatly improve asset protection, wealth transfer, and tax outcomes. Using Wyoming entities, a review of pre-liquidity planning strategies is provided with a snapshot on the state’s modern trust statues, asset protection laws, and tax laws. Families soon discover Wy...

Can investors capture market returns and harvest tax losses amid periods of high volatility? Find out how the markets in 2020 and in 2008 provide guidance for beneficial tax management during a crisis.

Getting divorced is not only a highly emotional, it can also be complicated and challenging. Depending on your life stage, your family situation, and your life priorities, there will be different financial considerations. Whether you are financially savvy or have little experience in handling your finances, you will benefit from working through you...

Despite the challenging environment of COVID-19 and social unrest, having a sound framework can empower you to make wise financial wealth decisions. Good financial health does not keep markets from going down or being volatile, but it does allow portfolios to weather those storms without suffering lasting harm. The key is maintaining proper perspec...

The basic foundation for every core legacy plan starts with five documents: a will, an irrevocable or living trust, a durable power of attorney for financial management, an advanced medical directive, and a HIPAA release. John Forster, a partner with the law firm of Baker Hostetler, who has interviewed some of the most successful families in the U....

By drastically increasing the federal estate and gift tax exemption, the 2017 Tax Cuts and Jobs Act created a significant estate tax mitigation opportunity for high-net-worth individuals and families. National Director of Wealth Strategies Blair Talty discusses how these strategies have indeed been strengthened during COVID-19.

Society is facing an unprecedented time of anxiety, and more now than ever, families of wealth are concerned about both their financial and personal well-being. A panel of experts share their insights on how advisors can help their family clients find balance during unbalanced times and establish calm—from updating the estate plan to easing t...

With the Democrats controlling both houses of Congress and the White House, it is timely to focus on the potential tax law changes they might propose. Although it may seem unlikely the changes will be enacted quickly, Congress has previously made even mid-year changes that applied retroactively. A summary of potential changes impacting wealthier in...

In December 2020, New York Governor Andrew Cuomo signed a bill representing the most significant change to the New York law governing Powers of Attorney (POA) in almost a decade. In an effort to increase the acceptance of POAs, the new law redefines the POA. Other notable changes include expanded options for execution, additional third-party protec...

Real estate has always been a tax-advantaged investment class, especially in the U.S. where rules allow you to shelter income or cashflow through depreciable losses and other mechanisms. For the investors who want deeper insights into all aspects of their real estate investments, they see how technology is transforming their abi...

Estate planning can encompass more than addressing your potential tax exposure. It frequently requires protection of a “fragile beneficiary,” who can include family members with disabilities, individuals struggling with addiction, spendthrifts, and even minors. With planning options available through various trusts, there are ways in wh...

The combined effect of Biden’s tax proposals could alter behavior of the tax-aware investor. In examining the major tax provisions proposed under a Biden administration, the impact on equity tax management is clear. However, a divided or Republican-controlled Senate will make for a less orderly path from proposal to law.

Year-end tax planning is always challenging, but the coronavirus pandemic has added a whole new layer of complexity to the equation for individuals, families, and businesses across the nation. The potential tax ramifications are significant. There are a number of tax developments to consider for the current tax year.