Posts Tagged ‘Financial assets’

Heritage Planning: The 3rd Element of Successful Multi-Generational Planning

Heritage Planning for Generational Success

Planning for your money is not the same as planning for your family. For centuries, “comprehensive planning” for most families has consisted of financial and estate planning. And, for centuries, that planning has failed and families have been unable to keep the family and fortune together of more than two or three generations. The difference…

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IRS Rules that Bitcoins are Not Money

One of the main principles of modern currency is that it must be “fungible” to be considered as money, which means that one unit, say a $100 bill, is able to replace or be replaced by any other $100 bill; that the two are, in essence, identical and mutually interchangeable. Based on that fact, the…

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Special Needs Trusts Raise Unique Issues and Concerns for Trustees

End-of-Life Issues

As we have previously discussed, a special needs trust provides for the care of a beneficiary that is unable to care for themselves. It is often set up to provide for disabled people. It can also be set up to anticipate the needs of an elderly parent. As Ohio attorney Katherine N. Barr duscusses in…

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New IRS Tax Laws Increase Many Trusts' Tax Bills

We recently discussed changes proposed in President Obama’s 2015 budget that would modify Estate and Gift Tax provisions established in the American Taxpayer Relief Act or ATRA, which was passed by Congress in 2013. The proposal, which would take effect in 2018, would restore the Estate, Gift, and Generation-Skipping Transfer (GST) tax rates and parameters…

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Exploring Myths & Misconceptions About Wills and Trusts

As much as we try to simplify the process for you, it can be difficult to sort through all the confusion about estate planning documents and the probate process. In an article posted on TCPalm.com, Florida Trust Attorney Robert D. Schwartz provides an insightful explanation of common misconceptions about wills and trusts. According to Schwartz,…

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New Mississippi Bill to Allow Dynasty Trusts for First Time

The Jackson (MS) Clarion Ledger reported last week that a bill before the state Senate would allow the establishment of “Dynasty Trusts” designed to avoid or minimize estate taxes for the first time. The bill has already passed through the House.1 House Bill 891 has to be approved by the full Senate for the bill…

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New Mississippi Bill to Allow Dynasty Trusts for First Time

The Jackson (MS) Clarion Ledger reported last week that a bill before the state Senate would allow the establishment of “Dynasty Trusts” designed to avoid or minimize estate taxes for the first time. The bill has already passed through the House.1 House Bill 891 has to be approved by the full Senate for the bill…

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