When creating a last will and testament (commonly known as a will), one of your most important considerations is who to choose to serve as the executor (also called a personal representative) of your estate. As the name implies, the role of the executor is to execute the instructions that you provide in your will. […]
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Don’t Let This Crucial Question Derail Your Estate Plan
Sitting down to create or update your estate plan can be overwhelming. Crucial to a successful plan is your ability to address two major questions: Who will get your stuff when you die, and how do you want those individuals or charities to receive that stuff? Ways to Give Away Your Money and Property Outright […]
Continue reading…Assisting Clients in Decoding the Generation-Skipping Transfer Tax
Optimize Generational Wealth Transfers with These Insights Generation-Skipping Transfer Tax 101 Many of you are likely familiar with estate and gift taxes. However, dealing with the generation-skipping transfer (GST) tax comes up less often since it usually only affects ultra-wealthy clients. Estate planning attorneys, financial planners, and tax advisors must understand the GST tax […]
Continue reading…Legacy Insights: Navigating the Generation-Skipping Transfer Tax
Your Guide to Understanding the Generation-Skipping Transfer Tax Generation-Skipping Transfer Tax 101 Many people are familiar with the existence and some aspects of estate and gift taxes. If you are part of an ultra-high-net-worth family, it is important to also understand the generation-skipping transfer (GST) tax and how it may affect your particular situation. During […]
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Beware of Nonlawyers Acting Like Lawyers
When people think about creating an estate plan, they may think it just involves getting a set of forms that convey their wishes regarding their finances, health, and what will happen to their stuff when they die. Although the documents that comprise an estate plan may seem like simple forms, these important estate planning tools […]
Continue reading…Let’s Do the Math: How Does the Generation-Skipping Transfer Tax Work?
You may have considered creating a trust to transfer wealth to your grandchildren and great-grandchildren. But you may not have considered how the generation-skipping transfer (GST) tax could affect this inheritance. To better explain how the tax would impact a gift in trust, we are going to take a look at some math. Generation-Skipping Transfer […]
Continue reading…Let’s Do the Math: How Does the Generation-Skipping Transfer Tax Work?
The generation-skipping transfer (GST) tax, is a tax assessed on gifts from one person to another person in two or more generations younger, or someone who is at least 37 ½ years younger (also known as a skip person). Although not everyone will have to address this as part of their estate plan, if you […]
Continue reading…What You Need to Know about the Generation-Skipping Transfer Tax Returns
If you have significant wealth, things like estate, gift, and generation-skipping transfer (GST) taxes need to be discussed. If you want to make a gift or leave a large inheritance to a grandchild (while your child is still alive) a more in-depth conversation surrounding the GST tax, the impact it can have on the inheritance […]
Continue reading…What You Need to Know about the Generation-Skipping Transfer Tax Returns
If you have clients with significant wealth, things like estate, gift, and generation-skipping transfer (GST) taxes need to be discussed. If a client wishes to make a gift or leave a large inheritance to a grandchild (while their child is still alive) a more in-depth conversation surrounding the GST tax needs to be addressed. As […]
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Who Should Be the Trustee of a Third-Party SNT
Family members with special needs may require assistance throughout their lives. If you want to ensure that a loved one with a disability is taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT). Also known as a supplemental needs trust, a third-party […]
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