Category: The Wealth Counselor

Actor Val Kilmer’s passing in April 2025 highlights estate planning issues that can affect almost anyone. Although Kilmer was a celebrity, these issues—such as managing multistate real estate, deciding what happens to digital assets, and integrating philanthropy to leave a legacy and help reduce taxes—are concerns that can be particularly relevant to individuals who have an out-of-state summer home or cottage, are unmarried older clients who cannot take advantage of spouse-related legal benefits, or are creative younger clients with digital portfolios. 

Kilmer, best known for playing Iceman in Top Gun, Doc Holliday in Tombstone, Jim Morrison in The Doors, and Batman in Batman Forever, died with an estimated net worth of $10 to $25 million. ¹At the time of his death, he was the divorced father of two adult children. He owned a California home, a New Mexico ranch, and digital assets that included a synthetic recreation of his voice. 

Public Life, Private Death 

While his two children are expected to inherit most of his estate, his estate plan details have not been made public, as is typical of celebrities and other high-profile individuals who want to protect their privacy and that of their loved ones. It is usually only when beneficiary or creditor conflicts emerge and subsequent court filings are made that estate plan details leak to the public. 

Let that be lesson one from Kilmer’s estate: he seems to have planned enough to keep his plans for his estate under wraps—a priority for the actor, who spent much of his later days seeking refuge from Hollywood at his New Mexico ranch, preferring a simpler private life.

Estate Taxes 

With his net worth potentially exceeding the 2025 federal estate tax exemption of $13.99 million per individual, Kilmer’s estate could face a federal estate tax liability.

California, where Kilmer died, has no state estate tax. New Mexico, where he owned significant real estate, also imposes no state estate tax, eliminating the need for state-level estate tax planning. However, his estate could owe federal estate taxes of up to 40 percent on the value of his assets above the $13.99 million federal exemption. 

As an unmarried individual, Kilmer could not leverage the unlimited marital deduction, which allows people to transfer assets tax-free to their surviving spouse during their life and at their death. Alternative estate tax reduction strategies—such as lifetime gifting, valuation discounts, charitable giving, and trusts such as a grantor retained annuity trust—are available to both married and unmarried individuals and may have been part of Kilmer’s estate plan. 

Charitable Planning

There is a good chance that philanthropy figures largely in Kilmer’s estate plan. He was involved in numerous causes throughout his life, supporting organizations focused on environmental issues, animal rescue, human rights, families of police officers who were killed on 9/11, and more.² If he incorporated charitable giving strategies using vehicles such as charitable remainder trusts, charitable lead trusts, and donor-advised funds in his estate plan, he may have reduced his taxable estate while supporting causes he cared about. While clients with federally taxable estates can often receive tax benefits for this type of planning, advisors can remind clients that philanthropy is not just for the ultrawealthy. Charitable gifts can also be a legacy-enhancing way to give back and express one’s values. 

Real Estate in Multiple States

Owning real estate in both California and New Mexico means that the Kilmer estate may need to open an ancillary probate proceeding in New Mexico, which was not Kilmer’s primary residence, if those properties were not addressed in his estate plan. Ancillary probate is a separate and sometimes secondary probate process required in a state where the deceased person owned real property or certain other assets outside the state of their primary residence. It is most often used to transfer title to out-of-state real property.  

Each state has its own laws governing the transfer of real estate, which may differ from the laws of the deceased’s home state. Ancillary probate ensures that the out-of-state property is transferred correctly according to the laws of the state where it is located, but it can expose the deceased person’s estate to two court systems, complicate the overall process, increase administrative costs, and trigger different tax treatments. 

If Kilmer created a revocable living trust, he would have streamlined the administration of his real estate, avoided probate (in both states), and maintained privacy—key considerations for any client with multistate holdings. 

Spousal Support

Kilmer married actress Joanne Whalley, whom he met during the filming of the cult classic film Willow, in 1988. Their divorce was finalized in 1996, not long after the birth of their son. 

A person’s past divorce can create a host of issues if things were not properly cleaned up at the time of their death. For example, if the person never changed the beneficiary on their life insurance or retirement accounts, an ex-spouse might still be entitled to that money, even if that was not the deceased person’s intention. Also, while there is no public record of Kilmer owing ongoing support to his ex-spouse at his death, unpaid spousal or child support can become debts of the estate, reducing the inheritance that heirs and beneficiaries receive. Property that was supposed to be transferred to the deceased person in the divorce may still be in the ex-spouse’s name (either individually or jointly with the deceased person), leading to confusion and possible legal disputes. Advisors should review their clients’ divorce decrees with them to confirm that obligations have ended or have been addressed in the estate plan and all assets are titled properly or have beneficiary designations that align with their new life circumstances.

Digital Assets

In Kilmer’s last appearance in a major film, Top Gun: Maverick, a company called Sonatic helped Kilmer digitally recreate his voice (lost after throat cancer treatment) using AI technology and past recordings.³ This voice recreation has financial value, so what happens to the legal rights to it now that Kilmer has passed away? That answer will largely depend on state law. California law extends a person’s rights to their name, image, and voice for 70 years after death.⁴ This means that Kilmer’s children, who presumably control his estate, have the exclusive right to approve any future use of his likeness, such as a film cameo, commercial appearance, or holographic performance.⁵

Kilmer’s digital estate may also include intellectual property such as unpublished writings, scripts, digital art, or other assets stored on devices or in the cloud. Any digital intellectual property stored locally or remotely, including notes, photos, and videos, could be considered a digital asset and should be planned accordingly.

For noncelebrities, the types of digital assets at stake may differ, but the need for planning is just as urgent. We now live in the age of the microcelebrity, where being an influencer is a career goal for more than half of Gen Zers, and digital assets (e.g., videos, photos, online courses, and virtual goods) are core to personal branding, income generation, and legacy.⁶ They may also hold deep sentimental value for people who are not “internet-famous.” 

If a client has digital photos, videos, online accounts, or cloud storage accounts, creating digital asset inventories, establishing powers of attorney with explicit digital asset access and management authority, and appointing a digital executor or trustee are essential first steps amid a rapidly evolving space that requires creative solutions and ongoing attention to new laws and technologies.

Be Their Huckleberry

Kilmer’s legacy reminds us that even the most iconic lives require careful planning to preserve their voice—literally and figuratively—for the next generation. 

If your clients come looking for estate planning advice, with our help you can confidently tell them (as Kilmer’s Doc Holliday said in Tombstone), “I’m your huckleberry.”

1. Val Kilmer’s Net Worth in 2025: Top Gun Star’s Fortune and Inheritance Plan Revealed, FM. (Apr. 2, 2025), https://www.finance-monthly.com/2025/04/val-kilmers-net-worth-in-2025-top-gun-stars-fortune-and-inheritance-plan-revealed. ↩︎
2. Val Kilmer: Charity Work, Events, and Causes, Look to the Stars; The World of Celebrity Giving, https://www.looktothestars.org/celebrity/val-kilmer (last visited July 30, 2025). ↩︎
3. Philip Ellis, Fans of Val Kilmer Can Hear His Voice Again Thanks to Artificial Intelligence, Cancer + Careers (Apr. 2022), https://www.cancerandcareers.org/newsfeed/news/posts/2022/4/fans-of-val-kilmer-can-hear-hi. ↩︎
4. Sam Fielding, Val Kilmer’s Legacy: Who Controls His Voice, Image, and Royalties After Death?, Lawyer Monthly (Apr. 2, 2025), https://www.lawyer-monthly.com/2025/04/val-kilmer-estate-voice-image-legacy. ↩︎
5. Id. ↩︎
6. Gili Malinsky, 57% of Gen Zers want to be influencers—but “it’s constant, Monday through Sunday,” says creator, MakeIt (Sept. 14, 2024), https://www.cnbc.com/2024/09/14/more-than-half-of-gen-z-want-to-be-influencers-but-its-constant.html. ↩︎

Regis Philbin, the Guinness World Record holder for the most hours on US television, was a familiar face in millions of homes for decades. By the time he retired from his show Live with Regis and Kelly in 2011, he had spent more than 16,740 hours in front of the camera.¹ 

Philbin passed away in 2020, leaving an estate worth approximately $150 million² that was likely divided between his wife, Joy, and his children. He had four children: Danny (who died in 2014) and Amy from his first marriage and daughters Joanna and Jennifer with Joy. While Philbin accumulated most of his net worth as the host of game and talk shows, his estate planning documents and court records show that he also left millions in other assets behind. 

More Properties, More Problems

At the time of his passing, Philbin owned at least two properties: a Manhattan apartment³ and a Beverly Hills condo.⁴ 

According to Radar Online, Philbin’s estate filed a will with New York Surrogate’s Court (i.e., probate court) that listed $16.5 million in property and millions more in stocks, bonds, and cash to be overseen by his wife, Joy, as the executor of his will.⁵ However, a large portion of his estate was placed into a trust containing assets not listed in the will, court documents show.⁶ 

That trust could have contained his New York and California homes, which would have spared Joy and the rest of his loved ones the considerable hassle of probating properties in multiple states. 

Real property titled in an individual’s name (as opposed to being held in a revocable living trust) that is located in a state other than where the individual lives may require a separate probate proceeding in each state where the property is located. State laws vary, but New York’s probate process is notoriously slow and burdensome (especially in New York County, where Manhattan is), while California’s comes with both statutory attorney and statutory executor fees based on the estate’s gross value. 

Predeceased Heirs and Plan Updates

A notable aspect of Regis’s plan was that he updated it following the death of his son, Danny. 

Born with a spinal cord defect, Danny died of natural causes in November 2014, predeceasing his father by nearly six years.⁷ 

Regis signed his final will just two months later, on January 15, 2015.⁸ The timing of these events is probably not a coincidence. Regis’s 2015 estate plan is a case study in why estate plans must change with life. The death of a child, the birth of a grandchild, a new marriage, or a change in financial circumstances are some of the key life events that should trigger clients to revisit their plan. An outdated estate plan may not reflect a person’s wishes at the time of their death and could result in outcomes they would never have chosen.

My Three Daughters

Blended families are becoming increasingly common in America. Today, approximately one in six children grows up in a blended household, and nearly two in five families include a stepparent.⁹ These numbers continue to rise as remarriage becomes more common. 

While Philbin did not necessarily live in a blended household, he did have children from different relationships. It would not be uncommon in that situation to face challenges when deciding how to fairly structure an estate plan. Reports indicate that Philbin took a thoughtful approach, providing for his surviving spouse and their children in common while also making provisions for the children from his earlier relationship. 

However, when it came to appointing someone to carry out the terms of his will in probate court (called the executor in New York), Philbin prioritized his wife and their children by leaving clear instructions. “I appoint my spouse, Bette Joy Philbin, as my Executor of this Will,” Philbin’s will states.¹⁰ “If my spouse shall not qualify or, having qualified, at any time shall not continue to act, then I appoint my daughter Joanne Philbin as successor Executor of this Will.”¹¹ “If Joanne Philbin shall not qualify or, having qualified, at any time shall not continue to act, then I appoint my daughter, Jennifer Philbin, as successor Executor of this Will.”¹²

This language provides a crucial estate planning lesson to build contingencies into a plan, including having backup decision-makers and heirs. While Danny’s passing underscores the need to update documents as circumstances change, sometimes changes occur after the client’s death, which is why every estate plan should include backup executors, trustees, and beneficiaries to ensure that someone trusted—and chosen by the client—is always available to step in.

Give Your Clients a Lifeline

As a former host of the Who Wants to Be a Millionaire television game show, Philbin gave contestants three “lifelines” to help them answer a question if they needed it: narrowing down their multiple choice options from four to two, phoning a friend to ask them for their insights, or polling the audience. However, clients need a more reliable strategy for their estate plan. Philbin did not leave his “final answer” up to chance—and neither should your clients. 

Regis asked “Who wants to be a millionaire?,” but the more important question is, “Who wants their millions to go where they intended?”. We are here to help you answer it.

1. Most hours on US television, Guinness World Records Limited 2025, https://www.guinnessworldrecords.com/world-records/most-hours-on-us-television (last visited July 30, 2025). ↩︎
2. Regis Philbin Net Worth $150 Million, Celebrity Net Worth (Jan. 30, 2025), https://www.celebritynetworth.com/richest-celebrities/regis-philbin-net-worth. ↩︎
3. Mike Mishkin, Upper West Sider, Regis Philbin, Dies at 88, I Love the Upper West Side (July 25, 2020), https://www.ilovetheupperwestside.com/upper-west-sider-regis-philbin-dies-at-88. ↩︎
4. Teles Cofounder Ernie Carswell Reps Regis Philbin in Condo Buy, Medium (Mar. 2, 2016), https://medium.com/real-estate-reimagined/teles-cofounder-ernie-carswell-reps-regis-philbin-in-condo-buy-effed2929507. ↩︎
5. Douglas Montero, Regis Philbin’s Will Reveals TV Legend Left Behind $16 Million In Property, Put Wife Joy in Charge of Estate Worth $150 Million, Radar (June 1, 2021), https://radaronline.com/p/regis-philbin-will-16-million-wife-joy-kids-millions-kelly-ripa. ↩︎
6. Id. ↩︎
7. Stephanie Dube Dwilson, Daniel Philbin’s Cause of Death: How Did Regis Philbin’s Son Die? (EntertainmentNow (Dec. 19, 2024), https://entertainmentnow.com/news/daniel-philbin-regis-son. ↩︎
8. Douglas Montero, Regis Philbin’s Will Reveals TV Legend Left Behind $16 Million In Property, Put Wife Joy in Charge of Estate Worth $150 Million, Radar (June 1, 2021), https://radaronline.com/p/regis-philbin-will-16-million-wife-joy-kids-millions-kelly-ripa. ↩︎
9. Kristin McCarthy, M.Ed., Blended Family Statistics: A Deeper Look Into the Structure, Love to Know (Aug. 5, 2021), https://www.lovetoknow.com/parenting/parenthood/blended-family-statistics. ↩︎
10. Douglas Montero, Regis Philbin’s Will Reveals TV Legend Left Behind $16 Million In Property, Put Wife Joy in Charge of Estate Worth $150 Million, Radar (June 1, 2021), https://radaronline.com/p/regis-philbin-will-16-million-wife-joy-kids-millions-kelly-ripa. ↩︎
11. Id. ↩︎
12. Id. ↩︎

Born into an impoverished Houston household in 1949, George Foreman lived a rags-to-riches tale of pure Americana: Olympic gold medalist, heavyweight boxing champion, ordained minister, global pitchman, and father to a dozen children. 

At the time of his death on March 21, 2025, his estate was estimated to be valued at $300 million. Surprisingly, most of his wealth came not from his triumphs in the ring but from his success as a businessman—specifically from the popularity of the George Foreman Grill.¹ From the boxing ring to the boardroom, Foreman built a brand that outlasted his gloves and redefined what a postretirement legacy could look like for a champion athlete. 

Unlike many celebrities, Foreman was considered relatable and connected to his audience. That relatability extends to many of the estate planning issues he had to navigate as someone with multiple marriages, a large blended family, and adopted children. 

Spousal Support

Foreman was married more times (five) than he was crowned world heavyweight boxing champion (twice). 

Foreman’s final marriage, to Mary Joan Martelly, lasted nearly 40 years, a testament to the kind of second act that defined much of his life. His four earlier marriages lasted a total of about nine years.

We do not know whether alimony was part of any of his prior divorce settlements or if Foreman remained liable for any support at the time of his death; the details remain private. However, every ex-spouse is a potential long-term liability unless outstanding or existing obligations are clearly addressed through coordinated planning. 

In most cases, alimony ends when either spouse dies. But not always. A divorce decree can explicitly require that financial support payments continue after the payor’s death—often being satisfied through a life insurance policy naming the ex-spouse as beneficiary. Regardless of whether the life insurance policy lapses or the provision in the divorce decree is forgotten, the estate may still be on the hook for any unpaid obligation of the decedent. A divorce may also create complications after death, such as unresolved child support obligations, property settlement issues, or outdated beneficiary designations on assets such as retirement accounts or life insurance policies. 

Without complete documentation and follow-through, any of these arrangements, buried in decades-old court files, could resurface as claims against the estate after someone dies.

When advisors work with clients who have multiple prior marriages, the discussion should include reviewing every divorce decree and support order, verifying whether all past obligations have been satisfied or clearly documented, and confirming that beneficiaries and account titles reflect the current family structure. 

Foreman the Father

Foreman often spoke about using his namesake grill to cook for his large family, which included twelve children: five sons (all named George Edward Foreman) and seven daughters, two of whom were adopted. 

He also spoke frequently about the importance of family. In one interview, he said his children were “one thing I’m most proud of” and that “you may have . . . an ex-wife or an ex-husband, but you can never have ex-children.”² 

Foreman’s devotion to fatherhood leaves little doubt that his children, and possibly his grandkids and great-grandkids, will be beneficiaries of his estate regardless of whether they were part of his family through birth or adoption. Foreman said that “each child is different and you’ve got to treat them differently.”³ According to daughter Georgetta, he made each child feel special with dedicated days that would focus on just one child at a time.⁴ Accordingly, Foreman’s estate plan may have followed a “fair but not equal” inheritance structure that recognizes differing needs, life paths, and circumstances among heirs and avoids a one-size-fits-all approach.

For advisors, it is worth digging deeper when a client mentions “fairness” regarding their estate plan. Equal shares are not always what they appear to be, and inheritances can be equitable in ways that are not always obvious. 

For example, a daughter running a family business might inherit more operational control than a son pursuing a music career, and a special needs heir might be provided for through a supplemental needs trust while others may receive outright distributions.

Which George? 

What’s in a name? When the name is George Foreman, a great deal. 

Foreman explained on many occasions that he named all his sons George to unite his children.⁵ “I wanted them to have something in common . . . I tell them if one goes up, we all go up. If one gets in trouble, we’re all in trouble.”⁶

However, having many children with the exact same name could lead to trouble in legal or financial documents if each George Edward Foreman was not clearly differentiated as a distinct beneficiary. “To my son George” works only if you have one. If you have five, clarity is critical.

The boxer gave each son a nickname (George Jr. is “Junior”; George III is “Monk”; George IV is “Big Wheel”; George V is “Red”; and George VI is “Little Joey”) so “they’re recognized and treated as individuals.”⁷ He may have referenced these nicknames in an estate planning document, such as a will or a trust, or in joint accounts, beneficiary designations, or other financial arrangements where his sons were beneficiaries, to ensure that each “George Edward Foreman” was correctly distinguished. 

Clients probably do not have several identically named sons or daughters, but multiple people sharing the same name within a family is a common way to pass names down through generations and honor family members. To avoid any confusion or legal complications, clients should always use as much specific identifying information in official documents as possible (e.g., middle initials or full middle names, dates of birth, addresses, or Social Security numbers) when dealing with beneficiaries who share the same (or similar) name. 

Business Champ

Foreman earned significantly more money from his endorsement deal for the George Foreman Grill than from his boxing career.⁸ 

The Lean, Mean, Fat-Reducing Grilling Machine reportedly earned him more than $250 million in royalties and naming rights.⁹ At one point, Foreman earned up to $8 million per month from his profit-sharing deal with Salton, Inc. (now Spectrum Brands).¹⁰ In 1999, the company paid him $138 million in cash and stock for the right to use his name on the grill in perpetuity.¹¹ To date, the grill has sold over 100 million units.¹² 

For someone whose name became a commercial empire, clear planning around intellectual property and brand management would be essential. It is possible that Foreman’s estate plan addressed these issues using tools such as a family trust or business entity (e.g., a corporation or limited liability company), perhaps allocating control or residual income among his loved ones. 

Clients who own a business, earn royalties, or have valuable intellectual property must look beyond financial asset division in their estate plans. They must also consider who will manage, protect, and benefit from those intangible, yet highly valuable, assets.

Advisors can approach the topic of intangible assets with clients by asking questions such as the following: Who owns the intellectual property or business interest? Who, if anyone, is named as successor or manager? Are royalty rights, control rights, and income distribution clearly addressed in your estate plan? 

Create a Plan That Performs After the Final Bell

Even a champion like George Foreman, who went toe-to-toe with Muhammad Ali and Joe Frazier, could not duck the need for a comprehensive estate plan that addressed his unique circumstances and asset portfolio. 

Help your clients land the right combinations before the final bell so that, when it sounds, their beneficiaries do not have to rely on a controversial scorecard for a decision. 

1. George Foreman Net Worth $300 Million, Celebrity Net Worth (Mar. 22, 2025), https://www.celebritynetworth.com/richest-athletes/richest-boxers/george-foreman-net-worth. ↩︎
2. Rod Thomas, George Forman on Fatherhood, CBN, https://cbn.com/article/not-selected/george-foreman-fatherhood-0 (last visited July 30, 2025). ↩︎
3. Id. ↩︎
4. Id. ↩︎
5. Makena Gera, George Foreman’s Kids: All About the Boxing Legend’s Sons and Daughters (and Why He Named All 5 of His Sons George, People (Mar. 22, 2025), https://people.com/all-about-george-foreman-kids-8683510. ↩︎
6. Id. ↩︎
7. Deanna Janes, Why did George Foreman name his 5 sons George? He’s offered a few reasons, Today (Mar. 22, 2025), https://www.today.com/parents/celebrity/george-foreman-kids-rcna134106. ↩︎
8. George Foreman Net Worth $300 Million, Celebrity Net Worth (Mar. 22, 2025), https://www.celebritynetworth.com/richest-athletes/richest-boxers/george-foreman-net-worth. ↩︎
9. Brian Warner, How George Foreman Knocked Out a Quarter-Billion Dollar Payday With an Unlikely Invention, Celebrity Net Worth (Mar. 12, 2025), https://www.celebritynetworth.com/articles/entertainment-articles/george-foreman-reveals-exactly-much-made-famous-grill. ↩︎
10. Id. ↩︎
11. Id. ↩︎
12. Id. ↩︎

Ice cream is a delicate balance of fat globules, ice crystals, air bubbles, and sugar suspended in a watery base. Once the temperature climbs above freezing, the ice crystals start to melt. Air bubbles expand. Fat molecules soften. Without its frozen framework, your favorite treat loses shape fast.

Estate plans work in much the same way.

A well-structured estate plan relies on a careful balance of people, documents, instructions, and timing. But under the pressure of life’s rising “temperatures,” even the most thoughtfully crafted plan can melt if not maintained.

On the other hand, a pint of ice cream left in the cold for too long will become a freezer-burned block. Similarly, estate plans can lose their texture and flavor when forgotten.

As with ice cream, estate plans can change under pressure. Here is how to keep your clients’ plans fresh, structured, and palatable through regular reviews, updates, and check-ins.

Understanding the “Melting Points” of an Estate Plan

Life has a way of heating things up. New marriages, growing families, changing finances, and evolving relationships can raise the temperature on, and destabilize, a once-solid estate plan. By understanding these “melting points,” advisors can better guide clients as to when a review and update are crucial:

• Complexity. More ice cream and toppings (e.g., a plan with trusts, business interests, or layered provisions) mean more chances for something to go wrong—and more of a mess to clean up when they do. 
• Structure. A tightly packed pint holds its form longer than a lopsided scoop. Similarly, a well-designed trust packed with built-in contingencies is more resilient than a basic one-size-fits-all will. Still, neither is immune to the long-term effects of change.
• Ingredients. Rich, high-fat ice cream melts more slowly. In estate planning, the ingredients are your cast of characters: beneficiaries, executors, trustees, and agents. When those relationships change, the estate plan “recipe” needs to be adjusted.
• Homemade versus store-bought. Homemade ice cream behaves differently than the commercial stuff. A do-it-yourself estate plan might feel personal, but it often lacks the structure and durability of a professionally made plan. 
• Varying recipes. Ice cream brand formulas vary, as do clients and their estate plans. What works for one client might not work for another, and the “melting point,” i.e., the sensitivity to life changes and the need for frequent updates, can vary significantly. The key is knowing your client’s ideal formula.
• Temperature flares. Major life changes such as marriage, divorce, births, deaths, health issues, and financial shifts are like turning up the heat. These “flash points” can quickly make an estate plan melt away if not addressed.
• External factors. Ice cream melts faster with air circulation. Even a light breeze (changes in tax laws, state statutes, or court rulings) can speed up a plan’s meltdown. 

Freezer Burn: When Plans Go Stale

An estate plan does not have to melt to be ineffective. Sometimes, the biggest problems come from leaving it in the deep freeze for too long. While life’s major events can “melt” a client’s estate plan, neglect causes a different kind of damage: freezer burn.

Freezer burn dulls the flavor and ruins the texture of even the most premium ice cream, turning it into something you would not want to serve to your friends and family. 

Estate plans can suffer the same fate. A will, trust, or power of attorney might technically still be valid, but if it has not been reviewed in years, it may have become rigid and unworkable. Beneficiaries and fiduciaries may no longer be appropriate. Distribution instructions may no longer reflect the client’s goals or current law. What was once a finely crafted confection is now too hard to handle. 

Sticky Situations: When Sweet Intentions Turn into a Mess

An estate plan made with the right ingredients and served at the ideal time and temperature satisfies like ice cream on a warm summer day. But if ice cream is left in the glare of the sun or the back of the freezer, it can change into something unfit for consumption. Here are a few common ways outdated plans can dissolve into a mess:

• Forgotten flavors: Afterborn children or grandchildren are left out. Clients often set their estate plans and forget them, not realizing that new additions to the family, whether children, grandchildren, or steprelatives, may not be included unless their plan is revised.
• Lingering tastes: An ex-spouse is still named. Divorce may not automatically remove an ex-spouse or their family members from a will, trust, or power of attorney. Failing to update these designations can leave a former spouse in control of healthcare or finances or in line to inherit. Their continued inclusion can lead to costly court battles to ensure that the right beneficiary receives the client’s money and property.
• Missing ingredients: A new spouse is not included. Marriage does not always override old documents. If a new spouse is not specifically named, they may receive less than intended or be left out altogether.
• Changed preferences: Outdated decision-makers and beneficiaries. Relationships shift over time. Someone who once seemed like the perfect choice to act as a healthcare proxy or trustee may no longer be close, available, or aligned with the client’s values.

The Mess Left Behind

On a summer afternoon, you might stroll past a melted ice cream cone on the warm pavement and wonder what happened—and who is going to clean it up. When that mess is an outdated estate plan, it is usually loved ones who are left to deal with it. 

• An unplanned trip to probate court. Outdated or incomplete plans can force families into a time-consuming, costly, and public probate court proceeding during life or at death to handle the following issues:
  • Appointing someone to make urgent healthcare decisions
  • Obtaining authority to manage accounts and pay bills when the client cannot
  • Determining who inherits what and how much

• The wrong people holding the spoon. When documents are not updated, individuals who are no longer part of the client’s life may end up with decision-making power and even a share of the estate.
• Some loved ones left without a taste. New family members may be unintentionally excluded, and outdated distribution provisions may no longer reflect the client’s intent, leaving spouses or afterborn children with too little or nothing at all.

Avoiding Melt and Freezer Burn with Regular Plan Reviews

While most ice cream inevitably melts under time and pressure, scientists have invented a nonmelting version using stabilizers and a little ingenuity.¹ 

Regular reviews (every three to five years, or after major life events) are the “stabilizers” that keep a plan from turning into a sticky puddle or a block of freezer-burned regret.

No plan stays fresh forever. However, with your guidance, regular updates, and a spoonful of help from our team, your clients’ estate plans can retain their shape, flavor, and intent. 

This National Ice Cream Month, encourage your clients to treat their estate plans like their favorite dessert: something worth preserving, enjoying, and keeping unspoiled for the people who matter most.

1. Emilia Morano-Williams, The Science Behind the Non-Melting Ice Cream Phenomena, Mold (Aug. 30, 2017), https://thisismold.com/uncategorized/the-science-behind-the-non-melting-ice-cream-phenomena. ↩︎

Most clients start with a “vanilla” estate plan to cover the essentials. They can then add “toppings” such as inheritance timing and conditions or charitable components that turn a basic plan into one that is made to order for them. 

However, before opening up the whole menu of estate plan toppings, advisors may first want to present a few flavor options.

Start with a standard scoop or two, such as a will or revocable living trust, before piling on the toppings. Drizzle on a trust provision, sprinkle specific instructions in their will, and your client will be well on their way to a signature dessert. 

What Advisors Can Learn from the Trends

We all scream for . . . hot fudge? 

Maybe not all of us, but that is America’s favorite ice cream topping, preferred by 35 percent of people, according to the International Dairy Foods Association.¹ Rounding out the top three are whipped cream and caramel sauce.²

There is also a growing appetite for artisanal toppings (think small-batch chocolates or house-made sauces), driven by a demand for premium ice cream and more indulgent, elevated dessert experiences.³ This trend reflects a broader consumer shift toward personalization and control. Diners are increasingly looking for tailored, curated experiences in their main dishes and their dessert bowls. 

Companies such as Baskin-Robbins have leaned into playful personality mapping, linking flavors to traits: vanilla with idealism and impulsiveness, chocolate with charm and drama, and strawberry with tolerance and introversion.⁴

Smucker’s did the same with toppings: hot fudge fans are confident and optimistic, nut lovers are traditionalists, and those who favor sprinkles are bold and vivacious.⁵

Lighthearted and unscientific as these comparisons are, they offer a fun entry point for talking with clients about estate planning. Drawing parallels between personality and planning preferences—between topping choices and estate plan provisions—can spark meaningful conversations. Even simple decisions such as how to top a sundae reflect a growing desire for agency and self-expression.

Today’s consumer is paradoxical. They are informed and empowered yet often overwhelmed. They want control, but they also crave curation and guidance. 

Modern estate plans are almost infinitely customizable. But with so many tools and provisions to choose from, clients can feel like someone staring at a giant sundae bar, unsure how to build the right combination. 

This is where advisors come in. With the right framing, you can help clients sort through the many estate planning extras available to them—timing, structure, charitable giving, and more—to create a plan that is as customized, satisfying, and unique as their favorite sundae.

Timing Inheritances: Adding Toppings at the Right Time

The temperature of hot fudge or caramel needs to suit the type of ice cream to create the perfect treat. Too hot on delicate soft serve, and the ice cream melts too fast; too cold on dense gelato, and it will not spread well. Timing matters.

In estate planning, the type of ice cream is analogous to the type of beneficiary, which is based on the beneficiary’s age, maturity, and readiness to handle an inheritance. Advisors help clients tailor the timing of inheritance distributions so they occur when beneficiaries can best handle them, like adding toppings at just the right time and temperature.

• Immediately. For mature beneficiaries ready to manage wealth, a warm drizzle of hot fudge can satisfy their sweet tooth right away. 
• At certain ages. For younger loved ones, staggered distributions at, say, ages 25, 30, and 35 are like waiting for warm toppings to cool off enough to flow smoothly and steadily.
• After milestones. Distributions tied to key life events such as graduating from college or buying a home are like the ice cream sundae you might promise a child as a reward for specific accomplishments.

How Beneficiaries Inherit: Serve It Their Way

The best pairings take into consideration not only the type of ice cream (i.e., the beneficiary), but also the container (i.e., the trust structure). Americans tend to prefer bowls or waffle cones; only 1 in 10 says eating it straight out of the carton is their favorite consumption method.⁶ Others prefer a sugar cone, waffle bowl, or cake cone, which could be compared to how beneficiaries have their inheritances served up.⁷

• Right to use property owned by a trust. Families often share dessert. And they can also share property. Like a banana split meant for two (or more), certain assets can be held in trust and shared among beneficiaries. This approach allows multiple people to enjoy the benefit of a valuable asset such as a family home or vacation property without requiring an outright distribution, preserving the treat while still letting everyone have a taste.
• Having their expenses paid by a trust. Parents might promise their kids ice cream, but that does not mean that they can order all of the toppings and fixings they want. A trust can be designed to cover key expenses such as education, healthcare, or living costs rather than anything the beneficiary desires. It is a way to sweeten the deal and treat beneficiaries within limits.

Charitable Giving: Sweet Ways to Give Back 

Some find that the sweetest part of their estate plan is what they give away. Charitable giving can be the cherry on top of an estate plan that ties it all together. 

• Outright gift. An outright bequest to a charity is simple, direct, and impactful, like adding whipped cream to deliver an immediate burst of sweetness right off the top.
• Creating an endowment. Comparable to a sundae with layered toppings, an endowment provides perpetual funding or “lasting flavor” over a longer period. 
• Creating a foundation. A foundation is the signature topping bar of charitable giving, letting you mix and match gifts to support any cause or occasion. Stick with the classic favorites or get creative with more specialized offerings. 

Host an Ice Cream Social with Your Clients This Summer 

An estate plan helps clients feel empowered and in control. However, too many “toppings” can turn choice into confusion. 

Advisors can step in and turn a fun conversation about ice cream into a meaningful one about their client’s legacy. Set up a time to talk about financial and estate planning with your client over a scoop this summer. Nobody says no to free ice cream, especially when good advice is sprinkled in. 

Feel free to come up with your own ice cream metaphors—and to get in touch with us to discuss ways to help clients leave a well-deserved treat for their loved ones or the charitable causes they care deeply about.

1. Ice Cream & Frozen Novelty Trends Survey – May 2024, Int’l Dairy Foods Ass’n (May 21, 2024), https://www.idfa.org/resources/ice-cream-frozen-novelty-trends-survey-may-2024. ↩︎
2. Id. ↩︎
3. Jim McCormick, Top Ice Cream Trends: Trends and Statistics Shaping 2025, Toast https://pos.toasttab.com/blog/on-the-line/ice-cream-trends (last visited June 23, 2025). ↩︎
4. Baskin-Robbins Reveals What Your Favorite Ice Cream Flavor Says About You, Baskin-Robbins (July 16, 2013), https://news.baskinrobbins.com/news/baskin-robbins-reveals-what-your-favorite-ice-cream-flavor-says-about-you. ↩︎
5. Chris, Your Favorite Ice Cream Topping Reveals Your Personality, 95.9 The Hawk (May 29, 2023), https://959thehawk.com/2023/05/29/your-favorite-ice-cream-topping-reveals-your-personality. ↩︎
6. Ice Cream & Frozen Novelty Trends Survey – May 2024, Int’l Dairy Foods Ass’n (May 21, 2024), https://www.idfa.org/resources/ice-cream-frozen-novelty-trends-survey-may-2024. ↩︎
7. Id. ↩︎

Americans love ice cream. Estate planning? Not so much. 

The average American eats roughly 19 pounds of ice cream per year,¹ and around 90 percent of households regularly keep ice cream in the freezer.² To celebrate our favorite frozen treat, President Ronald Reagan proclaimed July to be National Ice Cream Month in 1984 following a joint resolution that took less than two months to breeze through Congress.³ 

If only all decisions were so quick and easy. With countless combinations of brands, flavors, and toppings to choose from—not to mention bar, cone, or tub; dairy or nondairy; at home or at an ice cream shop—choosing ice cream can be hard.

The so-called “ice cream dilemma” has become a metaphor for the difficulty of decision-making when many options exist.⁴ This dilemma could help explain why approximately only one in three American adults has an estate plan⁵: They do not know where to start and are overwhelmed by the available choices. 

Advisors encouraging their clients to create an estate plan may want to start small, with relatively easy decisions such as how to transfer money and property outside of probate. Unlike the selection of 31 flavors at Baskin-Robbins, nonprobate transfers come in three basic flavors of passing assets to beneficiaries without going through the formal probate process. 

Joint Ownership: A Double Scoop

Assets held jointly with rights of survivorship automatically pass to the surviving owner upon death, bypassing probate. 

Joint ownership is like a double scoop on a single cone—great when things are stable and hold up, but if one scoop melts or starts to slip, the whole thing can topple. It can be sweet when both owners are aligned but risky when life gets messy and you are the one stuck holding the cone. 

Pros:

• Simple setup. Creating joint ownership typically requires updating a deed or account ownership form at the relevant financial institution. It involves minimal cost and minimal paperwork.
• Incapacity flexibility. If one owner becomes incapacitated (unable to manage their affairs), the other retains full control of the asset without court intervention (such as a guardianship or conservatorship). This arrangement can be useful for aging couples or an adult child and parent.
• Automatic transfer. Upon the death of one owner, the surviving owner automatically and immediately inherits the asset without delay or probate proceedings.

Cons:

• Shared control and consent. All owners must agree about decisions regarding the asset, such as selling real estate or, in some cases, liquidating and closing the joint bank account. This requirement can complicate things if there is disagreement or if one owner is incapacitated and has not granted someone the authority to act on their behalf in a financial power of attorney.
• Mutual liabilities. The jointly owned asset is exposed to the financial risks of each owner, which could include creditors, lawsuit judgments, or divorce proceedings. (There is an exception for a special form of joint ownership exclusively for married couples, called tenancy by the entirety, which provides unique legal protections and differs from other types of joint ownership.) Shared vulnerability puts the entire asset at risk. 
• Tax implications. Adding a joint owner may be treated as a lifetime gift for gift and estate tax purposes. Depending on the value of the shared asset, adding a joint owner could trigger gift tax consequences (if the asset’s value exceeds $19,000 in 2025) and require a tax filing. This approach may also forfeit a basis adjustment at death, resulting in potentially higher capital gains tax if the asset is later sold by the joint owner and had increased in value since it was originally acquired. 

Designations: Estate Planning Sprinkles

Naming a beneficiary or using a transfer-on-death (TOD) or payable-on-death (POD) designation is a straightforward way to transfer assets. These designations are widely available for brokerage accounts, bank accounts, insurance policies, and even real estate in some jurisdictions. Think of them as the sprinkles on an estate plan: They are easy to add but can be the first part to fall off and get scattered if you are not paying attention. 

Pros:

• Easy execution. Most institutions allow account holders to add or update beneficiary designations by filling out a paper form. Some even allow online updates. No probate, no attorneys, and no costs. 
• Swift access after death. After the account holder’s passing, beneficiaries generally need to present only a death certificate to the financial institution or insurance company to claim the asset, avoiding court delay.

Cons:

• No help during incapacity. These designations take effect only when the owner dies. They are of no help to the account owner when they are alive but incapacitated. Additional tools, such as a financial power of attorney, are needed to address this gap.
• Unprotected inheritance. The named beneficiary will receive the asset outright, making it vulnerable to the beneficiary’s creditors, divorcing spouse, or poor spending habits if not protected by other estate planning tools. 
• One-size-fits-all. Beneficiary designations offer no built-in flexibility or control over when or how the inheritance is given to beneficiaries. There are no mechanisms to set conditions, stagger distributions, or protect the inheritance from potential mismanagement. Control provisions offered by other estate planning tools allow the client to thoughtfully leave an inheritance to minor children, beneficiaries with special needs, or adult beneficiaries who have trouble managing their finances.

Trusts: A Custom Sundae

Trusts are the custom-made sundae of estate planning. They can be layered, made to order, and individually crafted to detailed specifications. 

Pros:

• Probate-free privacy. Any assets properly titled in the trust’s name or made payable to the trust at the owner’s death bypass probate and remain private.
• Incapacity planning. A trust can be set up so that a successor trustee can immediately step in to manage trust assets for the client and on the client’s behalf without court involvement if they become incapacitated.
• Customized inheritance. Forget 31 flavors. Trusts are far more customizable than that. They can contain any number of specific instructions about distributions, such as those for education, healthcare, or reaching certain milestones. Trusts can also provide for long-term management of assets for future generations or beneficiaries with special needs. 

Cons:

• Requires asset retitling. For a trust to work properly, the client must retitle their assets in the name of the trust or designate the trust as beneficiary of each applicable trust asset. An attorney can help with this process. 
• Administrative costs. Trust provisions may require ongoing administration fees, so clients can expect to pay more when they go off menu and customize their estate plan order with a trust. 

Trusts are best for clients with complex estates, young or special-needs beneficiaries, or a desire for control over asset distribution. They are perfect for prioritizing privacy, incapacity planning, and protecting inheritances from the beneficiaries’ creditors or divorcing spouses.

Scoop Up the Opportunity

This July, use the fun of National Ice Cream Month to start client estate planning conversations about which “flavor” of nonprobate transfers may best suit them, their assets, and their priorities. You might even incorporate a bit of “ice cream psychology”⁶ to get a feel for what their eating style says about their personality and how this can influence planning decisions. 

Let’s make clients’ financial futures as sweet as their favorite dessert. Get in touch for assistance with trust setup and other estate plan strategies.

1. July Is National Ice Cream Month, Int’l Dairy Foods Ass’n, https://www.idfa.org/july-is-national-ice-cream-month (last visited June 23, 2025). ↩︎
2. Linda Rodriguez McRobbie, How Ice Cream Made America, Saturday Evening Post (June 19, 2024 https://www.saturdayeveningpost.com/2024/06/how-ice-cream-made-america. ↩︎
3. Proclamation 5219—National Ice Cream Month and National Ice Cream Day, 1984, The Am. Presidency Project (July 9, 1984), https://www.presidency.ucsb.edu/documents/proclamation-5219-national-ice-cream-month-and-national-ice-cream-day-1984. ↩︎
4. Steven Rudolph, Solving the Ice Cream Dilemma (2011). ↩︎
5. Rachel Lustbader, 2023 Wills and Estate Planning Study, Caring (Apr. 21, 2025), https://www.caring.com/resources/2023-wills-survey. ↩︎
6. Jonathan Chadwick, Bite, Lick or Nibble? What Your Ice Cream Style Says About Your Personality, Daily Mail (May 12, 2025), https://www.dailymail.co.uk/sciencetech/article-14702571/Bite-lick-nibble-ice-cream-style-says-personality.html. ↩︎

You have clients who are well on their way to a comfortable retirement, with plenty of savings to last them through their lifetime and enough remaining to leave behind a lasting legacy. Then there are those clients who do not have enough saved—or worry that they may be one major expense away from financial hardship in their retirement. 

Assets earmarked for use during retirement can sometimes be vulnerable to lawsuits, medical bills, and other creditor claims that can drain decades of careful savings in a heartbeat. Rising inflation, skyrocketing healthcare costs, and longer lifespans also mean that even disciplined savers may find that their money does not stretch as far as they had planned. 

Many Americans have little or no retirement savings and are worried about whether they can ever afford to stop working, let alone provide for others after they pass. Advisors can help ease retirement fears by viewing savings, asset protection, and legacy gifting as part of a holistic financial planning strategy. 

How Much Is Needed for Retirement? 

According to a 2025 Northwestern Mutual study, Americans believe they will need $1.26 million to retire comfortably. ¹That same study exposes a stark reality, though; this “magic number” is far beyond what many have actually saved for retirement.² More than half of Americans say that outliving their life savings is a real possibility, and the vast majority are living with financial anxiety.³ 

An analysis of eight surveys on how Americans feel about their retirement prospects reveals that their anxiety ranges from a low of 32 percent to a high of 71 percent.⁴

These fears are well founded. A 2024 AARP report found that 20 percent of adults aged 50 and older have no retirement savings,⁵ while an Allianz Life 2024 survey found that fewer than half of Americans have a financial plan in place for their retirement.⁶ 

How much someone needs for retirement depends on their lifestyle, location, life expectancy, and the age at which they want to retire. The commonly used 80 percent rule suggests replacing 80 percent of preretirement income annually. Fidelity’s guideline is to save at least 1 times the person’s income by age 30, 3 times by age 40, 6 times by age 50, 8 times by age 60, and 10 times by age 67 (the Social Security Administration’s full retirement age for those born in or after 1960).⁷

Risks to Retirement Savings and How to Protect Retirement Assets

It is one thing to have enough savings to maintain a high standard of living during post-working years. It is another to preserve—or even build—wealth during those years, ensuring that there is enough left to support your legacy goals, such as providing for children or making charitable gifts. However, if your clients have high exposure to professional liability (doctors, lawyers, business owners, etc.), they may be concerned that everything they have worked for might be taken away.

Advisors can help address clients’ concerns by discussing retirement asset protection strategies. Some protections are automatic. For instance:

• 401(k)s and other ERISA (Employee Retirement Income Security Act)-qualified plans, such as 403(b)s and defined benefit pensions, are fully protected from creditors in bankruptcy under federal law. Outside of bankruptcy, these plans are generally shielded from creditors as well, although exceptions (such as Internal Revenue Service tax levies, qualified domestic relations orders (QDROs), or criminal penalties) may permit access. After funds have been distributed, they lose ERISA protection unless they are rolled over into another qualified account, such as an individual retirement account (IRA).
• Many states also offer automatic creditor protection for IRAs and other retirement accounts, but the protected amount and the strength of these protections vary widely by state.
• While federal bankruptcy law does not protect inherited IRAs, some states do provide creditor protection for inherited retirement accounts, either through state exemption statutes or bankruptcy-specific rules.

Protecting Retirement Savings Now and Beneficiary Inheritance Later

For clients who are thinking beyond their own retirement and who have clear legacy goals in mind, it is important to consider how to protect retirement assets after they pass to beneficiaries. A well-crafted financial plan should incorporate asset protection strategies for inherited retirement accounts, helping to reduce possible financial risk and stress that beneficiaries may face. 

Inherited retirement account protections are significantly weaker than protections for the original account holder, especially after the SECURE Act, which largely eliminated the “stretch IRA” for most nonspouse beneficiaries and mandated withdrawal within five or 10 years, was passed. The Supreme Court case Clark v. Rameker further clarified that inherited IRAs do not receive the same federal bankruptcy protection because they are not considered “retirement funds” in the hands of the beneficiary. Here are some points to remember when discussing inherited IRA creditor risk and protection with clients:

• 401(k) plans and other ERISA-qualified plans are fully protected from creditors under federal law, but this protection generally ends when the account is inherited, unless the spouse rolls it into their own account (i.e.,elects to make a spousal rollover). 
• States such as Florida offer strong protection for inherited IRAs while others, such as California, do not. It is important to understand what state law applies and the level of asset protection it provides for inherited IRAs.
• Naming a trust (specifically one designed as a see-through trust) as the beneficiary of a retirement account can increase protections afforded to inherited accounts from the beneficiary’s creditors, divorce settlements, or mismanagement. A see-through trust allows compliance with SECURE Act withdrawal rules while controlling distributions. 
• Regularly updating beneficiary designation forms for retirement accounts ensures that assets are transferred to the intended recipients, bypassing probate and aligning with estate plans, while also protecting the assets from unintended creditors or legal disputes arising from outdated or ambiguous designations.

With more Americans than ever before reaching retirement age and retirement fears running high across working demographics, clients may be more open to discussions about achieving long-term financial security, for both themselves and their beneficiaries. If you would like us to be part of the conversation about actionable estate planning strategies and how they fit into the bigger financial picture, schedule a time to talk. 

1. Americans Believe They Will Need $1.26 Million to Retire Comfortably According to Northwest Mutual 2025 Planning & Progress Study, Northwestern Mut. (Apr. 15, 2025), https://news.northwesternmutual.com/2025-04-14-Americans-Believe-They-Will-Need-1-26-Million-to-Retire-Comfortably-According-to-Northwestern-Mutual-2025-Planning-Progress-Study. ↩︎
2. Id. ↩︎
3. Id. ↩︎
4. Teresa Ghilarducci, Karthik Manickam, How Americans Feel About Their Retirement Prospects: Surveying the Surveys (Jul. 3, 2025), https://www.economicpolicyresearch.org/resource-library/how-americans-feel-about-their-retirement-prospects-surveying-the-surveys. ↩︎
5. New AARP Survey: 1 in 5 Americans Ages 50+ Have No Retirement Savings and Over Half Worry They Will Not Have Enough to Last in Retirement, AARP (Apr. 24, 2024), https://press.aarp.org/2024-4-24-New-AARP-Survey-1-in-5-Americans-Ages-50-Have-No-Retirement-Savings. ↩︎
6. Americans Lack Plans for Retirement Income, Allianz (Oct. 29, 2024), https://www.allianzlife.com/about/newsroom/2024-Press-Releases/Americans-Lack-Plans-for-Retirement-Income. ↩︎
7. How much do I need to retire?, Fidelity (Feb. 14, 2025), https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire. ↩︎

Clients today have more ways than ever to generate wealth. Technology, entrepreneurship, global investing, and digital platforms have created new pathways to financial success that did not even exist a generation ago. The landscape of opportunity has never been broader—or more accessible.

At the same time, the threats to wealth have multiplied. Litigation, economic volatility, cyberattacks, regulatory scrutiny, and a hyperconnected, hyperexposed world where personal missteps and situations can unravel decades of wealth accumulation almost overnight are just some of the risks clients face.

To secure the wealth that clients are working so hard to build, advisors can turn to asset protection solutions such as the domestic asset protection trust (DAPT), a type of irrevocable trust designed to strategically shield wealth within US borders. Used correctly, DAPTs can be one of the strongest lines of defense in a client’s financial and estate plans. However, to be effective and withstand legal scrutiny, DAPTs must be carefully structured with precise attention to detail and timing. 

Origins of the DAPT

DAPTs emerged in the late 1990s as a US-based alternative to offshore trusts traditionally used in jurisdictions such as the Cook Islands to shield assets from creditors. 

States wanted to provide a competitive domestic option for individuals seeking to safeguard their assets from potential creditors. DAPTs gained traction as professional malpractice suits, business disputes, and divorce-driven asset claims surged, providing a more accessible and domestically recognized asset protection strategy. 

Alaska pioneered the first DAPT statute in 1997,¹ followed by Nevada, Delaware, and South Dakota. Today, DAPTs are offered in more than 20 states.² However, state laws regarding DAPTs do not offer equally strong protection. 

How DAPTs Work 

A DAPT is created by transferring assets into a trust governed by a DAPT-friendly state’s laws. The grantor (i.e., creator of the trust) names a trustee, typically somebody who lives in the state where the DAPT is set up, to manage the assets. The trust is structured to shield those assets from future creditors. Depending on the trust’s terms and applicable state law, the grantor can still benefit from the trust by receiving income or discretionary distributions. 

Core principles adopted by US DAPT statutes include the following:

• Irrevocability. DAPTs are irrevocable; the grantor cannot unilaterally change or terminate the trust once it has been established. 
• Discretionary distributions. DAPTs grant the trustee broad discretion over distributions to beneficiaries, including the grantor in some circumstances. 
• Spendthrift provisions. DAPTs incorporate spendthrift clauses that legally restrict beneficiaries from assigning or alienating their interest in the trust to other parties, including their creditors.
• Statutory protection. Specific state laws provide a statutory framework for protecting trust assets from the grantor’s future creditors after a certain period (the statute of limitations).

Examples

• Dr. Smith, a California surgeon, faces high malpractice lawsuit risks. He establishes a DAPT in his home state of Nevada, transferring $2 million in investments and real estate to the trust. A Nevada trustee manages the assets, and Dr. Smith is a discretionary beneficiary. Years later, a malpractice lawsuit results in a $1.5 million judgment against him. Because the DAPT was properly established before the claim arose, the trust assets are protected, and the creditor cannot access them to satisfy the judgment.
• Prior to launching her tech startup and long before her marriage, Emma transfers some of her savings and a software patent into a South Dakota DAPT. Years later, during a contentious divorce, her ex-spouse attempts to claim a share of those assets. Since they are legally owned by the DAPT and Emma no longer personally “owns” them, the trust shields the assets from division. 

Warnings, Caveats, and State Nuances: When a DAPT Might Not Work

While DAPTs offer strong asset protection, they are not foolproof. They can falter for reasons such as the following: 

• Timing. Assets must be transferred to the DAPT before a creditor’s claim arises. Transfers made after a lawsuit or debt is known may be deemed fraudulent and reversed by a court. 
• State law variations. Not all states recognize DAPTs, and non-DAPT states may challenge their validity in court, especially if the client resides outside the trust’s state. 
• Federal claims. DAPTs may not protect against federal claims, such as Internal Revenue Service (IRS) tax liens or bankruptcy proceedings. 
• Setup and compliance. A poorly structured DAPT, or a DAPT’s noncompliance with state law, can leave assets vulnerable. DAPTs require strict adherence to state-specific rules, such as appointing an independent trustee and avoiding impermissible control by the grantor. 
• Evolving case law. The legal landscape surrounding DAPTs is still developing as courts continue to interpret their scope and limitations. A lack of extensive precedent, especially around matters involving DAPT and non-DAPT states, can create uncertainty. 

Examples

• Mr. Jones, a real estate developer, created a Delaware-based DAPT to protect $3 million in assets. However, he transferred the assets after a lender had already initiated foreclosure proceedings on a defaulted loan. The court ruled that the transfer was a fraudulent conveyance because it was intended to hinder the lender’s claim. The DAPT protections were voided, and the trust assets were seized.
• Ms. Smith, a high-net-worth individual residing in Florida, established a DAPT governed by the DAPT laws in Delaware to shield her assets, including a multimillion-dollar real estate and investment portfolio. After a car accident, the injured party sued her for damages. The Florida court, not recognizing Delaware’s DAPT protections, determined that the assets in Ms. Smith’s trust could be used to pay the debt.

Additional Considerations and Complementary Strategies

DAPTs are tailored for clients with significant assets and high liability exposure. They may be a good fit for high-net-worth individuals; high-profile persons (e.g., influencers, executives, or public figures); business owners; professionals such as doctors, lawyers, and accountants in fields with a high rate of malpractice claims; real estate developers and investors; and clients worried about divorce or any other future unknown liabilities. DAPTs can also help avoid probate and may, in limited cases, contribute to estate tax planning—particularly when designed to remove assets from the grantor’s taxable estate.  

However, DAPTs are not a one-size-fits-all solution, and they can come with significant costs. Plan on potentially thousands of dollars for initial legal and setup fees, plus annual trustee, accounting, attorney, and administration fees. 

Clients who appear to be a good fit for a DAPT should be advised that protection is not guaranteed and the DAPT is subject to legal challenges. They need to be transparent about what they own and the potential liabilities they face when establishing a DAPT. They must also relinquish direct control over trust assets, which can be a drawback for some clients. 

A DAPT is often most powerful when integrated within a broader asset protection framework that might also include strategic titling of assets; utilizing state-specific exemptions for certain types of assets (e.g., retirement accounts or homesteads); optimizing insurance coverages; and business entity structuring. 

To explore how a DAPT, in conjunction with these and other wealth protection strategies, can be strategically integrated into a client’s financial and estate plans, connect with us.

1. Alexander A. Bove, Jr, ed., Domestic Asset Protection Trusts: A Practice and Resource Manual, ABA, https://www.americanbar.org/products/inv/book/415567501. ↩︎
2. Brandon Roe, What’s the Best State for a Domestic Asset Protection Trust?, Nestmann (Apr. 28, 2025), https://www.nestmann.com/domestic-asset-protection-trust-states. ↩︎

Insurance Is the First Line of Defense

The United States insurance market, worth an estimated $1.7 trillion,underwrites risks that could otherwise devastate individuals, homes, and businesses.¹ Yet clients sometimes view insurance only as a cost instead of an investment that protects their wealth and legacy. 

Recent shifts in the insurance market have led to many clients paying more and getting less from their policies, providing advisors with opportunities to reframe the insurance discussion and explore reviewing or supplementing coverages. 

Homeowner’s Insurance: The Fortress of Financial Freedom

According to a recent report from Policygenius, homeowner insurance premiums increased by more than 20 percent between May 2022 and May 2023 due to escalating claim costs from severe weather events.² Some insurers are also opting either to not renew policies in high-risk areas or to significantly increase deductibles.³ Although these statistics may sound discouraging to many homeowners, it is still important that they maintain appropriate coverage. According to the Insurance Information Institute, each year, approximately one in 425 insured homes has a property claim related to fire and lightning and one in 700 for property damage due to theft.⁴ Although this percentage may seem small, we never know when we could be a claimant. Having insurance is one way to be prepared.

• Who needs it: All homeowners, from first-time buyers to investment property owners and those with mortgages requiring coverage, need homeowner’s insurance.
• How it protects: Depending on the policy terms, it covers repairs or rebuilding after fires, storms, or theft, plus liability for on-property injuries. 
• Estate planning tie-in: A home is often a client’s largest asset. Homeowner’s insurance preserves its value, but clients may be tempted to reduce coverage as premiums rise. However, coverage should align with current replacement costs in light of increasing climate risks and property values.
• Sales opportunity: Clients may be shopping for deals. However, they should also understand the long-term implications of homeowner’s insurance for their estate and heirs. With higher tort lawsuit awards and rebuilding costs, robust policies are critical. Discuss scenarios where a property is damaged before transfer and how insurance proceeds can facilitate repairs or provide funds to beneficiaries. Such scenarios also tie into discussions about who will manage and maintain the property after the client passes away and before a new owner takes possession, as well as the importance of continued coverage.

Renter’s Insurance: Underutilized Asset Armor

Renting is increasingly more affordable than buying a home. Nationally, the average mortgage payment costs 38 percent more per month than the average rent.⁵ Many people, including a growing share of wealthy Americans, are choosing to rent rather than buy in the current market. ⁶Another perk of renting is that renter’s insurance is highly affordable, costing around $15 to $25 monthly. However, only approximately 37 percent of renters have it.⁷ 

• Who needs it: Renters of apartments, condos, or houses, especially millennials or Gen Zers building wealth, need renter’s insurance.
• How it protects: Renter’s insurance replaces personal property such as electronics or furniture after theft or fire and covers liability for injuries on the rented premises. It also funds temporary housing if the space becomes uninhabitable.
• Estate planning tie-in: For clients who rent, their personal property, from heirlooms to technology, can be a major component of their net wealth. Emphasize that, even without home ownership, their possessions have value (both financial and sentimental) and are susceptible to loss. 
• Sales opportunity: Younger individuals are more likely to rent than older individuals. Consider targeting young clients who may not have significant liquid assets. Renters may be unaware that their landlord’s policy does not cover them. The average claim for loss due to theft and burglary is approximately $3,000⁸—about 20 times higher than the average annual premium.⁹ Some landlords may require insurance even if state or local laws do not. You can also add value for your clients by informing them that, if they run an at-home business, standard renter’s insurance policies may have limitations or exclusions regarding business-related activities, which may necessitate a separate business insurance policy.

Car Insurance: High-Octane Wealth Defender

Car insurance is nonnegotiable, but these days, clients may wish that the costs were. Premiums jumped 7.5 percent in 2025, in addition to a 16.5 percent increase in 2024.¹⁰ Higher rates mean that more drivers are choosing to drive uninsured, leading to higher risks and premiums for everyone.¹¹ 

• Who needs it: Vehicle owners or lessees need car insurance.
• How it protects: Car insurance covers repairs, medical bills, and legal fees from accidents, plus nonaccident damage, such as from vandalism or flooding. 
• Estate planning tie-in: Whether gifted or sold, vehicles can be valuable estate assets. Some are worth even more than real estate. Adequate car insurance protects the estate from liability claims arising from accidents that occur before settlement. Describe the potential for lawsuits to deplete estate assets intended for beneficiaries and discuss how uninsured or underinsured motorist coverage could provide a financial lifeline to the estate or surviving family members in the event of a fatal accident caused by an uninsured or underinsured driver. Recommend that personal representatives, executors, and successor trustees confirm coverage after the decedent’s death, and discuss how to maintain protection during estate administration.
• Sales opportunity: Forty-two percent of auto insurance customers are shopping for better rates. ¹²Pitch usage-based policies for low-mileage or safe drivers, bundled policies, or specialized coverage for electric or classic cars. 

Umbrella Policy: The Million-Dollar Safety Net

An umbrella policy can offer added protection of around $1 million for about $200 annually.¹³ In an increasingly litigious society, the risk of facing a substantial lawsuit should not be underestimated. Verdicts in personal injury lawsuits can easily exceed standard homeowner’s or auto insurance limits. An umbrella policy is a low-cost hedge against a potentially large liability claim. 

• Who needs it: An umbrella policy can protect clients with significant assets or multiple properties, landlords of rental properties, or people with high-risk lifestyles (e.g., pet owners or event hosts), as well as professionals, such as doctors, who face litigation risks.
• How it protects: An umbrella policy extends liability coverage beyond standard policies, covering lawsuits from accidents, defamation, or property damage, up to one, five, or even 10 million dollars. 
• Estate planning tie-in: An umbrella policy protects the value of an estate by covering unforeseen legal liabilities. Shielding assets from large liability claims can ensure that more of the wealth accumulated over a lifetime is preserved for future generations.
• Sales opportunity: With rising liability risks, suggest umbrella policies to affluent clients, landlords, and individuals in high-liability-risk professions. Research suggests that high-net-worth clients may be lawsuit targets, or at least they perceive themselves that way in an uncertain economy, but they often lack the proper types and amounts of liability insurance.¹⁴ 

Business Insurance: The Empire-Building Enforcer

Small businesses are the backbone of the US economy, but many are not covering their backs with the right types and amounts of insurance coverage. Research shows that 75 percent of small businesses are underinsured,¹⁵ leaving them vulnerable to losses resulting from property damage, lawsuits, and cybercrime. Commercial clients also face higher premiums and tougher underwriting across general liability, property, and cyber policies—often with new exclusions and longer claim processing times.

• Who needs it: Business owners, freelancers, and entrepreneurs from startups to corporations need business insurance.
• How it protects: Business insurance covers property damage, lawsuits, employee injuries, and business interruptions. General liability policies handle customer injuries, and professional liability policies shield against negligence claims.
• Estate planning tie-in: A small business owner’s company may be their largest estate asset, destined for succession or sale. Business insurance preserves its value by covering losses that could force liquidation. The right business insurance not only protects the business during the owner’s lifetime but also facilitates its smooth and full-value transition to the next generation.
• Sales opportunity: Explore tailored policies for small businesses or freelancers using relevant statistics (e.g., cyberattacks are rising and frequently target small businesses). Note the wave of retiring small business owners and the need for succession planning, which can involve key person insurance for estate liquidity and buy-sell agreements funded by life insurance. 

Stronger Together: We Can Partner for Client Protection

Insurance can be overlooked until it is needed most. However, more clients may be paying attention to their policies now in a world of rising premiums, denied claims, and evolving risks. 

As they rethink their first line of defense against losses that could force them to dip into savings, sell investments, or liquidate business assets at great cost to themselves and their families, we can help shift the conversation in ways that benefit them and create cross-selling opportunities for us in the multitrillion-dollar insurance industry. Call us to discuss ways we can partner to ensure that our mutual clients are protecting themselves and their legacies for the next generation.

1. Marcus Lu, Visualizing America’s $1.7 Trillion Insurance Industry, Visual Capitalist (Jan. 13, 2025), https://www.visualcapitalist.com/visualizing-americas-1-7-trillion-insurance-industry. ↩︎
2. Pat Howard, Home insurance prices up 21% as homeowners are left to deal with climate change, turbulent market, Policygenius, (Sept. 12, 2023), https://www.policygenius.com/homeowners-insurance/home-insurance-pricing-report-2023. ↩︎
3. Lisa L. Gill, Worried Your Home Insurance Company Might Cancel Your Policy? Dealing With Skyrocketing Premiums? Here’s What to Do Next, Consumer Reps. (Nov. 1, 2024) https://www.consumerreports.org/money/homeowners-insurance/home-insurance-canceled-or-skyrocketing-premium-what-to-do-a2430720664. ↩︎
4. Facts + Statistics: Homeowners and renters insurance, Ins. Info. Inst., https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance. ↩︎
5. Alex Gailey, Study: Renting is increasingly more affordable than buying in most large U.S. metros, Bankrate (Apr. 23, 2025), https://www.bankrate.com/real-estate/rent-vs-buy-affordability-study. ↩︎
6. Lisa Riley Roche, Is renting rather than buying housing becoming more attractive to the wealthy? What a new analysis says, Deseret News (Mar. 11, 2025), https://www.deseret.com/utah/2025/03/11/are-more-wealthy-american-renting-rather-than-buying-a-home-what-a-new-analysis-found. ↩︎
7. Renting Statistics, The Zebra (Nov. 18, 2024), https://www.thezebra.com/resources/research/renting-statistics. ↩︎
8. Jessica Humeck, Renters Insurance Claims, Trusted Choice (Mar. 2, 2020), https://www.trustedchoice.com/renters-insurance/coverage-claims. ↩︎
9. Sarah Schlichter, The Average Renters Insurance Cost, Nerdwallet (Jan. 2, 2024), https://www.nerdwallet.com/article/insurance/how-much-is-renters-insurance. ↩︎
10. 2025 State of Auto Insurance: Rate Increases Are Slowing Down in 2025, PRNewswire (Jan. 7, 2025), https://www.prnewswire.com/news-releases/2025-state-of-auto-insurance-rate-increases-are-slowing-down-in-2025-302344613.html. ↩︎
11. Lonalyn Cueto, Rising number of uninsured drivers increases auto insurance costs, report warns, InsuranceBusiness (Mar. 28, 2025), https://www.insurancebusinessmag.com/us/news/auto-motor/rising-number-of-uninsured-drivers-increases-auto-insurance-costs-report-warns-530170.aspx. ↩︎
12. Scott Horsley, Soaring insurance rates send more people shopping for deals, NPR (June 15, 2024), https://www.npr.org/2024/06/11/nx-s1-4987948/insurance-rates-quotes-shopping. ↩︎
13. Sarah Schlichter, What Is Umbrella Insurance, and How Does It Work?, Nerdwallet (Jan. 2, 2025), https://www.nerdwallet.com/article/insurance/umbrella-insurance. ↩︎
14. Wealthy Americans Fear Lawsuits But Lack Sufficient Coverage, Ins. J. (Mar. 19, 2012), https://www.insurancejournal.com/magazines/mag-features/2012/03/19/239788.htm. ↩︎
15. 75% of Small Businesses Are Underinsured, Says Hiscox Survey, Ins. J. (Oct. 11, 2023), https://www.insurancejournal.com/news/national/2023/10/11/743586.htm. ↩︎

No matter the time of year, taxes are always a hot topic. While we usually think about taxes in terms of how they affect us today, it can be equally important to understand the history of tax laws that impact estate planning.

The Estate and Gift Tax  

Taxation of property transfers at death dates as far back as 700 BCE in ancient Egypt. It was also used in Rome and feudal Europe. 

The United States estate tax was introduced in 1916.¹ It was advocated by progressive reformers during a time of great wealth concentration and inequality (think Gilded Age figures like Carnegie and Rockerfeller).² An initial exemption, or exclusion amount, of $50,000 was allowed.³ 

In the decades since the estate tax’s inception, Congress has made important additions and revisions to its structure that reflect wider cultural debates about wealth distribution, economic stimulus, and government revenue. 

The first of these was a tax on so-called inter vivos, or lifetime, gifts, which became part of the transfer tax system in 1932 to prevent wealthy taxpayers from circumventing the estate tax by gifting assets during their lifetime.⁴ The marital deduction, introduced in 1948, allows tax-free transfers to qualifying surviving spouses.⁵ And in 1976, the Tax Reform Act created a unified estate and gift tax exemption.⁶ 

Over the years, the estate tax exclusion has increased from $50,000 in 1916 to $2 million in 2006⁷ to $5.49 million in 2017—the year before the Tax Cuts and Jobs Act (TCJA) went into effect.⁸ The annual gift tax exclusion has increased as well, from $3,000 per individual in 1976 to $12,000 in 2006⁹ to $14,000 in 2017.¹⁰ 

Today, thanks to the TCJA, the estate and gift tax unified exemption is at an all-time high. The lifetime exclusion is currently $13.99 million for individuals and $27.98 million for married couples,¹¹ while the annual gift tax exclusion is $19,000 per person and $38,000 for married couples.¹² Taxes on generation-skipping transfers match the estate tax exemption. 

However, these allowances are set to revert to much lower pre-TCJA levels in 2026 unless Congress acts to extend or modify them. 

The Income Tax 

Estate and gift taxes affect individual estate planning, but their contribution to the overall federal budget is relatively small, typically accounting for approximately 1 percent of total federal revenue.¹³ In 2023, it was estimated that only around 0.14 percent of estates were taxable.¹⁴

Federal income tax is a different story. Although not as inevitable as the famous Benjamin Franklin “death and taxes” quote would have us believe—tens of millions of Americans owe little or no federal income tax each year¹⁵—income taxes account for roughly half of all federal revenue and are the largest source of government funding.¹⁶ 

The US did not have a permanent federal income tax until 1913.¹⁷ That was the year the Sixteenth Amendment was passed, giving Congress the authority to levy taxes on corporate and individual income. 

Like the estate tax, the income tax has its roots in war efforts and a Progressive Era push for wealthy individuals to pay the taxes and tariffs.¹⁸ Rates started at 1–7 percent on incomes above $3,000.¹⁹ Top rates soared during World War I and World War II and peaked at 94 percent for top taxpayers in 1944²⁰—the same year Congress created the standard deduction.²¹

Other key changes to the federal income tax over the years include the earned income tax credit in 1975; ²²the 1986 Tax Reform Act that simplified and restructured the tax code and dropped the top rate to 28 percent;²³ the American Taxpayer Relief Act of 2012, which set the top rate at 39.6 percent post-recession;²⁴ and the TCJA of 2017. 

The TCJA temporarily lowered tax rates across seven brackets and permanently dropped the corporate tax rate. It also significantly increased the standard deduction and child tax credit, capped state and local tax deductions, added deductions for pass-through income and business deductions, and as noted, nearly doubled the estate tax exemption.²⁵ 

The Future Impact of Taxes on Estate Plans

A US Chamber of Commerce survey shows that voters favor permanently extending the TCJA by a nearly three-to-one margin.²⁶ President Trump and Republicans in Congress are also pushing for TCJA extensions. 

Historically, major tax bills in a new administration’s first year (e.g., the TCJA in December 2017) take months, often landing in the fall, or lame-duck, session. President Trump did not sign the TCJA into law until three days before Christmas 2017. 

If the past is prologue, Congress—if it acts at all—may put off TCJA extensions, either short-term or long-term, until the last few weeks or even days or hours of the year. 

As we keep our eyes on the latest tax developments from Washington, DC, advisors can work together at the nexus of financial and estate planning to develop contingency plans for clients that account for different scenarios, including the estate tax exemption and individual tax rates remaining at current levels or reverting to pre-TCJA levels. 

To discuss how we can address gaps in our clients’ financial and estate plans, please reach out to us. 

1. Darien B. Jacobson et al., The Estate Tax: Ninety Years and Counting, 27 Stats. of Income Bull., no. 1, Summer 2007, at 118, https://www.irs.gov/pub/irs-soi/ninetyestate.pdf. ↩︎
2. Chuck Collins, Long Live the Estate Tax, U.S.News & World Rep. (Sept. 8, 2016), https://www.usnews.com/opinion/articles/2016-09-08/americas-second-best-idea-the-estate-tax.  ↩︎
3. Jacobson et al., supra note 16, at 120. ↩︎
4. Id. at 122. ↩︎
5. Id. ↩︎
6. Id. ↩︎
7. Federal Estate and Gift Tax Rates, Exemptions, and Exclusions, 1916–2014, Tax Found. (Feb. 4, 2014), https://taxfoundation.org/data/all/federal/federal-estate-and-gift-tax-rates-exemptions-and-exclusions-1916-2014.  ↩︎
8. Estate Tax, IRS (Oct. 29, 2024), https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax.  ↩︎
9. Federal Estate and Gift Tax Rates, Exemptions, and Exclusions, 1916–2014, supra note 22. ↩︎
10. Frequently Asked Questions on Gift Taxes, IRS (Oct. 29, 2024), https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes.  ↩︎
11. IRS Releases Tax Inflation Adjustments for Tax Year 2025, IRS (Oct. 22, 2024), https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025.  ↩︎
12. Id. ↩︎
13. U.S. Dep’t of the Treasury, Bureau of the Fiscal Serv., How Much Revenue Has the U.S. Government Collected This Year?, Fiscal Data, https://fiscaldata.treasury.gov/americas-finance-guide/government-revenue (last visited Apr. 21, 2025). ↩︎
14. How Many People Pay the Estate Tax?, Tax Pol’y Ctr. (Jan. 2024), https://taxpolicycenter.org/briefing-book/how-many-people-pay-estate-tax.  ↩︎
15. Drew Desilver, Who Pays, and Doesn’t Pay, Federal Income Taxes in the U.S.?, Pew Rsch. Ctr. (Apr. 18, 2023), https://www.pewresearch.org/short-reads/2023/04/18/who-pays-and-doesnt-pay-federal-income-taxes-in-the-us. ↩︎
16. U.S. Dep’t of the Treasury, Bureau of the Fiscal Serv., supra note 28. ↩︎
17. Historical Highlights of the IRS, IRS (Sept. 13, 2024), https://www.irs.gov/newsroom/historical-highlights-of-the-irs.  ↩︎
18. Constitutional Amendments — Amendment 16 — “Income Taxes,” Ronald Reagan Presidential Libr. & Museum, https://www.reaganlibrary.gov/constitutional-amendments-amendment-16-income-taxes (last visited Apr. 21, 2025).  ↩︎
19. Historical Highlights of the IRS, supra note 32.  ↩︎
20. Mark Luscombe, Historical Income Tax Rates, Wolters Kluwer (Dec. 30, 2022), https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates.  ↩︎
21. Historical Highlights of the IRS, supra note 32. ↩︎
22. Margot L. Crandall-Hollick, The Earned Income Tax Credit (EITC): Legislative History, Congress.gov (Apr. 28, 2022), https://www.congress.gov/crs-product/R44825.  ↩︎
23. Julia Kagan, Tax Reform Act of 1986: Overview and History, Investopedia (Nov. 3, 2024), https://www.investopedia.com/terms/t/taxreformact1986.asp.  ↩︎
24. Pub. L. 112–240, 126 Stat. 2313 (codified in scattered sections in 26 U.S.C.), https://www.congress.gov/bill/112th-congress/house-bill/8.  ↩︎
25. David Floyd, What Is the Tax Cuts and Jobs Act (TCJA)?, Investopedia (Jan. 31, 2025), https://www.investopedia.com/taxes/trumps-tax-reform-plan-explained.  ↩︎
26. Ashlee Rich Stephenson, American Voters Will Support Lawmakers Who Back Permanent Tax Relief, U.S. Chamber of Com. (Mar. 4, 2025), https://www.uschamber.com/taxes/american-voters-will-support-lawmakers-who-back-permanent-tax-relief.  ↩︎