With few exceptions, almost every client should have life insurance, just as everyone should have an estate plan. But simply having a policy—and a plan—is not enough. Both life insurance policies and estate plans are prone to mistakes or oversights that can undermine their effectiveness. And those mistakes or oversights can be compounded when life […]
Continue reading…The Wealth Counselor
Lessons We Can Learn from Famous Mothers and Their Estate Plans
Gloria Vanderbilt: No Trust Fund Kids for Her A tenet of the American dream is that children grow up to earn more and have a better standard of living than their parents. Traditionally, upward mobility in America is achieved through hard work and the growth of the economy. Intergenerational wealth transfers are also widespread, with […]
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…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 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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