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November 11, 2021

Take Full Advantage of Your Annual Gift Tax Exclusion

Did you know that one of the most effective estate-tax-saving techniques is also one of the simplest and most convenient? By making maximum use of the annual gift tax exclusion, you can pass substantial amounts of assets to the younger generations without any gift tax.

In fact, by giving the maximum gifts in December 2021 and again in January 2022, you can reduce your estate by six figures if you’re being generous to multiple beneficiaries. (more…)

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Categories: Fall 2021, Family Wealth & Individual Tax Planning
Tags: Annual Gift Tax Exclusion, estate planning, Federal gift tax,
July 15, 2021

The Art of Estate Planning

An art collection is a special asset to account for in an estate plan.

It goes without saying that your art collection, including paintings, sculptures, and other pieces of art, can represent a significant portion of your estate. Thus, it’s critical to account for these assets in your estate plan.

While you can apply many traditional estate planning strategies to an art collection, this asset type can present unique challenges. Of course, you’ll want to preserve the value of your collection and avoid unnecessary taxes but knowing how your collection will be managed and displayed after your death may also be of importance. (more…)

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Categories: Family Wealth & Individual Tax Planning, Summer 2021
Tags: Art Collection, estate planning, Gifting Strategy,
May 26, 2021

Estate Planning Pitfall - You Haven’t Provided a Password List to Relatives

If you’re like most people, you’ve probably encouraged your elderly relatives to list of all their assets and contact information, including passwords to online accounts. This will enable you or other family members to access vital information at times when you must act on their behalf. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate planning, Passwords,
May 26, 2021

Family Advancement Sustainability Trust - A Flexible Trust That Can Achieve Many Estate Planning Goals

While, ultimately, you create an estate plan to meet technical objectives, such as minimizing gift and estate taxes and protecting your assets from creditors’ claims, you should also consider “softer,” yet equally critical, goals. Because you’ve spent a lifetime building your wealth, it’s important to educate your children or other loved ones on how to manage wealth responsibly. In addition, you may want to promote shared family values and encourage charitable giving. Using a “family advancement sustainability trust” (FAST) is one option to achieve these goals. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate planning, Family Advancement Sustainability Trust,
May 25, 2021

Opening up to SLAT Opportunities

Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from your first marriage. Of course, you also want to take advantage of favorable estate tax provisions in the law.

Fortunately, there’s a relatively simple way to meet your objectives with few dire tax consequences. It’s commonly called a spousal lifetime access trust (SLAT). (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate planning, SLAT, Spousal lifetime access trust,
May 24, 2021

Thinking of Moving Abroad? Consider the Estate Tax Planning Implications Before Relocating

Suppose you’re contemplating a bold move — literally: pulling up stakes and moving to a foreign country. There are many possible reasons for this drastic change of scenery. For example, you may be enticed by a new career opportunity, looking to retire to a warmer climate, or wanting to live closer to loved ones.

Regardless of whether you’re targeting a move “across the pond” or to a tropical paradise or elsewhere, be aware of the estate tax planning implications. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate planning, Income Tax, Moving Abroad,
February 22, 2021

Gift Planning for the Biden Era

By Christine Collins Madrid, CPA, Tax Director

The past few years have been a roller coaster between the pandemic, the California wildfires, and the political climate.  We have seen massive tax acts enacted, including the Tax Cuts and Jobs Act of 2017 that doubled the estate and gift tax exemption to $11.7 million for single filers and $23.4 million for joint filers (indexed for inflation). (more…)

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Categories: Family Wealth & Individual Tax Planning, Winter 2021
Tags: Christine Collins Madrid, estate planning,
February 12, 2021

Don’t Put All Your Eggs in One Basket, or All Your Wealth in One Stock

It’s been said repeatedly: Don’t put all your eggs in one basket. Yet many individuals often disregard this saying. And it comes back to haunt them or their heirs at a future date.

If you’ve built up a substantial nest egg over the years, it’s likely you feathered it through various investments. This growth may have been fueled by one or two specific stocks. For instance, if you acquired Amazon or Apple before those stocks took off, you may be sitting on a goldmine. (more…)

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Categories: Family Wealth & Individual Tax Planning, Individual Retirement Accounts
Tags: Diversification, estate planning, Investment holdings,
January 25, 2021

Estate Planning Pitfall - Your Elderly Relative Won’t Commit to Estate Planning

There are many obstacles in the path to estate planning. One of the more difficult to overcome is when an elderly parent or family member refuses to cooperate or even acknowledge the need for estate planning measures. And this could lead to problems — such as family feuds and potential financial disasters — down the road.

(more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate planning, Family Meeting,
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