PASSING ON MORE THAN JUST WEALTH

WHO WILL INHERIT YOUR FINANCIAL WISDOM? Many people who inherit wealth or small businesses are at significant risk for essentially squandering the wealth. An Ohio University study shows that an astonishing 33 percent1 of all beneficiaries lose their entire inheritance within two years of receiving it. The ways they manage to do so are as varied as the imagination, but in our experience we have seen a common thread: mismanagement. How beneficiaries lose their way There are a few key ways beneficiaries struggle to make the right financial decisions with their inheritances. For example, a beneficiary might not have been brought up with a strong education on the basics of money management.

Proposed Federal Estate & Gift Tax Reform – What You Need To Know Now

The U.S. House of Representatives and the U.S. Senate have now passed separate versions of the "Tax Cuts and Jobs Act." The proposals that are being discussed in the news as "repeal of the death tax" are much more complex than the TV sound bites reflect and there are still unresolved differences between the House and Senate versions. Here are the changes that our clients may want to consider as the tax reform debate unfolds: The House Bill (H.R.1) calls for increasing the federal estate, generation skipping transfer and gift tax unified credit basic exclusion amount from the current $5M to $10M for decedents dying and gifts made after 2017. This includes the annual adjustment for inflati

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