You work hard for your money and want to ensure that your wealth distribution goes according to your wishes upon death. Sadly, many people simply do not understand the difference between wills and trusts and how they can affect inheritance. Do not be one of them! Take control of your wealth distribution by understanding what wills do not control and the benefits of a trust. 5 Things a Will Does Not Control Most people believe that a will encompasses and controls all of your a

Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third. Help your loved ones avoid becoming one of these statistics. You need to educate and update your heirs about your wealth transfer goals and the plan you have put in place to achieve these goals. What Must You Communicate to Future Generations to Facilitate Transfer of Your Wealth? You must communicate the following information to your family to ensure that

If you think you only need to create discretionary lifetime trusts for young beneficiaries, problem beneficiaries, or financially inexperienced beneficiaries, then think again. In this day and age of frivolous lawsuits and high divorce rates, discretionary lifetime trusts should be considered for all of your beneficiaries, minors and adults alike. What is a Discretionary Lifetime Trust? A discretionary lifetime trust is a type of irrevocable trust that you can create while y

In December 2017, Congress passed, and the President signed a sweeping tax reform bill commonly known as the "Tax Cuts and Jobs Act". This Act contains significant changes that will impact your estate planning and income tax situation going forward. Estate Tax Changes Starting January 1, 2018, the estate, gift, and generation-skipping transfer (GST) tax exemptions double from $5 million to $10 million (adjusted for inflation after 2011). For 2018, the exemption is now $11.

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