One of the most common themes among my affluent clients is a desire to see their children make it on their own. Over 90% of these clients are first-generation wealth builders, meaning they didn’t inherit their money but accumulated it from saving, investing or building a business. They value hard work…
Under the President’s plan, in 2018 the tax would revert to the rates that were in effect in 2009. Budget buzz is spreading across Capitol Hill. For example, did you know that President Obama's proposed budget is seeking a reduction of the estate tax exemption back to $3.5 million? Just…
The 1974 ESOP law and later amendments were designed to encourage employee ownership. Company founders who initially sell just part of their stake and stay on as CEO say the best news comes after the deal: employees start to act more like owners. Ideas formerly kept quiet start to bubble…
Be prepared to demonstrate that the loan is legitimate, and that repayments are being made regularly. This documentation can also help sort matters out if the lender should die before the full value of the loan has been repaid. If you are compelled to help out a family member by…
… Multi-generational living arrangements present legal and financial challenges around home ownership. The family home is that special place where the family lives and comes together. In fact, some families take it one step further and actually all live under the same roof. Some 17% of the population have multi-generational…
The question that many Americans want answered is: is a will or trust best for retirees? There are simple solutions to simple problems, and complex solutions to complex problems. That being said, when it comes to estate planning many Americans ponder the following: "will or trust?" If you have found…
Dad missed the 60-day IRA rollover period and is now being taxed on 100 percent of his life’s savings. Can anything be done? Applicable IRS rules and regulations provide that if someone receives a distribution from an IRA, the distribution is then taxed at an individual’s ordinary income rate. A…
Recent tax law changes are turning traditional estate planning on its head. Indeed, moves long considered savvy–for example, aggressively shifting wealth to younger generations while senior family members are still alive or leaving assets to a “bypass” trust–may no longer be necessary to save estate tax and could now leave…
For heirs, the emotions that come with sudden wealth can be a mix of guilt, loss, anger, regret, relief and hurt, perhaps stewed with long-simmering family rivalries and resentments. Much of estate planning focuses on the technical aspects of leaving behind or receiving an inheritance. Commonly, these include the tax…
If you have elderly parents, don’t wait to learn about Medicaid — sometimes referred to by a litany of other state names, like Medi-Cal and MassHealth. What is your Medicaid IQ? Most Americans have heard of Medicaid, since it has been part of the national political debate for some time.…