Neglecting to plan for family dynamics can destroy the best estate plans. Make sure to address both difficult personalities and tax liabilities. They can be equally problematic. Saving loved ones from a large tax bill and maximizing the transfer of wealth across generations is great, but your estate plan needs…
When the greed nerve gets tapped, relationships suffer. There are things you can do now that will lessen the likelihood of family battles after you pass. Every family has its own dynamics, and some siblings that never resolve their differences, no matter how many years go by. When both parents…
Creating a tool to keep a trust secret from an heir may be considered a "first world" problem, but it is a problem nonetheless. Wealthy families who value their accomplishments are concerned that heirs who know that they are going to receive large amounts of wealth through a trust may…
Several nude photographs of the late artist Jean-Michel Basquiat were taken by his ex-girlfriend Paige Powell. The photographs, which were shown as part of an art exhibition in 2014, show Basquiat reclining on the bed, smiling at the camera. Subsequently, they were posted on several art websites. One of those…
Many people set up trusts to help provide for loved ones and favorite causes after they pass away. A trust can help manage the wealth you wish to transfer and ensures the efficient distribution of assets—such as property or a sum of money—over a set period of time. Yet a…
Today’s low interest rates create special problems for those focused on income, including retirees and the income beneficiaries of trusts. Prolonged periods of low interest rates can result in low trust income, creating conflict among beneficiaries. Many trusts are set up in a way that creates two different groups of…
Worried about your adult children blowing through their inheritance? Two strategies can help holders of individual retirement accounts curb an heir’s impulse to “cash out.” You may have many assets to leave behind for your heirs. However, an IRA is unique enough to be easily squandered in taxes, as MarketWatch…
As interest rates rise, more children of high-net-worth families are likely to tap into their trust funds to buy a home. Buying a home means chaining yourself to a mortgage and the financial institution holding it. This arrangement is oftentimes considered a necessary evil of adulthood. But then again, when…