You likely have created revocable or irrevocable trusts, or a few of both, in your estate plan. Ideally, these have been properly drafted with plenty of flexibility so that they can continue to meet your wealth planning goals...more
1/23/2025
/ Beneficiaries ,
Decanting ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Irrevocable Trusts ,
Revocable Trusts ,
Tax Liability ,
Tax Planning ,
Trust Administration ,
Trustees ,
Trusts
The best way to be sure that your thoughtful estate planning will work as anticipated when the time comes is to walk through it with your planning attorney, from the viewpoint of a person beginning the task of administrating...more
12/5/2024
/ Buy-Sell Agreements ,
Distribution Rules ,
DSUEA ,
Estate Planning ,
Estate Tax ,
Individual Retirement Account (IRA) ,
Lifetime Benefits ,
Limited Liability Company (LLC) ,
Liquidity ,
Transfer on Death Deed (TOD) ,
Trusts
Most people take steps to maintain good health, including scheduling annual checkups with their doctors to confirm there are no immediate or long-term health concerns. This checkup could include a stress test, which lets you...more
Many families are confident that they have made the necessary preparations to transition their wealth, businesses, foundation and family office to the next generation ... someday, when the time is right. We know that some...more
Recently, I attended the 2024 Summer Meeting for the American College of Trust and Estate Counsel (ACTEC) in Toronto. While there I presented to ACTEC’s Digital Property Committee on ghost hacking. Ghost hacking is when a...more
Trusts are described in multiple ways, including: living or testamentary, revocable or irrevocable and grantor or non-grantor. These terms are not always mutually exclusive. A trust can be living, revocable and a grantor...more
Trusts are valuable tools frequently used to transfer wealth within families, preserve and protect wealth, and reduce taxes. Despite their common use, many people have only a limited understanding of what a trust is or how...more
As the family gathers at the summer cottage or vacation property each season, the senior generation might think about how nice it would be for these multi-generational gatherings to continue for years to come....more
In previous blog posts, we have explored whether your family wants to keep the family cottage or vacation property in the family, and the options for the form of ownership you want to use for the next generation. In this...more
In my last post about shared ownership of cottages, I discussed items to consider when deciding whether to create a plan for future generations to share the ownership and use of the family cottage or vacation property. Once...more
As the family gathers at the summer cottage or vacation property each season, the senior generation might think how nice it would be for these multi-generational gatherings to continue after they pass from the scene. And to...more
When it comes to selecting trustees, families often choose family members to serve in this role. There are plenty of great reasons to use a family member, and trustee roles can provide useful experience in teaching the next...more
Part 1 of our Serving as a Trustee series -
Being asked to serve as a trustee is an honor. It demonstrates respect for your skills, honesty, judgment and character. When asked, your first inclination likely is to accept,...more