A great deal of focus has been placed on the next generation of business leaders, beneficiaries, and philanthropists. Rarely discussed, however, is the next generation of trustees that will guide them through so many crucial life decisions.
Michael Malakoff, Ascent Private Capital Management
Wednesday, September 14, 2016
The rules of the game in estate planning have changed. No longer can planners be so focused on the estate tax liability. They now must be equally focused on income taxes. In the past, taxpayers were willing to give up a step-up in basis at death in order to reduce or eliminate estate taxes.
Done well, a trustee’s service can have a profoundly positive impact on a family; done poorly, a trustee’s service can create or exacerbate fissures within a family, dissipate family wealth, create personal liability for the trustee, and create a public spectacle that sullies the family’s good na
Under the IRS’s proposed new regulations, they would permanently and profoundly change estate planning for families that own a controlling interest in a privately held corporation, partnership, or limited liability company.
Current valuation methodology for gift and estate tax purposes often includes discounts for privately owned businesses. Modern estate planning sometimes includes packaging investments into a family-owned investment pool that would be subject to discounting, which can and have ranged from 15 to 5
The metaphorical glass slipper represents the combined interpersonal dynamics of your family and loved ones, your individual passions, goals, hopes and dreams, along with the complexity of your family’s estate plan.