As family offices evaluate their assets during the economic downturn, examining deductions and estate and trust planning can help form better strategies and objectives.
New tax legislation is most likely to happen if next year the Democratic Party controls the Senate, the House of Representatives, and the White House. Now is the time to develop a contingency plan that can be implemented depending on the outcome of the U.S. election.
For high-net-worth individuals, establishing an incomplete non-grantor (ING) trust is a useful planning tool that provides income tax benefits to grantors residing in states with high state income tax rates or states that do not recognize the federal grantor trust rules.
Layered beneath the difficulties of adapting to the challenges of the COVID environment, there are opportunities for family offices to capitalize on growth that line the path to sustained success.
Ultimately, how well your wealth transfer plan fulfills your legacy and meets the needs of the next—and future—generations depends on whom you name as your trustee(s). This makes your selection one of the most critical aspects of an already complex wealth planning process.
The tax stakes are substantially higher in Massachusetts for the residents than they are for nonresidents. However, with the latest court ruling, Massachusetts estate tax can now apply to out-of-state trusts.
The basic foundation for every core legacy plan starts with five documents: a will, an irrevocable or living trust, a durable power of attorney for financial management, an advanced medical directive, and a HIPAA release.
