Are your children prepared to handle your wealth?

If you’ve built up a large estate and are eager to share your wealth with your children, you may be concerned about their ability to handle it. Fortunately, there are steps you can take to help ensure they won’t blow through their inheritance at a young age. Build incentives and flexibility into a trust An […]

Sweat the small stuff: Don’t forget to address personal items in your estate plan

It’s natural that your estate planning efforts focus on big-ticket items, such as real estate, business interests, retirement assets and brokerage accounts. But don’t ignore the “small stuff,” like artwork, jewelry, furniture, antiques, clothing and collectibles. These items may not be as insignificant as you think. What’s it worth? You may be surprised to find […]

The tax and estate planning pitfalls of retiring overseas

Have you dreamed of spending your golden years in a tropical paradise or a culture-rich European city? If so, it’s important to understand the potential tax and estate planning implications so there are no surprises. These include: 1. Double taxation. If you’re a citizen of the United States, you’ll remain subject to U.S. taxes even […]

Tread carefully if you and your spouse have similar trusts

When spouses have similar irrevocable trusts for each other’s benefit, they can be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that 1) are interrelated, and 2) place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. What not to do Suppose […]