The family’s attorney and family office advisors should exercise caution in a marriage in which there are children from a prior marriage or other nonstandard family situations.
If you thought that doing your taxes got complicated when you acquired more assets, wait until you try to split them up among multiple children when planning their inheritance.
Estate planning alone isn’t enough protection for business owners, who need to also consider succession plans, as well as financial, legal and operational issues.
In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount of gifts one may give to any one person each year.
When was the last time you updated, or even thought about, the beneficiary designations listed on your retirement accounts, life insurance, or annuity contracts? If you don’t remember, it’s time for a review!
