There can be some confusion with regard to taxes on asset transfers. Some people are under the impression that an inheritance tax and an estate tax are one and the same thing. This is not the case. … [Read more...] about Will My Heirs Be Forced to Pay an Inheritance Tax?
The estate tax is a concern for many people who have been able to accumulate significant stores of wealth. At the present time the amount of the federal estate tax exclusion is $5.34 million. If you intend to transfer assets that exceed this amount, your estate is facing estate tax exposure. … [Read more...] about Will a Trust Provide Estate Tax Efficiency?
A qualified personal residence trust can be a useful wealth preservation tool if you are exposed to the estate tax as a homeowner. Before we look at these trusts in detail, we should explain the estate tax parameters. … [Read more...] about What Is a Qualified Personal Residence Trust?
Financial success is a wonderful thing, but you have to understand the fact that it is not necessarily easy to keep that wealth within the family. When you hear that statement, you may first conjure images of inheritance mismanagement. This does happen, but in this post we would like to highlight the impact that the federal estate tax can have on your financial legacy. Let's say that you leave your assets to your children and they are all fantastic money managers. The asset transfers may be … [Read more...] about Oklahoma Wealth Preservation: What Is the Unlimited Marital Deduction?
The ideal estate plan is going to vary depending on the circumstances. One of the primary considerations will be the extent of the assets that you have to pass on to your loved ones. If your resources are relatively modest you are going to want to engage in traditional estate planning. This is going to involve preparing for the possibility of incapacity while you arrange for the future distribution of your financial assets to your heirs. … [Read more...] about The Differences Between Traditional Estate Planning & Legacy Wealth Planning
Your legacy is something that persists even after you pass away. People who are in a position to cast a long shadow as it were should consider legacy planning. The legacy that you leave behind does not have to conclude without direction. You can carefully shape your own legacy if you take the correct steps in advance. … [Read more...] about What Steps Can I Take to Preserve My Legacy?
One of the reasons why you should develop an ongoing relationship with an estate planning attorney is to stay informed about relevant changes to tax laws. Estate planning is an ongoing process, not an event that can be forever resolved in a single day. With this in mind, you should be aware of the key elements of the federal estate tax. … [Read more...] about IRS Releases Amount of 2014 Estate Tax Exclusion
When you hear the term "wealth preservation" you may wonder what it's all about. Why would your wealth need to be preserved? Is there an expiration date? … [Read more...] about Grow and Preserve Your Wealth
According to a recent article in the Wall Street Journal, an estimated 90% of inheritance is depleted by the third generation. WSJ illustrates this point by introducing us to Tom Rogerson, a successful wealth strategist who knows all too well how quickly an inheritance can disappear. … [Read more...] about Lost Inheritances: Don’t Let This Happen to You