Deathbed Planning and Tax Avoidance Sink Family Limited Partnership in Tax Court Estate planning attorneys often tell clients, “It’s never too early to start planning.” Time offers more options than any other factor, and last-minute planning can lead to costly mistakes. Let’s see why one executor ended up in tax court after claiming a valuation discount on a family limited …
IRS Cracks Down on Income Tax Evasion Through Trusts If something seems too good to be true, it definitely is. Unfortunately, many people still attempt tax evasion through trusts, funneling their money through bogus entities and foreign corporations—and it isn’t pretty when the government catches up with them. The actual truth? Ignoring your wealth planning attorney’s advice has a better …
Legacy Contacts: The Easy Way to Access Social Media Accounts After Death Remember the days when losing your phone meant losing all your photos, phone numbers, notes, and other memories?? Well, have you ever thought about what would happen to all the data on your phone if you were to pass away? If your family members don’t know your passwords …
Digital Estate Planning: How to Protect Your Virtual Assets Did you hear about the dog who inherited a million dollars? Well, what about a virtual humanoid block inheriting a million coins? Technically, the block and the money don’t exist, but the coins are still worth over $1,000,000. How’s it possible? Because we’ve expanded beyond buying traditional property to enhancing our …
The One Thing You Can Do TODAY to Start Your Millennial Estate Planning Journey Now that you’re entering middle age, your days are likely packed with the dual responsibilities of caring for your children and aging parents. Unfortunately, this gives you very little time to think about yourself—and making an estate plan might not be high on your list. Let’s …
Smart Strategies for Financial Security When you think about receiving an inheritance, you likely imagine financial freedom. However, research shows that many people spend their inheritance quickly, often with little to show for it. One study found that a significant number of Americans see no long-term benefit after receiving their inheritance. Baby boomers, in particular, have been known to spend …
Lifestyle Creep: How to Avoid the Biggest Threat to Your First Million What do your bank account, trading account, and retirement account have in common? The numbers are never as high as you thought they were. If you’re making decent money but still find your future funds falling short, there could be a simple solution. Let’s take a look at …
The Many Benefits of Having Equity in the Company Business is slowing down, and you don’t have the resources to shake things up. New talent, more customers, new markets—it all takes cash on hand. How can you use what you’ve got to restart the engines? The answer? Equity. Let’s explore the different types of shares and the benefits of having …
As the notorious artist warned us, more money always brings more problems. This is particularly true when making an estate plan. After all, who will inherit your wealth, business interests, investments, homes—everything it has taken you a lifetime to build? Here’s your chance to learn the most common pitfalls and how to avoid them straight from a high-net-worth estate planning …
Secure Their Future Now: ScholarShield As college students embark on an exciting new chapter, it’s easy to overlook the importance of estate planning. While it may seem like a concern for older adults, having an estate plan in place is crucial for students as they step into adulthood. Once your child (or grandchild) turns 18, you will no longer be …
