Selecting the right people or institutions to carry out your estate plan is one of the most consequential decisions you’ll make. Your executor and trustee will be responsible for managing your affairs, overseeing the distribution of your assets, and ensuring your wishes are carried out as intended. While the decision can feel daunting, understanding the…
An estate plan is more than just a will—it’s a thoughtfully designed set of legal documents that safeguard your legacy and provide for your loved ones. This includes essential items like advance healthcare directives, powers of attorney, trust documents, and beneficiary designations for your assets. While creating these documents is a vital first step, keeping…
Family Limited Partnerships & Estate Planning: Key Considerations for High-Net-Worth Families The Tax Cuts and Jobs Act (TCJA) of 2017 introduced several provisions that are set to expire at the end of 2025. One of the most significant changes on the horizon is the reduction of the estate tax exemption. As of 2024, estates valued…
6 Common Estate Planning Mistakes (And How to Avoid Them) Estate planning is crucial for efficiently transferring your assets and ensuring your wishes are honored when you’re no longer here. It can also save your loved ones from unnecessary legal challenges, financial burdens, and the distress of managing your estate under court supervision. Many people…
The Complete Guide to Special Needs Trusts Special Needs Trusts not only protect essential government benefits but also enhance the quality of life and long-term security for individuals with special needs. They offer families peace of mind, knowing that their loved ones will be well cared for both now and in the future. Whether you’re…
Estate planning is an essential consideration for high-net-worth families who want to create a legacy of financial stewardship. By taking steps to protect and preserve your wealth, you can ensure that your loved ones are taken care of in the event of your death or disability. An estate plan can also minimize taxes and maximize…
The process of estate settlement is not a favorite topic around the dinner table at family gatherings. It can be an uncomfortable topic — but those who prepare in advance for a smooth transition with the help of an estate planner in Utah typically leave more assets and less stress to their loved ones. Simple…
In his book, Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health, author Courtney Pullen takes readers through various techniques to build and preserve family wealth and legacy.
More and more people are discovering the benefits of giving inheritance money to their heirs while they are alive, rather than in a will. By doing so, you have the potential to create a more fulfilling retirement while also benefiting the lives of your descendants.
As a financial advisor, I often experience older clients expressing concerns about whether or not their heirs will be taxed on inheritance money. These clients remember that when their own parents passed away, they received a direct check and were not required to pay taxes on that income.