For many people, the thought of doing any estate planning strikes fear into their hearts. It can be uncomfortable to even consider the possibility of no longer being able to manage your own affairs, let alone no longer being alive. For far too many people, this causes them to put off the crucial task of […]
“Basis” is a term used frequently in tax law. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to worry about. Nevertheless, a basic understanding of the concept can be very helpful for understanding important estate planning strategies used by your attorney and financial […]
Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. The quotation “shirtsleeves to shirtsleeves in three generations” has often been attributed to Andrew Carnegie. The same concept has been echoed by other people and various cultures, with the underlying notion […]
Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation.[1] To help your loved ones avoid becoming part of this multigenerational wealth transfer statistic, you need to educate and update your family about your wealth transfer goals and the […]
