One common goal of estate planning, aside from deciding who will receive your estate assets when you die, is tax avoidance. Failing to consider the impact of gift and estate taxes on your estate plan can be catastrophic considering the fact that estates are taxed at a 40 percent tax rate. For anyone with a moderate to large estate a significant portion of the estate can be lost to taxes without careful planning. One estate planning tool that is frequently overlooked is the annual gift tax … [Read more...] about Can You Gift Money Each Year to Your Children Tax-Free?
Famous Estates – Legacy Champ or Chump?
Cecil B. DeMille (1881-1959) - Film Director & Producer Cecil DeMille was an American film director and film producer in both silent and sound films. DeMille began his career as a stage actor in 1900. He later moved on to writing and directing stage productions. He directed his first film, The Squaw Man, released in 1914, and would go on to direct dozens of silent films before transitioning to sound films in 1929. DeMille was renowned for the flamboyance and showmanship of his movies. … [Read more...] about Famous Estates – Legacy Champ or Chump?
How Do I Know When My Parent Needs A Guardian?
Deciding when a parent needs a guardian is never an easy decision to make. If you fail to step in, however, your parent could be physically injured or financially victimized by unscrupulous individuals who prey on the elderly. For these reasons, it is best to be proactive if you suspect that a parent’s physical or mental health has deteriorated to the point where a guardian may be needed. The average American lives much longer now than was the case a century ago. Living longer, however, doesn’t … [Read more...] about How Do I Know When My Parent Needs A Guardian?
Famous Estates – Legacy Champ or Chump?
Eli Broad (1933- ) - Businessman & Philanthropist Graduating cum laude from Michigan State University, with a degree in accounting, Eli Broad went on to become the youngest Michigan resident to have attained the credentials of Certified Public Accountant (CPA). In 1957, Broad went into business with Donald Kaufman, who was a home builder and related to Broad’s wife, Edythe. Broad financed his end of the enterprise with $25,000 borrowed from his wife’s parents, which eventually led to … [Read more...] about Famous Estates – Legacy Champ or Chump?
How Do I Fund My Trust?
In years past, trusts were used almost exclusively by wealthy families as a tool to pass down the family fortune while avoiding estate taxes and retaining some degree of control over the assets held by the trust. Trusts have come a long way, however, since those days and are now commonly used by anyone creating a comprehensive estate. If you are contemplating the addition of a trust in your estate plan you may be wondering how you fund your trust. Funding a trust is actually very simple. A … [Read more...] about How Do I Fund My Trust?
Famous Estates – Legacy Champ or Chump?
Dean G. Witter (1887-1969) - Businessman Dean Witter was a U.S. businessman who co-founded Dean Witter & Company, which became the largest investment house on the West Coast. In 1914, Witter partnered with Charles Blyth to found Blyth, Witter & Co., a San Francisco based brokerage. In 1924, Witter left the partnership to form his own company, Dean Witter & Company, with his brother Guy. In its early years, Witter focused on dealing in municipal and corporate bonds. The company was highly … [Read more...] about Famous Estates – Legacy Champ or Chump?
Thought for the Day:
“The things you do for yourself are gone when you are gone, but the things you do for others remain as your legacy.” Kalu Ndukwe Kalu … [Read more...] about Thought for the Day:
Charitable Lead vs. Charitable Remainder Trust
Estate planning typically entails the integration of numerous goals into one comprehensive plan. For example, providing for loved ones and gifting to charity can be accomplished in one trust by creating a charitable lead or charitable remainder trust. Charitable lead and remainder trusts are estate-planning tools that have similar effects while using procedures that are nearly opposite. One creates a trust that provides a charitable beneficiary with income for a specific time period, with the … [Read more...] about Charitable Lead vs. Charitable Remainder Trust
Famous Estates – Legacy Champ or Chump?
Frank O’Dea is a Canadian entrepreneur, humanitarian, author, and public speaker. O’Dea’s adolescence and young adulthood were filled with many hardships, being homeless and having to panhandle until he was able to live in 50-cent-a-night flop houses in Toronto’s bowery district where simply surviving was a challenge. After many years of struggling, and an abundant amount of hope and perseverance, O’Dea was able to overcome the impediments in his life, and, in 1975, he co-founded The Second Cup, … [Read more...] about Famous Estates – Legacy Champ or Chump?
Incapacity Planning – 5 Important Reasons Why You Need an Incapacity Plan
Estate planning is something the many people put off. In fact, surveys show that less than half of all Americans have an estate plan in place. Even fewer have a comprehensive estate plan that includes an incapacity plan. People put off creating an estate plan for a variety of reasons. Many of those same reasons are given when asked why an individual does not have an incapacity plan in place. At the top of the list of explanations are “I don’t need one”, “I don’t want to dwell on my … [Read more...] about Incapacity Planning – 5 Important Reasons Why You Need an Incapacity Plan
