Does a Dynasty Trust Make Sense for Your Family?

“A dynasty trust can keep your wealth in the family for generations and ensure the legacy you’ve worked so hard to create.” Earlier this year, NBA team owner Gail Miller made headlines when she announced that she was effectively no longer the owner of the Utah Jazz or the Vivint Smart Home Arena. These assets, she said, were being placed into a family trust, therefore raising interest…

How a Community Property Trust Can Save Tens of Thousands of Dollars in Capital Gains Taxes

Community property trusts can save your clients tens of thousands of dollars in capital gains taxes, and that is just one of their many benefits. This lesser-known strategy is not necessarily the best fit for all couples either because of their assets or state of residence. However, for households you work with that can make the most of them, it is a planning tactic that…

If You Are Married, Does Your Estate Plan Properly Cover All Four Critical Phases?

  THE PHASES OF ESTATE PLANNING – Part One For married couples, proper estate planning entails covering four phases. Let’s begin with a discussion about Phase One PHASE ONE – ALIVE AND WELL Many people come to me to discuss estate planning because of one or two main concerns or goals. Such concerns and goals often include:   how to best give their loved ones an…

Asset Protection Planning for the Modern Client

Only the very wealthy and those in high-risk professions need asset protection planning, right? That’s a myth. In reality, we all need asset protection.  Why?  Because we all can be sued and lose everything we have.  A car accident, business failure, foreclosure, medical crisis, or injured tenant can result in a monetary judgment that will decimate your client’s finances. This week, our goal is to…

How to Pick a Trustee, Executor, and Agent Under a Power of Attorney

While the term fiduciary is a legal term with a long history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and…

Harnessing the Power of Trusts to Help Your Clients Protect Their Heirs

Now January is behind us, and we are back into our work routine, here’s a question to ponder: Are all your clients’ estate plans structured to provide long-term protection against court interference, creditors, bankruptcy, divorcing spouses, and financial mismanagement? As a financial or tax professional, you need to assume that “Murphy’s Law” is always potentially in play: if something can go wrong for your client,…

You Probably Have A “Cross Your Fingers” Estate Plan

Most people go through life with a “CROSS YOUR FINGERS™” estate plan, meaning they either have no plan in place at all or have a plan, but it hasn’t been reviewed in a long time. Because of this, they are crossing their fingers, hoping that when something bad happens, everything will turn out “OK”. Can you relate? With proper estate planning, you can uncross your fingers, knowing that if…

Preparing For A New Administration: Risks And Opportunities For Your Clients Under President-Elect Trump

A new Presidential administration can bring sweeping changes in the tax codes, new rules for how wealth is taxed, and a litany of other legal and regulatory changes. As a result of Donald Trump’s electoral victory on November 8th combined with Republican majorities in the House and Senate, we expect that there will be significant changes starting on January 20, 2017, when Mr. Trump takes…

Advisor Insights 2017 Schedule Through May

ADVISORS INSIGHTS Schedule of Topics through May 2017  (All Workshops Are From 3:00 PM – 4:30 PM, unless otherwise noted)  Date                Location                                  Topic January 31       Woburn                       Demystifying Trusts for Non-Lawyers – Part One February 16      Beverly                        Special Needs Trusts March 23         Woburn                       Special Needs Planning April 26             Beverly                        Demystifying Trusts for Non-Lawyers – Part One May 18             Woburn                       The Financial Component of…

How and Why Life Insurance Still Matters in Estate Planning

A frequently overlooked aspect of a client’s life insurance is proper alignment with estate planning goals. Between the typical set-it-and-forget-it mentality and a simple beneficiary approach many people take, a neglected life insurance policy often fails to achieve the goals that initially led to the purchase of the policy. But, you can help. You, as the trusted advisor, and us, as the estate planning attorney,…

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