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,…
Help Your Clients Save at Tax Time
6 Important Conversations to Have with Your Clients Before the Hustle and Bustle of the Holidays As summer gives way to fall, it’s time to start thinking about year-end tax planning. This is an opportunity to communicate with your clients, offer solutions, and deepen your relationship by helping them save thousands of dollars next spring at tax time. By engaging your clients in this way,…
Want to Give the Kids an “Up Front” Inheritance? – 4 Things to Consider
We often see two types of inheritances: the “cold-hand” gift (given after your death) and the “warm-hand” gift (given while you are alive). If you’re thinking about giving your children a “warm-hand” (also known as an “up front”) inheritance, you’re not alone. A recent Merrill Lynch study suggests that nearly two-thirds of people over the age of 50 would rather pass their assets to their…
What To Do After a Loved One Dies
If you’ve been appointed an executor of a loved one’s estate, or a successor trustee, and that person dies, your grief – not to mention your to-do list, including tasks ranging from planning the funeral, coordinating relatives coming in from out of town and (eventually) meeting with a trust administration or probate lawyer – can be quite overwhelming. First and foremost, take care of yourself…
IRS Notice Eliminating Estate and Gift Valuation Discounts Will Have a Huge Impact on Your Clients and Create a Huge Opportunity for You
The IRS recently proposed regulations that will effectively eliminate several commonly used valuation discount strategies for estate and gift tax purposes. If the IRS’s current timetable holds, your clients may lose the ability to take advantage of certain valuation discounts as early as January 1, 2017. For your clients who have an estate large enough to be concerned about the federal estate tax (individuals…