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To successfully transition wealth to the next generation, it takes open communication between G2 and G3, agreed-upon family financial values, and perspective on where it all began.
The Qualified Personal Residence Trust provides an opportunity to remove your residence or vacation home from your estate. It may be the perfect strategy for you and worthy of a conversation with your attorney or financial planner.
Invariably, the end goal is to lower the overall value of your estate to limit your estate tax liability. There are several ways in which to reduce your taxable estate.
Helping a grandchild with their college expenses by putting money in their 529 is great! But do you know if contributions count as a gift or if the grandchild is a "skip person," or if it can hurt financial aid eligibility?
Baby Boomers are aging. There's no question; money is shifting hands over the next forty years. The Great Wealth Transfer will look different for everyone.
Inheriting an IRA can be a blessing. Dealing with the IRS distribution rules can be a headache. Understand your options!
There are multiple reasons to do your financial planning with your children and grandchildren in mind. Maximizing the transfer amount by minimizing taxes is the first reason that generally comes to ...