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Succession Planning Articles

 

A SLAT Can Reduce Risk If You’re Giving Away Substantial Wealth

A SLAT Can Reduce Risk If You’re Giving Away Substantial Wealth

Posted by Cheryl A. Jankowski on August 10, 2020

Today's increased gift and estate tax exemptions enable wealthy families to give away substantial wealth gift-tax-free, but they must act before the exemption amounts revert in 2026 to previous levels. 

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Who Will Run Your Business After You?

Who Will Run Your Business After You?

Posted by Timothy Bubar on July 16, 2020

There's nothing like a deadly global pandemic to remind us of our mortality. It's never too soon to begin thinking about what you would like to see happen to your business once you retire or are no longer able to run the company you built. The sooner you begin to plan, the greater the chances you'll reach your goal.

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Family Wealth Planning in a Time of Uncertainty

Family Wealth Planning in a Time of Uncertainty

Posted by Cheryl A. Jankowski on July 07, 2020

The full impact of COVID-19 is unknown. While we wait for questions to be answered many are asking what can we do right now? What’s next for our families? What's next for family businesses and the people who work for them? Planning for our future generations is the greatest gift we can give, particularly during times of uncertainty.

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Guardianship: Planning For Your Children’s Best Interests

Guardianship: Planning For Your Children’s Best Interests

Posted by Robert Ingrasci on June 11, 2020

If you haven't already named a guardian for your minor children, the COVID-19 pandemic may spur you to act. Should you and your spouse die or become incapacitated, you don't want to leave the decision up to a court. And what if you're seeking to become the guardian of a child?

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Helping Elderly Parents with Estate Planning

Helping Elderly Parents with Estate Planning

Posted by D’Marie Murray on May 11, 2020

If you're caring for elderly parents, you probably don't have a lot of extra time to think about estate planning, but if your parents have neglected to make a will and prepare other important legal documents that help ensure their wishes are carried out, make it a priority. 

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Federal Tax Relief to Alleviate COVID-19 Hardships

Federal Tax Relief to Alleviate COVID-19 Hardships

Posted by Michē Needham on March 23, 2020

The federal government has been working on various relief measures to help individuals and small businesses cope with the situation, including tax relief provisions. Here are the tax changes that have been finalized so far.

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Decanting May Allow Trustees to Fix a Damaged Trust

Decanting May Allow Trustees to Fix a Damaged Trust

Posted by Robert Ingrasci on February 28, 2020

Through a process known as decanting, many irrevocable trusts that have become ineffective or obsolete due to changing tax laws or family circumstances may be “fixed.” However, a trust's terms and state laws determine the degree to which a trustee can alter the original trust document.

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Stretch IRAs Lose Potency  under the SECURE Act

Stretch IRAs Lose Potency under the SECURE Act

Posted by Cheryl A. Jankowski on January 24, 2020

The SECURE Act contains a number of favorable provisions that will help Americans save more for retirement. However, the new law also contains an unfavorable provision that will affect nonspouse IRA beneficiaries who inherit accounts with substantial balances.

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Three Reasons to Use Valuation Pros in Estate Planning

Three Reasons to Use Valuation Pros in Estate Planning

Posted by Cheryl A. Jankowski on December 17, 2019

Some business owners design their estate plans without consulting a business valuation professional, but do-it-yourself valuations can be risky.

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Preserve Your Happy Family With a Total Return Unitrust

Preserve Your Happy Family With a Total Return Unitrust

Posted by D’Marie Murray on December 03, 2019

When the interests of trust beneficiaries come into conflict, everyone in the family can suffer. If your trust includes both “lifetime” and “remainder” beneficiaries, it's possible to align the interests of both groups with a total return unitrust.

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