Wealth Transfer

We are still in the season of giving, and many of us have given the gift of money to children, grandchildren, and other family members.

A friend or relative asks you to be the executor of her estate. What, exactly, is she asking you to do? You may feel honored by the trust being placed in you, or you may be motivated by feelings of loyalty to family or friends. For many small and medium-sized estates, the executor is often a friend or family member, so this decision is a common one.

There’s an often-quoted maxim regarding inherited wealth: “The first generation makes it; the second generation builds it; the third generation blows it.” Indeed, uncertainties around the next generation’s ability to exercise wise stewardship of family wealth have led to the drafting of many a trust document, many clauses in wills, and much misgiving in those who created

By now, it is widely recognized that the massive pandemic relief bills enacted by both the Trump and Biden administrations have added immensely to the federal budget deficit.

Here’s an uncomfortable truth you need to accept: Someday—hopefully in the very distant future—you are going to die.

Our clients are accustomed to hearing us remind them of the importance of estate planning: having properly designed wills or trusts; keeping their beneficiary designations up to date; periodically reviewing all estate planning documents to be sure they remain current; and everything else that goes along with having and maintaining a solid estate plan. Tags:

• Estate Planning
• Wealth Transfer