We all know that even with the best possible planning, things may not always turn out as we expected. Laws change, economies change, and even our own personal preferences change. Does this mean that we should just not even bother to properly plan? Of course not. Just as the poet who said that "the best laid plans of mice and men often go astray" was correct, so too is the axiom "those who fail to plan, plan to fail".
What then is the key to proper planning? In our experience, the keys lie in expectations and flexibility. First, making sure that our clients are aware of the limits of what good wealth planning can accomplish is essential to effective planning. This is not to say that the benefits are not significant, because they often are.
What then is the key to proper planning? In our experience, the keys lie in expectations and flexibility. First, making sure that our clients are aware of the limits of what good wealth planning can accomplish is essential to effective planning. This is not to say that the benefits are not significant, because they often are.
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When a loved one passes away, his or her estate often goes through a court-managed process called probate or estate administration where the assets of the deceased are managed and distributed. If your loved-one owned his or her assets through a well drafted and properly funded living trust, it is likely that no court-managed administration is necessary, though the successor trustee needs to administer the distribution of the deceased's assets.
While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones. Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay and frustration associated with managing your affairs when you pass away or become disabled.
You've worked hard your whole life to provide for your family and make your loved ones more secure. Without advanced estate planning strategies, much of the significant assets you have accumulated may end up with the IRS and state taxing authorities.
Our firm regularly assists affluent families with such sophisticated planning strategies as Family Limited Partnerships or Limited Liability Companies, Personal Residence Trusts, Irrevocable Life Insurance Trusts and a wide range of charitable gifting techniques to reduce Federal Estate Taxes, Gift Taxes and Generation Skipping Transfer Taxes.
Our firm regularly assists affluent families with such sophisticated planning strategies as Family Limited Partnerships or Limited Liability Companies, Personal Residence Trusts, Irrevocable Life Insurance Trusts and a wide range of charitable gifting techniques to reduce Federal Estate Taxes, Gift Taxes and Generation Skipping Transfer Taxes.
No company can survive without an able owner, executive, or shareholder at the helm. In the event of a key member's sudden death, illness, or retirement, businesses are often left scrambling to recover lost assets and find a replacement. Large corporations and small businesses alike can avoid a tumultuous transition by creating a succession plan with a knowledgeable attorney.
Our firm advises and represents companies and entrepreneurs with a broad range of business related services. We advise our clients on business law, start-up assistance relating to the formation of an entity, the protection of a trademark or license agreement and assist with buying or selling a business.
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John Morrison
Apr 12, 2021
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