Because of the complexity and demands of running a family business, certain business formalities often fall by the wayside. Some patterns reoccur and common mistakes are made with family business owners who have either outgrown their existing set of advisors, have insufficient professional support, or are trying to DIY their legal, tax, or accounting work….
After decades of advising families on tax and estate planning, I have come to the conclusion that the year of attaining age 80 is often the most appropriate time to make a dramatic shift in how families are currently handling and communicating about their personal, financial, tax and legal affairs. Most people keep some level…
Our family business turned 100 years old this year. This milestone was an opportunity to review and update our family business artifacts and archives. It is thrilling to review old pictures and treasures and talk about what was. Is it time for your family to do the same? We all have a family tree. For…
What is a Donor Advised Fund? A donor advised fund is an account established by a donor at a “host” charity, usually a financial institution’s charity or community foundation, to be used for charitable giving. By moving money into a donor advised fund, a donor can receive a current income tax charitable deduction. During the…
Maybe so. Regardless, it is prudent. What is a Fiduciary Accounting? A Trustee generally has an annual duty to report to the trust beneficiaries in the form of a fiduciary accounting. · A fiduciary accounting is a comprehensive report of the financial activity within a trust (or estate) during the reporting period. · The accounting…
Irrevocable trusts are the path to using your gift, generation-skipping, and estate tax exemptions, saving taxes, and protecting assets in the current legislative environment. Use Exemption Now: The current (2025) estate, gift and generation skipping transfer tax (GST) exemptions are a generous $13,990,000, and are scheduled to automatically revert to about $7,000,000 on 1/1/2026. This…
We engage in wealth planning by integrating tax and estate planning goals. Part of that process includes a review of your current estate planning documents. It’s a good idea to go through this process every three to five years, and especially after a big life event. Here are some big life goals and events that…