Can you believe it? Summer isn't over yet, but it's already time to start thinking about the upcoming school year. For parents of younger children, this means shopping for school supplies and new clothes, reestablishing bedtime routines, and mentally preparing for...
Estate, Wealth & Succession Planning
Maximizing Wealth: The Worldwide Growth of Family Offices
Many wealthy families in the US and worldwide utilize family offices to manage their assets and various other needs. Last year, the number of family offices surpassed 4,500, collectively managing an estimated $6 trillion in assets. North America holds the largest...
IRS Extends Pause on RMD Penalties for Inherited IRAs
Retirement Planning and IRAs Hard-working Americans spend a lifetime trying to obtain financial stability and to then provide a financial legacy for their families. Often, the strategy to achieve such goals involves the funding of individual retirement accounts...
The Role of AI in Estate Planning: Benefits and Limitations
As AI increasingly becomes part of our everyday lives, individuals and families are exploring the use of AI programs to prepare estate plans. The answer to whether AI can be used for this purpose is, of course, yes. AI programs, similar to other online tools and...
Supreme Court Decision in Connelly v. US: Implications for Family-Owned Businesses
In a landmark decision, the U.S. Supreme Court’s decision in Connelly v. United States will require closely-held business owners to reconsider their current buy-sell arrangement in order to avoid additional federal estate tax. Now under the Court’s holding in...
Unlocking Tax Savings: Family Limited Partnerships in Estate Planning
As Trump era estate tax cuts are likely coming to an end in 2025, wealthy business owners are increasingly utilizing Family Limited Partnerships (FLPs) to significantly save the family taxes when they are gone. Understanding Family Limited Partnerships An FLP is a...
Navigating Changes in FDIC Insurance Coverage: Ensuring Deposit Security Amidst Revised Limits
As of April 1, 2024, the Federal Deposit Insurance Corporation (FDIC) has implemented significant changes to its insurance coverage limits, particularly affecting trust accounts. These adjustments aim to simplify coverage rules while ensuring depositor protection....
Unrealized Income Under Scrutiny: Will SCOTUS Unleash Chaos on the US Tax Code?
Supreme Court Deliberation on Income Definition In December 2023, the Supreme Court considered the fundamental question: "How is income defined?" Moore v. United States centered on the question of taxation of unrealized income. Unrealized income is defined as a gain...
Mastering Retirement Planning: Understanding the Benefits of Traditional and Roth IRAs
In addition to employer-sponsored retirement accounts such as 401(k) and 403(b) plans, many people choose to save additional retirement assets in Individual Retirement Accounts (IRAs). Regardless of your stage in life, it is never too soon to plan for retirement. Even...
Securing Your Legacy: Embracing Digital Estate Planning with iOS Legacy Contact
Understanding Estate Planning Misconceptions There’s a misconception that estate planning is mainly for the wealthy or those concerned with asset protection. In reality, estate planning serves the practical purpose of ensuring that an individual’s assets are...