Strategic Wealth Planning for UHNWIs for the Second Trump Administration
The new year will present challenges and opportunities for ultra-high-net-worth individuals as they re-evaluate their portfolios and long-term financial plans in light of President-elect Donald Trump’s incoming administration. Strong partnerships between UHNW clients and their advisors will be essential during this transition and the ensuing four years. Proactive planning will be key, especially given potential […]
Transparency in Family Financial Matters
Choose the right time and tone for topics such as money and succession issues in family-run companies. The last thing you need in your family business is a disruption caused by miscommunication over crucial decisions such as promotions, the succession plan, or division of ownership. But in the absence of deliberate, scheduled discussions, people tend to […]
Don’t Let ‘Em Buy the Ferrari
Exploring trustee discretionary distributions: Trustees are often given discretion over the circumstances under which a distribution may be made from a trust to a beneficiary. This article explores some of the factors that are important to consider when giving your successor trustee this power. There are many reasons people place money in trust for their […]
The Hard Work of Inheritance
Preparing for the Personal Process of Estate Settlement Boomers, Gen X, Millennials, and Gen Z: No matter where an individual sits on the family tree, they all need to be planning—together—for the inevitable death of a family member. When an individual loses a parent, sibling, or child, there are so many emotions at play. Few […]
Don’t Wait For The Sunset
The November election will impact whether the 2017 Tax Cuts and Jobs Act expires as scheduled, but the time to act is now. Ultra-high-net-worth individuals (UHNWIs) are anticipating the sunset of the 2017 Tax Cuts and Jobs Act (TCJA), which is set to expire at the end of next year. The TCJA was enacted to address […]
Tax Alert: Washington Capital Gains Tax Update
Washington State’s New “Excise” Tax A Google search today for “states without an individual income tax” will yield numerous articles on where to retire and will invariably list the following nine states: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. Well, as of 2023, some high-net worth taxpayers might argue that […]
Maximizing Your Legacy: A Look At Minimizing Estate Tax Liabilities
The specter of estate taxes can loom large for ultra-high-net-worth individuals. For those with an estate in excess of $13.61 million (or couples with a combined estate in excess of $27.22 million) in 2024, this tax can significantly reduce the amount of wealth passed on to heirs, making it crucial for families to take proactive steps in […]
Life, Death, and Taxes
Strategic preparation helps ensure your family won’t be caught off-guard. Benjamin Franklin knew a thing or two about many topics, including, as it turns out, estate planning. As he famously warned, In this world nothing can be said to be certain, except death and taxes. If you’ve diversified your investments, stayed up to date on insurance coverage, […]
Ensuring a Smooth and Successful Transition of the Family Business
Five key questions to ask your advisor if you’re mulling an exit. In my role at Whittier Trust, I’ve seen firsthand how critical it is for ultra-high-net-worth individuals (UHNWIs) to have a well-thought-out exit strategy for their family businesses. Despite the intensive planning that typically goes into wealth management, recent research from the Exit Planning […]
Don’t Forget Fido: How to Help Clients Include Pet Care in Estate Plans
Financial planners are charged with protecting the things that matter most to their clients — and those things often include pets. June is National Pet Preparedness Month, a time for making sure pets are incorporated into emergency plans. It presents a perfect opportunity for advisors and planners to connect with pet-owning clients to help them plan for […]