The Wealth & Wisdom Blog

Information on Estate Planning, Estate and Trust Administration and Unique Asset Planning

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Employee Benefits Estate Planning

It’s open enrollment season, which means that our law firm, like your company, has recently received notice of its 2023 health insurance coverage options.  Having reviewed our firm’s coverage costs, well, let’s hope that 2023 brings good health, and few medical appointments, for my family as well as for yours. As occasioned by this upbeat […]

The Tax Efficiency vs. Legal Control Tradeoff with IRA Assets

“Nothing is for Free, Cory,” a physician once explained to me.  “If we take steps to address this particular health problem, it will have adverse consequences on other organs.”  Just as there is often a “cost” for a particular medical treatment option, there are certain tax and control tradeoffs in estate planning decisions.  Tax-deferred retirement […]

Post-Death IRA Rules and New Life Expectancy Tables

Who says that the glass is half empty at the IRS?  While it is often said that the IRS views taxpayers as wealthier than we feel, the IRS now anticipates that taxpayers will enjoy a longer life expectancy than is supported by recent data. According to the CDC, and as reported by CNN, the life […]

Unintended Consequences: The Use of Conduit Trusts for Retirement Accounts

If you have read any of Malcom Gladwell’s books, or listen to his podcasts, you are acquainted with various examples of the law of unintended consequences. Gladwell demonstrates how well-intentioned efforts to solve societal problem might actually prove to be an impediment to success.  In the 1990’s, Australian lawmakers enacted legislation requiring Australian children to […]

Trusts as Beneficiaries of IRA Accounts

In order to reduce the likelihood that a child or grandchild would make an unwise decision with regard to his or her “share” of remaining retirement account assets, many of our clients implement a plan in which they do not directly name a child or a grandchild as a beneficiary of the retirement account assets.  […]

Income Taxes on Tax Deferred Accounts

Tax-deferred retirement accounts are accounts that allow for investment appreciation and earnings free of any income or capital gains tax until the assets in the account are withdrawn.  Taxes are imposed not when the investment inside such account is sold, or interest or dividends paid, but when the account owner decides to withdraw the assets […]

Full Utilization of a Donor Advised Fund

The implementation of a Donor Advised Funds is at an all time high. Vanguard reported a 45% increase in new DAF accounts in the fourth quarter of 2017, with more than 80% of the gifts comprising non-cash assets, such as appreciated securities.  Likewise, Schwab has reported a 59% increase in the number of new DAF […]