The Wealth & Wisdom Blog

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

Blog Archives

A 2024 Estate Planning Prospective

Compared to world events expected to occur in 2024, upcoming tax law changes are, admittedly, relatively tame.  Perhaps you are looking forward to the Paris Summer Olympics, or hold guarded optimism about your child or grandchild’s big game or musical performance.  You certainly know about the newest season of your favorite streaming television show.  You […]

Qualified Personal Residence Trusts

This was a great Thanksgiving, but who will host Thanksgiving next year?  Based on calls we receive from clients in the weeks following Thanksgiving, we know that home and cabin ownership planning is a common discussion topic during Thanksgiving.  In this month’s update, I provide a brief overview of a Qualified Personal Residence Trust (“QPRT), […]

Family Partnership Planning

The IRS announced last month that it plans to increase audits of wealthy individuals and partnerships, with a special focus on the seventy-five largest partnerships.  According to the IRS announcement, the purpose of the audits will be to, “identify sophisticated schemes intended to avoid taxes.”  In response to this IRS announcement, in this month’s update […]

Generation-Skipping Trusts

“Our kids are wealthier than we are!”  Some of my clients emphasize the wealth of their children as we customize their multi-generational estate plan.  “How can we help our grandchildren instead?” As noted in a recent Wall Street Journal article, many wealthy families are implementing plans to lock in current federal exemption amounts to save […]

Portability of Tax Exemptions

Each of my three middle-school children recently came to my wife and me with two “first-world” problems.  Ahead of various upcoming trips away from home this summer, each of them asked for more portable pillows and more portable electronic devises. These portability problems remind me of certain planning discussions about the portability of one’s estate […]

Multi-Purpose Accounts after Secure Act 2.0

“The correct lesson to learn from surprises is that the world is surprising.  Not that we should use past surprises as a guide to future boundaries; that we should use past surprises as an admission that we have no idea what might happen next.”[1] Since life is indeed full of surprises, it is advantageous to […]

Re-Gifting Strategies

If you recently attended a party with a White Elephant gift game, or if your child has ever received a gift of a musical instrument, you understand and appreciate the fine art of re-gifting.  In our family, certain family members have been known to repay the kindness of a Christmas gift by inconspicuously re-gifting the […]

Charitable Planning as a Triple Threat to the Tax Code

In basketball, a player is known to be in a “triple threat” position when he or she is holding the basketball and in an athletic position with the ball, ready to (i) pass to a teammate, (ii) dribble drive to the basket to score, or (iii) immediately shoot a jump shot.  In my past years […]

Residential Property Planning

“They made us an offer we could not refuse.” One of our neighbors recently sold their residence after receiving an unsolicited offer.  This neighbor took advantage of the significant increase in residential property values not just in our neighborhood, but across the country. Relatedly, our law firm is corresponding with numerous clients seeking advice on […]

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 […]