The trustee acts as the legal owner of trust assets and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
Most people don’t realize that how you hold title to property directly influences your estate plan. Since it’s a common misunderstanding that can dramatically alter your intentions, let’s explore why.
No two people are alike, and no two families are alike. More often families are being created and shaped in non-traditional ways and continue change the way we think of families, such as single parent families, blended families, same-sex households, and children as caregivers for aging parents. In a way, non-traditional families are more the
Losing a spouse or partner is a dramatic and emotional experience that can have a serious impact on the financial health of the surviving spouse. The financial planning and investment management needs are dramatically unique depending on what stage of life the surviving spouse is in.
CNBC: Are you prepared for tax impact of the $68 trillion great wealth transfer? Here are some options to reduce the bite
Parsec Co-Director of Tax Services Larry Harris was quoted in a recent article from CNBC on wealth transfer strategies:
The proliferation of online accounts and assets in the digital age makes planning for access and transfer of digital assets an essential part of any estate plan. With all due respect to Warren Zevon’s 1976 release I’ll sleep when I’m dead, tweeting once we reach our eternal slumber probably isn’t something on any of our
Digital estate planning is a relatively new phenomenon, having only begun to receive attention from legal and financial planning scholars in the past decade or so. And just as technology evolves with breakneck speed, the laws governing control and access to digital estates are also evolving — albeit at a somewhat slower, legislative pace. Providing instruction to your fiduciary on how your digital assets should be handled is a vital piece of planning to ensure an orderly transition of assets and to safeguard against identity theft. While any comprehensive digital estate plan should include coordination with an attorney, Parsec Financial can help you understand what you need to consider when creating your digital estate plan.
One way to strategically transfer wealth to your heirs and build generational wealth is through a strategic gifting plan. Here we illustrate how early contributions can compound into significant values over the recipient’s lifetime. Specifically, gifting $25,000 annually for the first 10 years may have an ending value of more than $14 million in 90 years. Moreover, starting at age 60 the recipient can spend 5% from this portfolio annually over the next 30 years for total distributions of more than $17 million. (Both figures are adjusted for 3% inflation.)
Note: Figures do not take into consideration underlying annuity or mutual fund fees, taxes or trading costs. Performance data depicts historical performance and is not meant to predict future results.
“To everything (turn, turn, turn) There is a season (turn, turn, turn) And a time to every purpose, under heaven A time to build up, a time to break down A time to dance, a time to mourn A time to cast away stones, a time to gather stones together” “Turn! Turn! Turn!” written by
Even though 2020 has been a challenge for everyone in very personal and different ways, I believe that one commonality we all share is that it has reminded us to cherish what we do have and review/revise our life priorities.