You may donate money to charitable organizations throughout the year, simply because you wish to support causes that you care about. However, beginning in 2026, a new set of tax rules will determine the deductibility of your donations and might affect how much you can afford to give — for better or worse. With the […]
Read MoreCategory: Estate Planning
Key Estate Planning Documents You Need in 2025
There are five estate planning documents you may need, regardless of your age, health, or wealth: The last document, a living trust, isn’t always necessary, but it’s included here because it’s a vital component of many estate plans. Durable power of attorney A durable power of attorney (DPOA) can help protect your property in the […]
Read MoreRoll Over the Remaining Interest of an Inherited IRA or Retirement Plan
What is it? If your spouse dies and you are a primary beneficiary of their traditional IRA or retirement plan account, you may be able to roll over the inherited funds to your own traditional IRA or plan account. This is generally true even if your deceased spouse had begun taking required minimum distributions (RMDs) […]
Read MoreWhy Work with a “Corporate Fiduciary”?
Dear Trust Officer, I understand that you are a “corporate fiduciary.” What is that exactly? Aren’t you just a different flavor of stockbroker or financial planner? — Shopping for Advice Dear Shopping for Advice, “Fiduciary” is a legal term that describes the duties that one party owes to another in a business relationship. A fiduciary […]
Read MoreReviewing Wills and Trusts: What Planners Should Look For
Everyone should have an estate plan which has a will, a trust, or both. Although estate plans have a way of being dismissed once created, they cannot be filed away until needed. A regular review is required. The answers to the following questions may suggest redrafting is in order. Is the estate plan still tax […]
Read MoreEveryone Needs a Will
As important as estate planning is, it often gets neglected. A 2017 survey by Caring.com revealed that only 42% of U.S. adults have a will or a living trust in place. In part, it is an age thing, as the table here shows. Source: www.caring.com/articles/wills-survey-2017 When asked why they have not completed their estate planning, […]
Read MoreSotheby’s Valuation of Two Paintings Not Good Enough
Jeffrey Hyland was the executor and residuary beneficiary of Eva Kollsman’s estate. At her death in August 2005, Eva owned two 17th century Old Masters paintings: Village Kermesse, Dance Around the Maypole by Pieter Brueghel the Younger and Orpheus Charming by Jan Brueghel the Elder. Soon after Eva’s death, Hyland was approached by George Wachter […]
Read MoreMinors and Estate Planning
Reportedly, only one-third of parents with a minor child have a will in place. One obstacle seems to be the naming of a guardian for the child if a parent dies while the child is a minor. Considerations One should start with the largest possible list of potential guardians. Relatives, friends, business partners, parents of […]
Read MoreMoney and the Single Senior
Facts of life: Most retirees will be single for some period of time, and most of those singles will be women. Throughout the life cycle, financial planning for singles differs from planning for couples. Obviously, there is only a single set of assets to work with, and no surviving spouse to plan for. Less obviously, […]
Read MoreKeeping a Family Business in the Family
One of the most important responsibilities we have when helping families with closely held businesses is to help them realize potential estate planning opportunities and/or problems. A classic example is with the Green Bay Packaging Inc. that was founded in 1933 by George Kress. The firm manufactures corrugated packaging, folding cartons, coated labels, and related […]
Read More