A truly integrated wealth management plan works in tandem with your estate plan. Because tangible personal property (e.g. jewelry, books, art, photos, household furnishings, and more) typically carries significant sentimental value, it is likely to be a topic of discussion among your heirs and can be a challenge to navigate. Given the potential for conflict, and the difficulty in assigning each piece a monetary value and, thus, distributing it equally, below are some suggestions for how tangible ... [Continue Reading]
Articles and resources related to Estate Planning.
Our deep and broad multi-disciplinary approach to wealth management is unique in the industry and is designed to provide clients and their families with optimal outcomes. In keeping with that commitment, I'm excited to introduce you to CCM Director of Estate Planning Janelle Schrupp, J.D. In her role at CCM, Janelle lends her experience in estate planning and elder law to support clients in developing and administering estate plans to efficiently transfer wealth. She has a heart for people ... [Continue Reading]
The taxation of estates is in the headlines again as President Biden and several members of congress have introduced proposals to change the law. Possible changes have included a reduction of the estate exemption from $11,700,000 to $3,500,000; increasing the top estate tax rate from 40% to 45%; taking away the basis step up at death for individuals with gains exceeding $1,000,000; and eliminating or significantly changing strategies involving trusts and the use of discounts in transactions with ... [Continue Reading]
Cabin season is here! It is the time of year when roads fill up on Fridays and Sundays as people trek to and from cabin getaways. Some of my fondest memories growing up were spending time at my aunt and uncle’s cabin navigating the boat with my grandpa and cousin for the hot fishing spots. The fish tales made their way to the eulogy I gave for my grandpa a few years ago. When my kids were younger, my wife and I would rent a cabin every year over the Fourth of July. After a brief hiatus to ... [Continue Reading]
In my experience as a wealth advisor for hundreds of high net worth families, I have found facilitating family meetings to be one of the most meaningful and impactful things I do. An effective family meeting opens up the lines of communication regarding a family’s shared values around money and wealth and can become an unforgettable family bonding experience paying dividends for many years into the future. Taboo Topics Handled With Care We live in a society where conversations around money ... [Continue Reading]