Results for "estate planning"

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Prince's death sets off estate planning quagmire

April 22, 2016

The death of the virtuoso music artist Prince Thursday set off a countdown until the tax man takes a bite out of the star's estate. Relevant parties must determine just how big Uncle Sam's bite will be. In the case of a musical superstar like...

Baby boomers' wealth is in their homes

April 10, 2016

An expanded fiduciary standard for financial advisers will put pressure on a variety of areas in the retirement income-planning profession. On the horizon are clear regulatory directives that will force the industry to reduce conflicts of interest...

When one spouse tries to sneak away money

April 10, 2016

This month's question comes from an adviser whose client — and old friend — made an unethical request behind his spouse's back. Q: I am a CFP professional and provide financial planning advice and investment management assistance to my former...

Serving famous athletes and entertainers poses unique challenges for advisers

February 14, 2016

Before Ed Butowsky became his financial adviser, former Major League Baseball all-star outfielder Torii Hunter lost $70,000 when he invested in an investor's idea to develop an inflatable raft that rests under furniture in case of flooding....

Art and death taxes: Not so certain

February 11, 2016

Determining the fair market value of art for tax purposes continues to be a difficult task. For estate tax purposes in particular, executors face the challenge of establishing art values based on expert opinions, contemporaneous sales of comparable...

Adviser's Consultant: How to create a wealth transfer process for clients

February 10, 2016

Brent Brodeski set out a year and a half ago to beef up Savant Capital Management's estate planning capabilities and create a process for clients who wanted to leave behind a legacy. His first move was to hire a premiere attorney in northern...

Couple's divorce poses conflict for their adviser

February 5, 2016

Q: I got a call from a long-time client last week asking to schedule an appointment without her husband. I try to meet with married couples together, so I asked why she wanted to meet alone. She never has before. She told me that after 25 years...

Legacy planning is not just for the rich and famous

January 28, 2016

Many of us will remember the Barbra Streisand song “The Way We Were” and the verse “Memories light the corners of my mind.” When we think of family and the next generation, we want those memories to be positive and not locked away in...

How reverse mortgages can help stave off Medicare surcharges

January 15, 2016

While we were reveling in New Year's festivities, Medicare ushered in a new income scale as the basis for Medicare high-income surcharges. The bottom line is that more of your Medicare clients will pay more for their Medicare Parts B and D in...

Where to begin when planning for clients' 2015 taxes

November 29, 2015

There are tax-loss harvesting, charitable giving, exemptions and deductions, and required minimum deductions to think about. But when beginning to plan for clients' 2015 taxes, the place to start is the investment strategy. “Do the portfolio...

Year-end tax planning strategies advisers should be considering

October 30, 2015

The end of the year is quickly approaching, and with it end-of-year tax considerations. Because tax rules are largely unchanged, tactics employed last year will more than likely still be relevant. Still, there are important strategies advisers...

Lamar Odom's medical debacle offers lessons on estate planning

October 19, 2015

Former basketball star Lamar Odom's health may be turning a corner following a recent episode that rendered him comatose, but there are still important lessons for financial advisers about the importance of regularly monitoring and updating...

Adviser explains why and how to move to a retainer model

October 6, 2015

Scott Kahan concluded 13 years ago that the amount his financial advisory business charged clients shouldn't change based on market performance, which is what occurs when client fees are based on assets under management. The adviser, founder...

Lenox Advisors' Henske: How advisers should handle clients’ tax, estate planning issues

October 5, 2015

Thomas Henske of Lenox Advisors highlights do's and don'ts for advisers looking to lend clients a hand with their tax and estate plans.

Dynasty trust planning: a tax-efficient way to manage wealthy families' assets

August 31, 2015

Wealthy families have been taking advantage of an extremely beneficial estate-planning tool that advisers should be aware of. It allows individuals to pass millions — and in some cases billions — of dollars to children, grandchildren and...

Don't wait till year-end to offer tax tips to high-net-worth clients

August 13, 2015

Investors are conditioned to think about tax-planning at year-end. During the last quarter of the year, many advisory firms publish tax-related articles, literature and checklists. Financial advisers may begin to contact their high-net-worth...

Advisers should address these legal issues before clients' kids head to college

August 11, 2015

Even before packing the laptop and the XL twin sheets, parents with kids heading off to college for the first time should make sure they have taken care of a few legal housekeeping issues. Among the documents that families should consider securing...

Tools for legacy planning to help clients — and hold on to their inheritors

August 10, 2015

Advisers looking to retain control of assets as they are passed down to future generations should consider reaching out to clients now to help them plan their legacy. Working with clients to share values with heirs, as well as instructing those...

Could Bobbi Kristina Brown have been better protected by Whitney Houston's estate?

July 28, 2015

Pop star Whitney Houston could have done more to protect her now-deceased daughter Bobbi Kristina Brown if she had ever edited the will that she created while she was pregnant with her only child, estate planning lawyers said. Ms. Houston's...

Don't let infidelity cloud your clients' decisions in divorce

July 21, 2015

Divorces that result from infidelity outed by this week's Ashley Madison data hack will involve extra emotional hurdles that financial planners need to help clients get over so they make the right financial moves. “It might feel good to spend...

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