The largest transfer of wealth in American history is already underway. According to Cerulli Associates, a leading global research and wealth management consulting firm, approximately $124 trillion is expected to change hands through 2048, with nearly $105 trillion transferring to heirs. A substantial portion of this wealth consists of highly appreciated real estate, including apartment…
The goal when the family patriarch or matriarch dies is to have property move to the next generation with the best tax result, without probate or legal interaction, and without triggering a family fight. Mom and Dad may be the “next generation up,” or you may be the “next generation up,” meaning you are potentially…
Apartment owners always want to use estate planning strategies to minimize taxes for themselves and their heirs. And, this is sometimes the most exciting estate planning for me as well. However, GOOD PLANNING should also emphasize Vital Non-Tax issues if you want to really benefit your heirs. GOOD PLANNING will help avoid non-tax HAZARDS for…
Every year, the administration puts out a “Greenbook” with revenue (read “TAX INCREASE”) proposals it wants to get enacted in the next year. While it remains unlikely that all, or maybe any, of these proposals will get enacted in 2024 given the divided Congress, many of them should really worry apartment owners. So, if you…
Good estate planning involves two sides of the same coin: Taking the most advantages of OPPORTUNITIES for you and your family; and Avoiding HAZARDS to family wealth. This article briefly explores some of the opportunities and hazards that must be carefully considered by apartment owners in 2024. The Importance of 2024 The 2017 Trump…
If you are looking for a way to protect your assets, eliminate or minimize estate taxes, ensure your spouse is taken care of during your life and after your passing, and provide yourself indirect access to the trust assets, a Spousal Lifetime Access Trust (SLAT) might be what you need. What is a SLAT?…
This is a common question and misbelief that many people have, and it is a question that I get asked often. A Revocable Living Trust (“RLT”) is an essential part of an estate plan that any property owner should have in place (before dying). The main purpose of this kind of trust is to manage your…
As March ended this year, the Biden Administration issued a 250-page General Explanation of the administration’s fiscal 2023 revenue proposals, sometimes known as the “Green Book”. This is a very brief initial summary of the Green Book provisions which I believe would revolutionize, and have the greatest impact on, estate planning and real estate investing.…
If you own real property or other valuable assets, there is great benefit in creating and maintaining a quality estate plan. With proper guidance, drafting, and implementation, your estate plan will be effective to avoid probate, unnecessary capital gains and estate taxes, and court control of your assets at your death or in the event…
On March 25, 2021, Senator Sanders re-introduced the “For the 99.5 Percent Act.” And now, more than ever, property owners need to worry that it will pass this year and devastate the inheritance you can leave for your heirs. Any hope that the Republicans can hold this off in the Senate pretty much disappeared a…