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Estate Planning

All articles tagged with #estate planning

Road to Inheritance: $570 Billion in Classic Cars Set to Change Hands
business3 days ago

Road to Inheritance: $570 Billion in Classic Cars Set to Change Hands

An estimated 12 million classic cars worth about $570 billion will pass to heirs over the next 15 years as part of the US’s broader wealth transfer, with Hagerty counting more than 43 million collectible cars and roughly $1 trillion in insurable value; while most transfers occur without tax issues, emotional attachment and high upkeep costs can lead to disputes and reshape how these historic vehicles are valued and handed down.

via Carscoops|
#business#classic-cars#collectible-cars
Rushed gifts backfire as permanent tax exemptions arrive
personal-finance23 days ago

Rushed gifts backfire as permanent tax exemptions arrive

Wealthy families who hurried to gift assets to lock in the temporarily higher gift exemption under the TCJA may regret the move now that Congress made those exemptions permanent. While unwinding irrevocable gifts is possible, it is usually difficult and costly; options like decanting, moving trusts to friendlier states, or using trust protectors can modify terms, but the core lesson is that the decision to give was not wrong, just driven by evolving tax rules.

via USA Today|
#estate-planning#gift-tax#irrevocable-trusts
Gen X Nears Retirement Without Wills or Trusts, Study Finds
business1 month ago

Gen X Nears Retirement Without Wills or Trusts, Study Finds

A 2026 Trust & Will report shows most Gen Xers haven’t prepared estate documents (62% lack a will or trust), with only 26% nationwide having a will and 14% a trust; overall 56% of adults have no estate planning documents. Delays are linked to procrastination, a shortage of estate‑planning attorneys, and a rise in online planning tools, with experts urging everyone to have at least a will.

via USA Today|
#business#estate-planning#gen-x
Cutting a Son Out of the Will Over Grandkids Is Cruel and Shortsighted
lifestyle2 months ago

Cutting a Son Out of the Will Over Grandkids Is Cruel and Shortsighted

A father seeks guidance after his wife wants to disinherit their son simply because the son doesn’t plan to have children. The column argues that punishing a child over a personal life choice is cruel and likely damaging, and suggests protecting the son’s interests in the will while addressing the wife’s grief. It explains that changing a will generally requires both spouses’ cooperation, recommends consulting an estate attorney, and urges a candid discussion with the wife about her motivations, with therapy (individual or couple) as a possible path to redirect her anger.

via Yahoo|
#estate-planning#family#inheritance
Giants Co-Owner Steve Tisch Moves Ownership to Heirs via Trusts
business2 months ago

Giants Co-Owner Steve Tisch Moves Ownership to Heirs via Trusts

Steve Tisch, the Giants’ co-owner, and his siblings Jonathan and Laurie Tisch, plan to transfer about 23.1% of their remaining Giants ownership into separate trusts for their children. After the transfers, the Sellers would no longer own any stake in the club, with the deal pending NFL Finance Committee approval. The move is described as part of long-running estate planning, not a change in roles, and follows prior transfers approved in 2023–2024. The CNN report notes Tisch’s past, non-criminal involvement with Jeffrey Epstein, which he says was limited and regretted.

via CNN|
#business#estate-planning#new-york-giants
Unmarried Couples Lack End-of-Life Recognition, Experts Say
business5 months ago

Unmarried Couples Lack End-of-Life Recognition, Experts Say

Unmarried couples lack automatic legal protections at death, making estate planning crucial for ensuring their partner inherits assets, as laws typically favor blood relatives. Key steps include establishing durable powers of attorney, updating beneficiary designations, and creating wills or trusts to secure the partner's financial and medical decision-making rights.

via CNBC|
#business#cohabitation#estate-planning
Reiner Family Tragedy and the 'Slayer Rule' in Inheritance Dispute
law5 months ago

Reiner Family Tragedy and the 'Slayer Rule' in Inheritance Dispute

The article discusses California's 'slayer rule,' which prevents individuals who commit murder from inheriting from their victims, in the context of the recent deaths of filmmaker Rob Reiner and his wife, where their son Nick Reiner has been accused of the murders. The rule's application depends on whether the killing was intentional and felonious, and it could significantly impact the inheritance outcomes for the Reiner family, though details are still uncertain as investigations continue.

via upi.com|
#estate-planning#inheritance#law
Reiner Family Tragedy: Inheritance, Memorials, and a Deceptive Scheme
law5 months ago

Reiner Family Tragedy: Inheritance, Memorials, and a Deceptive Scheme

The article explains the 'slayer rule,' which prevents killers from inheriting from their victims, and discusses its potential application in the case of Rob Reiner and his wife, who were murdered by their son Nick Reiner. It highlights how the rule works, its history, and its relevance to high-profile cases, while noting that the outcome for the Reiner estate remains uncertain pending legal proceedings and estate disclosures.

via The Conversation|
#estate-planning#inheritance#law
Warren Buffett Plans Major Philanthropic Shift and Supports Successor
business6 months ago

Warren Buffett Plans Major Philanthropic Shift and Supports Successor

Warren Buffett plans to accelerate giving away his $149 billion estate to his children's foundations before his successor Greg Abel takes over as CEO of Berkshire Hathaway, while maintaining confidence among shareholders. Buffett, 95, will continue to influence the company as chairman and will pass most of his wealth to his foundations, emphasizing his ongoing commitment to philanthropy and Berkshire's stability. He also shares personal updates on his health and reflects on Berkshire's resilience and future prospects.

via CNBC|
#berkshire-hathaway#business#estate-planning
Most wealthy benefactors are open to changing their wealth advisors
business7 months ago

Most wealthy benefactors are open to changing their wealth advisors

Most heirs do not plan to keep their benefactors' wealth advisors, often because they already have their own or lack a relationship with the original advisor. Benefactors are generally indifferent about whether their heirs continue using the same advisors, and many do not discuss estate plans with their families, which can complicate wealth transfer. The trend suggests a shift towards heirs managing wealth independently or through their own advisors, emphasizing the importance of early estate planning conversations.

via CNBC|
#business#estate-planning#financial-advisors
Family's Unexpected Request After Husband's Death
family-and-personal-finance9 months ago

Family's Unexpected Request After Husband's Death

A widow questions whether she did anything wrong by refusing her late husband's brother to take his car and continues supporting another brother financially, amid family tensions after her husband's death. The advice emphasizes that the brother's request was inappropriate, and her support is commendable, while also highlighting the importance of understanding estate processes and maintaining boundaries with family.

via Slate|
#estate-planning#family-and-personal-finance#family-dynamics