Latest news with #estateplanning
Forbes
a day ago
- Business
- Forbes
Navigating The Evolving Collectibles Market: Strategic Tax Planning For Artists And Collectors
The latest edition of the Significant Investor Newsletter examines the shifting dynamics in the fine art and collectibles markets in 2025. For estate planners, the intersection of these market changes with upcoming tax law revisions presents both opportunities and challenges for collectors and creators. Over the past five years, alternative assets have exhibited varied growth patterns. With the anticipated expiration of the Tax Cuts and Jobs Act (TCJA) provisions in 2026, proactive planning is essential to mitigate estate and income tax exposure. Market Trends Shaping Investment Strategies Tax Implications of the TCJA Sunset and Legislative Changes Actionable Planning Strategies Conclusion: Balancing Passion and Prudence The evolution of the collectibles market demands adaptive strategies that combine market awareness with tax efficiency. For artists and collectors, the window to act before 2026 is closing—strategic gifting, entity structuring, and diversification, are crucial for preserving wealth across generations. As digital platforms democratize access and legislative landscapes shift, collaboration with fiduciaries skilled in both tangible assets and tax code complexities becomes indispensable.
Forbes
a day ago
- Health
- Forbes
10 Estate Planning Tasks Everyone Must Do Before Dying
It's never fun to think about death, especially your own, but estate planning is extremely important. It's unpleasant but by planning ahead and getting your affairs in order, it makes it much easier for your loved ones to move on. The worst thing you can do is avoid it completely. Having no plan means you default to how your state handles probate, which means the judicial process makes decisions for you. Here are the ten estate planning tasks you need to perform before you die: This is the cornerstone of every estate plan. By creating a will, you ensure your assets go where you want them to. It also names guardians for any minor children you have and takes away any legal confusion because it codifies your wishes. Without a will, state laws will take over and the state will decide what happens. You do not need to hire an expensive attorney to draft a will, you can do it yourself with inexpensive online will services or download software. The most important thing is to get one done as soon as you have assets. A living trust gives you the opportunity to transfer assets to others without going through court. You can keep control of the trust while you're still alive and upon your death, the assets go to the beneficiaries. This is very useful for complex estates because it speeds up the process. Unlike a will, which you can do with software, you will want to work with an attorney to set up a trust. There may come a time when you will not be able to make decisions for yourself and that's when a power of attorney becomes important. You could be incapacitated or unable to act on your own but still need someone to make important decisions for you. This person will be able to do things on your behalf so you want to choose someone who is both trustworthy and responsible and, of course, willing to do so. Also, you can have multiple powers of attorney, which can be useful for breaking up responsibilities. This is separate from a regular power of attorney, a healthcare power of attorney is a specific role that gives them the right to make medical decisions on your behalf. You want this person to know your wishes with respect to treatment, life support, and quality of life. An ICE binder is an 'In Case of Emergency' binder that captures all of your important information in case something happens to you. This includes all the estate planning documents but could also be letter and notes to individuals that may not fit with other legal documents. The idea is that you want some documents that will explain your wishes even if they are not legally binding. It can help your loved ones navigate your life in ways that exceed that of a will. This is a more modern concern but what do you want to happen to your digital assets such as social media accounts, email, and others. These are often paid services so you'll want a plan in place or risk the default result - deletion due to nonpayment of the subscription. You'll want a list of all your accounts, perhaps as part of your ICE binder, as well as a way to access them and what you wish to happen to them. Also ask your best friend to clear your browser history! As we live longer, long term care becomes a greater concern and you'll want to plan for it. If you don't, you may be saddling your family with a very difficult decision when it comes to paying for it. Loong into long term care insurance, Medicaid planning, or putting aside a big chunk to pay for it. You can add these instructions to your estate plans or lean into insurance policies that offer it. Burial or cremation? That's a challenging question that most people don't discuss or include in their estate plan. Even if you don't have a preference, set one because it will make the lives of your loved ones so much easier. I've been to too many funerals where people said they did not know what the decedent wishes so they were forced to choose. Make sure you talk to your family about your wishes in addition to codifying them in your estate plan. The plan will establish what will happen but it's important to talk to your family about it so they understand your reasoning and thinking on various decisions you've made. You don't have to cover every nitty gritty detail but communication is very important. Finally, make sure you review and update your plans on a regular basis. Be sure to do so after any major changes but also annually just to double check everything is in order. The plan is only as good as as it is up to date.
Associated Press
a day ago
- Business
- Associated Press
Estate Succession Planning for a Multi-Generational Legacy
UBS Financial Services Inc. paid advertisement NEW YORK, NY / ACCESS Newswire / June 9, 2025 / Your wealth can tell a story. Whether it's through your ambition, passion, generosity or more, your story can make an impact. But what happens when you're no longer there to write it? Estate succession planning helps carry your intentions forward, creating a legacy that can endure for generations. With a sound wealth planning approach, and experienced guidance from a financial advisor, you could turn today's complex decisions into a meaningful impact for tomorrow. Focus on what matters most Your estate plan is a roadmap on how to manage your assets, provide for your loved ones and, eventually, realize your final wishes. Of course the most successful estate succession plans start with a clear understanding of your priorities. The questions below can help you jumpstart identifying your goals. Wealth planning that includes your unique goals can help make sure your succession plan is aligned with your vision. Structure your planning strategically Your succession plan should seek to preserve your wealth and everything that's most important to you, while also being tax-efficient. Consider these ideas to help: These strategies could simplify transferring assets, reduce potential hiccups or delays, and put your estate in the best position to support your heirs. Plan for uncertainty and future growth You never know what's on the horizon. This is why planning is so critical. Good estate succession extends beyond making smooth asset transfers. It provides foresight into the next generations' growth and confidence for the future. These tips could help: Regularly review your plan Estate succession planning doesn't have to be set in stone. As your life and priorities evolve, so should your plan. Proactive updates and monitoring can help avoid unforeseen complications and keep your plan strong. Collaborate with trusted experts Navigating the complexities of estate succession planning often requires working with a team of reliable professionals. Collaborating with a reliable financial advisor and team can be an effective path to preserving your plan's integrity. Cement your legacy Perhaps the best way to shape a future is to plan for it now. But your legacy deserves more than just a plan. Your estate deserves a strategy that adapts, evolves and thrives for generations. A family office and philanthropy services group can help you with insights, advice and execution to navigate complex estate succession needs. With careful planning and the right approach, you can precisely tailor your plan and create a clear blueprint for generational success. Sources: finred[dot]usalearning[dot]gov/Planning/EstatePlanningOverview mahoningcountyoh[dot]gov/ nia[dot]nih[dot]gov/health/advance-care-planning/getting-your-affairs-order-checklist-documents-prepare-future finred[dot]usalearning[dot]gov/Planning/EstatePlanning finred[dot]usalearning[dot]gov/assets/downloads/ This material is provided for informational and educational purposes only. It is not intended as investment advice or a recommendation that you take a particular course of action. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers investment advisory services in its capacity as an SEC-registered investment adviser and brokerage services in its capacity as an SEC-registered broker-dealer. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business, that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information, please review the client relationship summary provided at or ask your UBS Financial Advisor for a copy. In providing financial planning services, we may act as a broker-dealer or investment adviser. When we act as investment adviser we charge a separate fee for the service and enter into a written agreement with you. The nature and scope of the services are detailed in the documents and reports provided to you as part of the service. © UBS 2025. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS Group AG. Member FINRA/SIPC. Contact Information: Name: Sonakshi Murze Email: [email protected] Job Title: Manager SOURCE: iQuanti press release
Yahoo
2 days ago
- Business
- Yahoo
Sharing an inherited house with your siblings? It can get complicated
Dear Liz: My husband's parents, who are 88 and 93, respectively, have decided to leave their house, worth $800,000, equally, to their three children, who are all in their sixties. The children get along well and all decisions will be made as a group. None of the adult children can afford to buy out the other two, and the three adults and their families cannot all live in the house at once. Everyone would like to keep the home, which is paid for, in the family. What solutions exist for this situation? Where do we begin, and what questions do we need to ask, thinking into the next generation? Answer: Owning real estate with other people can be difficult, even when the individuals get along. Perhaps your generation can pull it off, but there's no guarantee the next one will. Let's say the time has come to replace the roof. How will the group decide how much to spend, and will everyone be equally willing to split that considerable cost? How might the dynamics change if one family is living in the home, but the others are expected to pay for repairs and maintenance? What happens if one inheritor later wants to sell, and the others still can't buy out that share? Keeping the family home can feel like an important legacy to offer to your children, but not if ownership creates strife that imperils family relationships. An experienced estate planning attorney can meet with you as a group and discuss the scenarios and legal documents you may need going forward. Dear Liz: When you're writing about required minimum distributions from retirement accounts, please make sure people know about qualified charitable distributions. Those of us lucky enough not to need the money can donate it directly from an IRA to the nonprofits of our choice. That way, we don't even have it in our income column, and there are no taxes. I am looking forward to making many qualified charitable distributions to my favorite nonprofits when I turn 73. Answer: You don't have to wait. Qualified charitable distributions from IRAs can start as early as age 70½. The distribution limit for 2025 is $108,000 per individual. If you're considering this option, please familiarize with the IRS rules for such distributions and consider consulting a tax pro. Dear Liz: I know you work to maximize people's money. I had a thought about the quality of life with Social Security. I took it at 65, which was then full retirement age. I was fully employed and did not need it to live. However, the extra money allowed us the opportunity to travel to all seven continents, help our kids with debts and down payments, and generally enjoy things with the extra cash. Now the full retirement age is 67, so there are fewer years between full retirement age and when benefits max out at 70. But the difference could still be enough for that motor home or world cruise. Answer: All financial planning requires a balance between current and future spending. If you spend too much in the early years, you may not have enough to make it through the later ones. Retirement planning is further complicated by the fact that we don't know how long we'll live or how our health will hold up. We can delay spending so long that we're no longer able to do the things we want to do, such as travel. Still, the fact remains that when one spouse dies, one Social Security check goes away. That can lead to a devastating drop in income for the survivor. Because the survivor receives the larger of the two benefits, and may have to live on that amount for years, it almost always makes sense for the higher earner to delay filing as long as possible. Liz Weston, Certified Financial Planner, is a personal finance columnist. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the "Contact" form at Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times.
Yahoo
2 days ago
- Business
- Yahoo
Sharing an inherited house with your siblings? It can get complicated
Dear Liz: My husband's parents, who are 88 and 93, respectively, have decided to leave their house, worth $800,000, equally, to their three children, who are all in their sixties. The children get along well and all decisions will be made as a group. None of the adult children can afford to buy out the other two, and the three adults and their families cannot all live in the house at once. Everyone would like to keep the home, which is paid for, in the family. What solutions exist for this situation? Where do we begin, and what questions do we need to ask, thinking into the next generation? Answer: Owning real estate with other people can be difficult, even when the individuals get along. Perhaps your generation can pull it off, but there's no guarantee the next one will. Let's say the time has come to replace the roof. How will the group decide how much to spend, and will everyone be equally willing to split that considerable cost? How might the dynamics change if one family is living in the home, but the others are expected to pay for repairs and maintenance? What happens if one inheritor later wants to sell, and the others still can't buy out that share? Keeping the family home can feel like an important legacy to offer to your children, but not if ownership creates strife that imperils family relationships. An experienced estate planning attorney can meet with you as a group and discuss the scenarios and legal documents you may need going forward. Dear Liz: When you're writing about required minimum distributions from retirement accounts, please make sure people know about qualified charitable distributions. Those of us lucky enough not to need the money can donate it directly from an IRA to the nonprofits of our choice. That way, we don't even have it in our income column, and there are no taxes. I am looking forward to making many qualified charitable distributions to my favorite nonprofits when I turn 73. Answer: You don't have to wait. Qualified charitable distributions from IRAs can start as early as age 70½. The distribution limit for 2025 is $108,000 per individual. If you're considering this option, please familiarize with the IRS rules for such distributions and consider consulting a tax pro. Dear Liz: I know you work to maximize people's money. I had a thought about the quality of life with Social Security. I took it at 65, which was then full retirement age. I was fully employed and did not need it to live. However, the extra money allowed us the opportunity to travel to all seven continents, help our kids with debts and down payments, and generally enjoy things with the extra cash. Now the full retirement age is 67, so there are fewer years between full retirement age and when benefits max out at 70. But the difference could still be enough for that motor home or world cruise. Answer: All financial planning requires a balance between current and future spending. If you spend too much in the early years, you may not have enough to make it through the later ones. Retirement planning is further complicated by the fact that we don't know how long we'll live or how our health will hold up. We can delay spending so long that we're no longer able to do the things we want to do, such as travel. Still, the fact remains that when one spouse dies, one Social Security check goes away. That can lead to a devastating drop in income for the survivor. Because the survivor receives the larger of the two benefits, and may have to live on that amount for years, it almost always makes sense for the higher earner to delay filing as long as possible. Liz Weston, Certified Financial Planner, is a personal finance columnist. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the "Contact" form at Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times.
