The family beach house, ski condo, lake cottage, or other vacation property is often cherished for the lifelong memories created and the traditions upheld. Understandably, many people want to keep these properties in the family for generations to come, with the intent of creating meaningful family traditions and history, strengthening family ties, and preserving a parent’s
Updated May 2025
Clients interested in assisting a family member financially can consider making an intrafamily loan. To be respected as a loan, rather than a gratuitous transfer, certain formalities should be followed. Here, we outline those formalities.
What is an intrafamily loan?
Although current tax law allows for the exclusion of gifts up to
Trustees behaving badly? In this episode of “Future Focused,” Partners Erin Nicholls and Michael Clear discuss trusts and mechanisms available for a trust beneficiary to remove a trustee. From understanding the roles of trustees and educating beneficiaries to exploring communication breakdowns, compromise options, and even judicial routes, Michael and Erin provide expert insights and strategies
Private foundations, also known as “family foundations,” can serve strategic wealth planning goals for high-net-worth individuals while also serving charitable goals. However, private foundations require oversight and annual reporting, and administering a private foundation may be more onerous than it first appears. In this publication, we discuss the key requirements and recommended practices associated with
In an ever-evolving landscape, it’s crucial to audit an estate plan and ensure it keeps pace with your life. On this episode, Partners Erin Nicholls and Michael Clear dive into the importance of revisiting your estate plan, examining the impact of changes in asset levels, evolving inter-personal relationships, relocating to a new state, and changes
On this episode, join Partners Erin Nicholls and Michael Clear as they dive into a discussion on jurisdiction selection in the context of advanced planning strategies. What does it mean to select a jurisdiction when establishing a trust and what benefits are available when considering one jurisdiction over another? Erin and Michael address these questions
On this episode, join Partners Dan Daniels and Michael Clear as they discuss the importance of educating the next generation on estate planning matters. From the protection of assets in cases of divorce or litigation, to aligning a child’s assumptions with reality, you will gain insight on how best to structure a family meeting and
On this episode, join Partners Erin Nicholls and Michael Clear as they discuss mechanisms we have at our disposal to “fix” an irrevocable trust. The use of decanting, which is traditionally thought of as moving all the assets of one trust to a new trust, is one such mechanism. With the adoption of the Uniform
On this episode, join Partners Erin Nicholls and Michael Clear as they discuss strategies for preserving family legacy assets across generations. With a particular focus on the management and division of interests in real property, such as family compounds and homesteads, Erin and Michael discuss considerations related to carrying costs, ownership structures, bloodline protection and
On this episode, join Partners Erin Nicholls and Michael Clear as they delve deeper into a discussion on creating SLATs for married clients to use up both clients’ lifetime exemption amounts, while also reducing the likelihood of the imposition of the Reciprocal Trust Doctrine by the IRS. Citing several examples, Erin and Michael provide strategies