Who should I nominate as the Executor of my Will? Who should be the Trustee of my Trust? Should the Executor and Trustee be the same person? Should I nominate my children? Can I name multiple people in these roles? What if I don’t have anyone appropriate to name?
These are questions that every estate
Jacob Koenig, Managing Director and Partner of Woodbridge International, sits down with Partners Erin Nicholls and Michael Clear to discuss his firm’s unique approach to selling companies, including their focus on marketing and their ability to reach an extensive network of well-vetted potential buyers. The conversation touches on current market conditions and the importance of
In a previous Wiggin and Dana LLP advisory, we addressed what constitutes a “foreign trust” under the Internal Revenue Code (IRC).[1] We now explore the tax consequences of a foreign trust, as well as the differences between a foreign grantor trust and a foreign non-grantor trust.
There are many benefits of having
In the latest podcast episode, host Michael Clear introduces the “Future Focused: Private Wealth Insights” blog, a platform designed to help optimize and protect your financial future. Explore domestic and international estate planning strategies, tax optimization, and more, with regularly updated content to keep you informed about the latest trends and developments. Visit www.privatewealthinsights.com to
Overview
Individuals who are neither United States citizens nor U.S. “domiciled” (U.S. resident with an intention to remain indefinitely in the U.S.) are subject to a less favorable estate tax planning environment. In 2024, individuals who are U.S. citizens and domiciliaries can transfer $13,610,000 free of estate, gift and GST tax during their lives or
As the new year approaches, we present our annual year-end advisory for 2023. This edition highlights noteworthy estate and gift tax changes in the law and outlines planning opportunities that can be utilized before the end of the year. We also take a moment to recognize some of our accomplishments in 2023 and provide our
There has been a longstanding effort globally and a lot of pressure on the United States to implement some sort of registry on a federal level for ownership of small and mid-sized entities. On today’s episode of “Future Focused: Sophisticated Estate Planning,” Partners Erin Nicholls and Michael Clear chat with Partner Carolyn Reers about the
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
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